stimulus check schedule

[boufa]

Ok so I get when we are getting our checks so this may be off subject a little. And I also understand the purpose of all this...to stimulate the economy. What im wondering is all this going to bite us i nthe butt next year come tax season? Will this be $1500 less from next years taxes? Will I be claiming this as income. I am just a bit confused on the repercutions (sp?) of all this. Am I missing something?

No, this money is not an advance on next years refund, it is a rebate. What technically happened to cause the rebate is that the taxes for 2008 were lowered. This is for 2008 only. So instead of changing the way you calculate your taxes, next april, they are giving us the difference now, and then doing next year the normal way.

 

[MiaSRN62]

From the IRS Website
Q. If I use direct deposit for my tax return refund and my bank account information later changes, what will happen when my stimulus payment goes out?

A. Typically, the direct deposit will be rejected. After the IRS receives a rejection notice, the payment will be converted to a paper check and mailed to you.

Thanks for this info. We did have direct deposit in Feb of our refund, but on March 4, we were victims of fraud and had to close this account and open a new one. I wish there was a way to supply the new account info instead of having a delay waiting for a check.

 

[jckdisneybound]

Hmmm I just did the calculator and we should be getting $1500 (600+600+300) and it says we're only getting $900. We meet all the criteria, aren't over the income limit for phase out and paid way more than enough in taxes.....

 

[Andreas Mom]

No, this money is not an advance on next years refund, it is a rebate. What technically happened to cause the rebate is that the taxes for 2008 were lowered. This is for 2008 only. So instead of changing the way you calculate your taxes, next april, they are giving us the difference now, and then doing next year the normal way.

So in a way....free money?
I may just need more coffee

 

[Mic]

I just used the calculator to figure my rebate amount, but 2 of my 4 children are 17 or over, so my oldest two don't help me at all! And they are the 2 that cost the most(car, car insurance, college tuition, college housing, etc.)

My silly BIL(and silly is a nice word) tried to convince me that my two older children(ages 17 and 19) are worth $600 each as far as the rebate checks go. Imagine his surprise when what I told him happens to be right...neither my older teens nor HIS oldest son is worth a dime! And he was so sure he was right...

 

[LisaNJ25]

I just used the calculator to figure my rebate amount, but 2 of my 4 children are 17 or over, so my oldest two don't help me at all! And they are the 2 that cost the most(car, car insurance, college tuition, college housing, etc.)

My silly BIL(and silly is a nice word) tried to convince me that my two older children(ages 17 and 19) are worth $600 each as far as the rebate checks go. Imagine his surprise when what I told him happens to be right...neither my older teens nor HIS oldest son is worth a dime! And he was so sure he was right...

LOL your bil sounds like my older sister. She also swears she is getting it back for her 18yo son and 20yo daughter. One is in HS and the other one is not is school. I told her about the online calculator but she hasnt done it yet.

I am still trying to figure out how she claimed my 20yo niece and her grandson on her return also.. and that.. got got over $900 on state tax when she never paid a penny into it

 

[goinback]

I tried the calculator as well, mine was supposed to be 2100 as well, and is coming up 1500. I played with the numbes to see what would happen, and no matter what I do it is coming up 1500. What gives?

 

[kfeuer]

I'm getting tired of them always basing these payouts on social security numbers (yes, DH's SS# ends in the 90's, I'm bitter ) At least reverse the order so that the same people don't get their money last every time.

 

[peggster]

I'm getting tired of them always basing these payouts on social security numbers (yes, DH's SS# ends in the 90's, I'm bitter ) At least reverse the order so that the same people don't get their money last every time.

I agree with you (and of course I'm biased because mine's in the 90s too ). I know it's a small thing, but seriously, can't they reverse the order every once in a while?

 

[MelAnderson]

Thanks for the info!

 

[ess]

Thanks for this info. We did have direct deposit in Feb of our refund, but on March 4, we were victims of fraud and had to close this account and open a new one. I wish there was a way to supply the new account info instead of having a delay waiting for a check.

If you opened your new account with the same bank check with them to see what happens when your rebate check comes in. It may default into your new account number.

 

[Kitzka]

Thanks for posting this. We are getting a papercheck and DH's last numbers are in the 90's as well so we are looking at the middle to end of July. A little late for our non disney June vacation but atleast it will come in time to help pay for DD's dance lessons in the fall.

Lara

 

[Mickeyherewecome123]

Too bad I wasnt getting mine by May 2nd, cuz that is the day we leave for WDW. I am not complaing, cuz now I can spend the money on somthing other than our Disney trip

 

[MiaSRN62]

I just used the calculator to figure my rebate amount, but 2 of my 4 children are 17 or over, so my oldest two don't help me at all! And they are the 2 that cost the most(car, car insurance, college tuition, college housing, etc.)

I'm with ya 100% on this Mic ! It's frustrating. The kids were much cheaper when they were little !

If you opened your new account with the same bank check with them to see what happens when your rebate check comes in. It may default into your new account number.

Thank you ess....it was the same routing number/same bank. I will check with them about this. It would be nice if it would default to the new account.

 

[Taja]

Another vote for reverse SS# order! *LOL*

Or reverse alpha order. I'm usually at the end, either way!