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jank0614
Jank0614  (Level: 67.1 - Posts: 4597)
Sun, 27th Apr '08 3:00 PM

DO WE PAY INCOME TAX/SS/MEDICARE ON OUR "INCENTIVE" $600 REBATE?

I haven't heard ANYBODY discuss this topic. Does anyone know the answer?

chyenn
Chyenn  (Level: 202.5 - Posts: 1332)
Sun, 27th Apr '08 3:28 PM

hey Janice,

here is what i found at the IRS webpage regarding the Stimulus Payments:

http://www.irs.gov./newsroom/article/0,,id=179181,00.html

===========
"Q. Is my Stimulus Payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return."
============
So there is good news: the rebate is NOT taxable.. hooray!

jank0614
Jank0614  (Level: 67.1 - Posts: 4597)
Sun, 27th Apr '08 3:41 PM

I'm shocked. Pleasantly shocked. Thank you so much. I owe you! (Your check's in the mail)

chyenn
Chyenn  (Level: 202.5 - Posts: 1332)
Sun, 27th Apr '08 4:01 PM

IRS is notorious for feeding us with one hand and simultaneously beating us with the other. apparently that's not the case this time..

i won't believe that my disability benefits alone actually qualify me for a rebate until that check is in my hot little hands!! there is still a lot of ambiguity in the language used to describe the income requirements...

eesusbejesus
Eesusbejesus  (Level: 75.0 - Posts: 3645)
Sun, 27th Apr '08 5:03 PM

Looks like the first round has been moved up a week and will be here the 1st week of May.

jank0614
Jank0614  (Level: 67.1 - Posts: 4597)
Sun, 27th Apr '08 8:11 PM

I understand that people who receive their refunds through direct deposit will get their rebate first. But I never get a refund - I always owe. So how would I have been able to request my rebate through direct deposit under that circumstance?

eesusbejesus
Eesusbejesus  (Level: 75.0 - Posts: 3645)
Sun, 27th Apr '08 8:41 PM

timulus Payment Schedule for Tax Returns Processed by April 15


Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be among the first to receive the payments starting April 28. The first cycle of paper checks will be mailed starting May 9 and continuing through May 16.
DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted by:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16




PAPER CHECK

Last two SSN digits: Payments will be mailed by:
00 through 09 May 16
10 through 18 May 23

19 through 25
May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11







Q. If I'm not expecting a refund, should I still fill out the direct deposit line on my return so I can get my Stimulus Payment direct deposited?

A. Yes. Even if you aren't due a refund on your tax return, filling out the bank routing information will allow for your Stimulus Payment to be direct deposited.

Q. Will the IRS allow me to provide it with direct deposit information, if I didn’t include that information on my original tax return?

A. Depending on the timing, you may be able to call the IRS to stop a direct deposit. But you cannot correct direct deposit information or request a direct deposit after a return has been filed. [New 4/14/08]





People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive.

A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.

eesusbejesus
Eesusbejesus  (Level: 75.0 - Posts: 3645)
Sun, 27th Apr '08 8:42 PM

Well that post got all boogered up. I hope you can decipher.

chyenn
Chyenn  (Level: 202.5 - Posts: 1332)
Sun, 27th Apr '08 9:17 PM

Q. If I'm not expecting a refund, should I still fill out the direct deposit line on my return so I can get my Stimulus Payment direct deposited?

A. Yes. Even if you aren't due a refund on your tax return, filling out the bank routing information will allow for your Stimulus Payment to be direct deposited.


Q. Will the IRS allow me to provide it with direct deposit information, if I didn’t include that information on my original tax return?

A. Depending on the timing, you may be able to call the IRS to stop a direct deposit. But you cannot correct direct deposit information or request a direct deposit after a return has been filed. [New 4/14/08]


so, if you had known to include your direct deposit info when you filed your return, the rebate would have been wired to your account. but you cannot make that request after your return is filed.


kaufman
Kaufman  (Level: 256.8 - Posts: 3936)
Sun, 27th Apr '08 9:21 PM

And remember, even if they say it's not taxable, it's piling on the national debt, and this piece of frivolous fiscal irresponsibility will come back to haunt us to some degree. So consider it taxable, or at least TANSTAAxable,

smaug
Smaug  (Level: 141.2 - Posts: 2772)
Sun, 27th Apr '08 9:39 PM


Tax rebates are a joke. Basically they are saying "Vote for me because I took money from you I didn't need and know I am giving it back without interest".

Actually it is more insidious than that, of course, because everybody's 600 clams didn't come from them, it came from some poor other SOB in a high income bracket, since something like 30 percent of people filing income taxes pay for the whole government.

So it is more like "Vote for me because I Robin Hooded 600 smacks from your hotshot corporate neighbors pocket into yours."

Flat tax. The only fair way.



jank0614
Jank0614  (Level: 67.1 - Posts: 4597)
Sun, 27th Apr '08 9:43 PM

National Sales Tax. My choice. That way, there is no underground income. Drug dealers, illegal aliens, EVERYBODY pays.

jank0614
Jank0614  (Level: 67.1 - Posts: 4597)
Sun, 27th Apr '08 10:07 PM

I typeset a book for an accountant back in late 70s, called "Kill 1040." In it he set out the details of the fairness of a national sales tax. There would be no tax on food. The tax on more expensive items would have a "cadillac" tax, where less expensive items would include a lower tax percentage. That way, each individual could choose whether to pay less or more tax by their choice in price of an item (Chevrolet as opposed to Lexus; houseboat vs. yacht). I'd never heard anyone talking about it before. I became a firm supporter.
It reminds me of playing the lottery. The lottery is a tax I choose to not pay, by never buying a ticket.

rowlanda
Rowlanda  (Level: 70.0 - Posts: 2856)
Mon, 28th Apr '08 4:41 AM

Yes Smaug....I have to feel sorry for those poor SOB's in the
Higher Tax brackets!!!! They really can't afford more than a
million dollars per party/celebration - MUST have their special
foods imported from the best chefs in London, Rome and Paris....
Designers charge them hundreds of thousands for the clothes they
must have for special events, and maybe they even have to cut down
on flights in their private jets now that the cost of gas is so high.
Their taxes wouldn't be so high if the Government wasn't so wasteful.
So let's cut Disability and Unemployment benefits for the Joe Schmoes
of this world. Cut benefits to returning wounded Military, now that
we can't use them any more. Say....we could continue to collect interest
on all the money earmarked for the victims of New Orleans and by the time
we decide to pay out in full, all those "great unwashed" may have settled
quietly somewhere else.
A consumer tax .... Yes
NO FLAT TAX....EVER !!!!






sargon
Sargon  (Level: 112.0 - Posts: 1256)
Fri, 2nd May '08 6:10 AM

In Michigan food and prescription are exempt. So aspirin is taxed but a candy bar is not.




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