Lounge of Tomorrow - Stimulus checks

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Quote:

Originally Posted by RStar (Post 230818)

Don't tell CP! :eek:

That just means I got paid

Quote:

Originally Posted by lashbear (Post 230825)

So, as a dumb Aussie, am I right in saying the US Government just gave you all a cheque for free and said "here. go spend" ?

...How much did they give each individual? (if it's different for each, PM me so as not to give the game away)

They gave each tax payer a set amount deepening on their income (or is it how much they paid in taxes)? $300 or $600 per individual, so singles got either $300 or $600 and married couples got $600 or $1200. I can't remember if there was additional money based on the number of kids you had. But it wasn't so much a "gift"as it was an advance on next years tax return.

They got each individual from social security numbers and the information provided to the IRS from employers.

Quote:

Originally Posted by lashbear (Post 230825)

It's a little complicated.

Individuals got $600, couples $1,200, plus $600 for each additional child.

Those who made (I think) $75,000 or more were disqualified, or got a lower amount.

People on social security or disability, who paid no taxes got $300 each.

It was 300 additional per child, not 600.

The 600 individual/1200 couple was on a sliding scale for over 75K/150K. Can't remember exactly how the sliding scale worked.

Here is some info from the IRS (it's surprisingly straight forward).

Quote:

Are you eligible? The majority of people who file a 2007 income tax return qualify, and many who don't regularly file a tax return may qualify as well. You're eligible if you have a valid Social Security number (SSN), can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000. Qualifying income includes any combination of earned income and certain benefits from Social Security, Veterans Affairs or Railroad Retirement. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Additional information is below, and a full legal description is available in Revenue Procedure 2008-21.

Quote:

How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. We have various examples for you check out.

The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.

Sorry. I was going by memory. I should have known better.

We got $600, and spent it on bills & Taylor. :(

Quote:

Originally Posted by BarTopDancer (Post 230853)

But it wasn't so much a "gift" as it was an advance on next years tax return.

I am curious about this sentence and wondering if there was an aspect I missed. Does the incentive somehow affect people's 2008 tax returns?

I had read this but then I read that it was not factual. From what i understand this is a true rebate (or rather redistribution of wealth) and there is no impact on 2008. You don't even have to claim the rebate as income.

That's good, since I never got it. (And it was reducto-phased because of my income level anyways, bah.)