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Old 02-25-2008, 01:30 PM   #1
NoFear
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The Guidance on the Economic Stimulus Act of 2008

• Starting in May, the IRS will begin sending stimulus payments to an estimated 130 million taxpayers. They will begin receiving their stimulus payments in early May.

• The vast majority of taxpayers don’t need to anything more than file a 2007 tax return. The IRS will then do all the rest, including determining eligibility and stimulus amounts.

• The stimulus payments could be as much as $600 for single filers and $1,200 for joint filers. In addition, taxpayers may be eligible to receive an additional $300 per qualifying child.

• Only taxpayers who file a 2007 tax return with valid Social Security numbers will be able to receive a stimulus payment. Children must have valid Social Security Numbers to be eligible as qualifying children.

• The legislation also provides stimulus payments to recipients of Social Security and veterans with disabilities benefits if they receive at least $3,000 in earned income and/or benefits from these programs. They need to file a tax return in order to receive that payment. Social Security recipients, veterans with disabilities, widows of veterans with disabilities, and railroad retirement benefits recipients, who normally are not required to file a tax return, will need to send in a simple tax return this year in order to receive a check.

• Currently the diagnostics in TaxWise® and other IRS approved software do not allow a return to be filed electronically filed where the AGI is zero. If software solutions can not be completed, paper filing of returns may be required.

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 time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

Those who have already filed a 2007 return showing less than $3,000 in qualifying income and did not list their Social Security, Railroad Retirement or certain veterans benefits should file a Form 1040X to list those non-taxable benefits and qualify for a payment. Those who are not required to file a 2007 return but whose total qualifying income including Social Security, certain Railroad Retirement and certain Veterans benefits would equal or exceed $3,000 should file a return reporting these benefits on Line 14a of Form 1040A or Line 20a of Form 1040 to establish their eligibility. Please note the form lines just mention Social Security, but use these lines even if your only benefits were Railroad Retirement or veterans’ benefits.

• For additional information, please visit http://www.irs.gov/newsroom/article/...179181,00.html
Topics include: Direct Deposit, Estimate of Payment, Phase out stimulus payment, Eligibility and effects on federal benefits, RAL’s, Split Refunds, stimulus payment taxation, special benefits
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Busa club. why did you not mention that? that makes things all nice and peachy
Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength-

Last edited by NoFear; 02-25-2008 at 01:33 PM.
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Old 02-25-2008, 01:38 PM   #2
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Old 02-25-2008, 01:40 PM   #3
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Old 02-25-2008, 01:42 PM   #4
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Quote:
Originally Posted by rubbersidedown View Post
woot,woot

1200 plus 4 vaild kido's.........2400 for me
The stimulus payments could be as much as $600 for single filers and $1,200 for joint filers. In addition, taxpayers may be eligible to receive an additional $300 per qualifying child.

Dont count your chickens until they hatch
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Originally Posted by melissa claire View Post
Busa club. why did you not mention that? that makes things all nice and peachy
Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength-
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Old 02-25-2008, 01:47 PM   #5
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Old 02-25-2008, 01:48 PM   #6
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Old 02-25-2008, 03:37 PM   #7
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welfare
So, the people who have paid in the least amount deserve the break? I don't get it.
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