It's almost time for $$$

[IRONROOSTER]

This is what a couple of family members have gotten.  My wifes aunt $300, and her umcle has gotten $600.  Her aunt is single but supports her grandmother.  My wifes uncle is disabled and he doesn't work but his wife does, and they got $600.  We are looking at $700.  We had to pay this year, thats not good at all.  What happened to each ind., will get $600, and couples $1,200, and also each child $300.  If they go by what you made, alot of us are in trouble, and they wonder why the U.S. is tanking. 

Since it's a rebate, you had to pay at least $600 ($1200 couples) to get that much back otherwise you get back what you paid.  The $300, for those who have paid less than $300 (perhaps nothing) but had at least $3000 in income, is basically a rebate of what you paid plus a gift given to help low income people. There's also a phaseout that begins at $75,000 ($150,000 couples) since rich folks don't need it.  There's other rules and amounts when you have dependent children so some will get more than $1200. 

The fairness of it probably depends on how much you got.  Whether it works and jump starts the economy is another story.  Personally, I think it's just window dressing to make you think the government's doing something while the Congress and the President duck the real problems.

Paul

[Midnight Railroader]

Since it's a rebate, you had to pay at least $600 ($1200 couples) to get that much back otherwise you get back what you paid. 

Interesting.

We got a refund and a $1200 check, too.

[mobilman44]

Good Morning!

  For my wife and I, the spending of $1200 was quickly determined to go towards our early June trip to Chama NM (again), and after 3 days there (with a C&T train ride), we would drive down to Taos NM for another 3 days.  Of course we will hit the wonderful casino there, and I hope to pick up a sizeable "rainstick". 

ENJOY,

Mobilman44 

[dale8chevyss]

What checks?  I haven't seen mine and probably never will.  

[IRONROOSTER]

Since it's a rebate, you had to pay at least $600 ($1200 couples) to get that much back otherwise you get back what you paid. 

Interesting.

We got a refund and a $1200 check, too.

Uh, by paid I meant what your tax liability was for the year, not whether or not you were over/under on April 15th.  And technically the rebate is for 2008, but they are sending it out based on your 2007 return.  If they over rebate you, they say they won't collect it back next year.  But if you are under rebated, you get the difference next year.

Enjoy whatever you got!!

Paul 

[trainfan1221]

My tax return always goes straight into the bank so  I don't get to do much with it.  The stimulus check will be put to good use for some things I need, and I have a couple of train related things in mind.  But according to what my friend looked up, my check won't be sent for awhile.  I can wait.

[srud01]

if any one used turbo tax this year and had the filling fees taken out of there refund but had direct deposit They will have to wait for a check insted of direct deposit just found this out thought everyone should know

[Oakhurst Railroad Engineer]

I just found out that since I had a "direct debit" (because I owed money to the IRS) from my bank account instead of a "direct deposit" (if I had a refund), that I will be getting a check instead of an electronic transfer.

Because of my SSN, instead of getting an electronic transfer last Friday, I will get a check mailed in July!

[dinwitty]

My wife's already got it set aside for bathroom renovations

Bruce Chubb had part of his layout going through the downstairs bathroom...hint hint

[loathar]

 

  One of the really advanced "features" of our "system" is the way the uninsured get billed 2.5 to 10 times as much as those with insurance.  

YEP! That's because they are less likely to pay their bills and the hospital can claim a greater loss on it's taxes than what they actually suffer. Great way to legally hide money.

I was listening to a call in radio show this weekend and a bunch of folks called in saying their "rebate" checks were half of what their tax accountants said they would be when they arrived.
Don't count those chickens yet...

[jbinkley60]

I am still bitter that I don't get the refund   Man, I pay more than my fair share of taxes.... GRRRRR!!!

I'm not bitter but it does seem strange that the harder one works to get ahead the quicker they take it away.  I just earned enough to go up the next tax bracket which in effect makes my net income lower than before!  Had to write a 5 digit check just to pay taxes last year because I didn't adjust the deductible well enough.  Oh yes, and that is just a little too much to get the stimulus check.  grumble grumble   Almost enough to make one want to quit and go on the welfare roles.

So for fun I went to the IRS website this morning to see if I would get anything (I knew the answer in advance) the week of June 6th, when they are mailing out my SSN series checks.  The calculator gave me back this message:

Economic Stimulus Payment Calculator

You do not qualify for an economic stimulus payment

According to law, the economic stimulus payment amount that you would otherwise be entitled to receive is reduced by 5% of the amount that your Tax Year 2007 Adjusted Gross Income exceeds $150,000. You would have been eligible for an economic stimulus payment of $1800, but your AGI exceeds $150,000 by enough to reduce that amount to zero.

However, if your situation changes during 2008, you may be able to claim an economic stimulus credit on your Tax Year 2008 return.

 

Wow, not even a "Thank You" from them for everything I paid in.  But plenty of people will claim that the top 10% of incomes paying 50% of the total US tax burden isn't enough.  Welcome to 21st century American politics.

 

[jbinkley60]

 

  One of the really advanced "features" of our "system" is the way the uninsured get billed 2.5 to 10 times as much as those with insurance.  

YEP! That's because they are less likely to pay their bills and the hospital can claim a greater loss on it's taxes than what they actually suffer. Great way to legally hide money.

I was listening to a call in radio show this weekend and a bunch of folks called in saying their "rebate" checks were half of what their tax accountants said they would be when they arrived.
Don't count those chickens yet...

Here's the official IRS calculator:

http://www.irs.gov/app/espc/

And the schedule:

http://www.irs.gov/irs/article/0,,id=180250,00.html