Extensions and Stimuli?

[Snaggletooth]

So you must file a return to get a stimulus check, right? And the checks will be sent out May, June, July, or thereabouts.

So now here comes a customer who wants to extend until October 15th.

Does he:

1) Get a very very late stimulus check
2) Get a credit on his 2008 return for what is termed as a
2007 refund?
3) Get nothing because his tardiness has gummed up the
IRS mechanism?
4) ????

[JoshinNC]

If he files before 12/31 he'll get his check thereafter

So you must file a return to get a stimulus check, right? And the checks will be sent out May, June, July, or thereabouts.

So now here comes a customer who wants to extend until October 15th.

Does he:

1) Get a very very late stimulus check
2) Get a credit on his 2008 return for what is termed as a
2007 refund?
3) Get nothing because his tardiness has gummed up the
IRS mechanism?
4) ????

If he waits until after 12/31 he'll have to take a credit on his '08 return for the amount of the stimulus check he should have recieved.

At least, that is my limited understanding.

[Bees Knees]

12/31/2008 is the last date IRS can issue a check by law.

You would have to file a return and have it processed by IRS before that date to get the advance refund. I'd suggesting getting all returns filed by the extended due date (10/15/2008), or else don't count on the advance refund.

[BP.]

So you must file a return to get a stimulus check, right? And the checks will be sent out May, June, July, or thereabouts.

So now here comes a customer who wants to extend until October 15th.

Does he:

1) Get a very very late stimulus check
2) Get a credit on his 2008 return for what is termed as a
2007 refund?
3) Get nothing because his tardiness has gummed up the
IRS mechanism?
4) ????

Answer is on the IRS Stimulus Payments FAQ page:

"Q. I have not yet filed my 2007 tax return. Can I still qualify for a stimulus payment in 2008?

A. Yes, but you must file a 2007 tax return. The IRS encourages you to file a return even if your income is low or much of your income is tax-free. File your return, if possible, by the regular April 15 deadline. If you file after April 15, with or without a tax-filing extension, your payment will be delayed. If you qualify for a payment, you can insure that you get it by filing your return by Oct. 15, 2008."