Economic Stimulus Act of 2008

[mblatour]

Due to the fact that......

you have federal income tax liability, you would indeed receive the rebate. If you are Married Filing Joint and are under the $150K amount, you should receive $1200.

[Zee]

I have read varying things in different places - so I have a question that maybe someone here can answer. If my husband and I filed jointly, made under the $150k, but still owed $13 to the federal govt - will we be receiving this rebate?

Yes, most likely you'll qualify for the full $1200 rebate. It isn't the amount you "owe" that affects the rebate. It's the amount of income taxes you paid (including additional AMT), less nonrefundable credits (excluding the child tax credit. You'll receive the lesser of the rebate or taxes paid, but not less than $300 each, or $600.

[Possi]

Just in...

I received this information today. Waited to ask questions until something firm was here. This came from NATP...

President Signs Stimulus Package

On February 13, President Bush signed the long awaited stimulus package designed to put money into the pockets of many American taxpayers. Along with the rebate checks, the bill contains some business incentives.

The IRS has indicated that they will begin mailing the rebate checks in late spring and continue through the summer. The rebates are based on the information reported on the taxpayer’s 2007 return. If a return is not filed, the taxpayer will not receive a check even if they may otherwise qualify. Many of the taxpayers who fall into this category are not required to file because of low income. If a return is filed for these taxpayers, the IRS will send them a rebate check provided their qualified income is at least $3,000.

Recipients of Social Security, Railroad Retirement, and certain veterans’ benefits should report their 2007 benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X to ensure they receive their rebate.

For taxpayers who elect direct deposit for their 2007 income tax refund, their rebate check will also be deposited directly into that same bank account.

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount, and the approximate timetable for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

The full text of NATP’s summary of the stimulus package and a Treasury Department release, with examples computing the amount of the rebate, is available on NATP's website.

[Possi]

Just in...

Got this in my email today.
According to this, people on SS retirement who are not required to file will need to file in order to receive a check.
I took it as a marketing opportunity for that pocket of people.
From NATP:

President Signs Stimulus Package

On February 13, President Bush signed the long awaited stimulus package designed to put money into the pockets of many American taxpayers. Along with the rebate checks, the bill contains some business incentives.

The IRS has indicated that they will begin mailing the rebate checks in late spring and continue through the summer. The rebates are based on the information reported on the taxpayer’s 2007 return. If a return is not filed, the taxpayer will not receive a check even if they may otherwise qualify. Many of the taxpayers who fall into this category are not required to file because of low income. If a return is filed for these taxpayers, the IRS will send them a rebate check provided their qualified income is at least $3,000.

Recipients of Social Security, Railroad Retirement, and certain veterans’ benefits should report their 2007 benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X to ensure they receive their rebate.

For taxpayers who elect direct deposit for their 2007 income tax refund, their rebate check will also be deposited directly into that same bank account.

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount, and the approximate timetable for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

The full text of NATP’s summary of the stimulus package and a Treasury Department release, with examples computing the amount of the rebate, is available on NATP's website.

[veritas]

What the heck is a

sticky thread? And how do you do that?