Economic Stimulus Package

[GERALD]

I do exactly what you do, Taxman. Our PO says you can't get street delivery within a 1/4 mile of PO, which includes about 1/2 the town, including me. Using both solves the problem, at least here.

[Jack from Ohio]

We have a number of these small towns around here. What I do is enter the address with both the street and box address. ( ex.: 120 W Main St PO Box 420) This seems to make everyone happy.

I do exactly what you do, Taxman. Our PO says you can't get street delivery within a 1/4 mile of PO, which includes about 1/2 the town, including me. Using both solves the problem, at least here.

I have always used both. Solves the problem all around. A simple one-time fix. Not a new problem or a new solution.

[lydia33]

Also if they had direct deposit on their refunds or amounts they owe that is the way their rebate will be sent to them. Now I have to remember, if I can, all my clients that come to me ever year or call and ask that faithful question........Do I have to file a tax return this year? Then you ask, How much was your income not including your ss? They give you the figure and you say, No. Some come in and see me, but some just phone. What are you guys going to charge for this service?

[JohnH]

I don't think reconciling on the 2008 return will be a big problem - IRS iwll probably have an on-line lookup like they did the last time around. Of course, I also think that's chargeable time, so my client letter for next January will say something to the effect that "We will need to know how much you received in May-July 2008 for your tax rebate. If you don't furnish us this information there will be an additional charge for us to verify the amount with the IRS before preparing your return."

[Donny]

I don't think reconciling on the 2008 return will be a big problem - IRS iwll probably have an on-line lookup like they did the last time around. Of course, I also think that's chargeable time, so my client letter for next January will say something to the effect that "We will need to know how much you received in May-July 2008 for your tax rebate. If you don't furnish us this information there will be an additional charge for us to verify the amount with the IRS before preparing your return."

I just want to make sure i am right on this, around here we have a lot of people retired from state jobs does this count? I don't think it does.

[MN2V]

Yes, it does. The income can come from any source...even Social Security.

[ajuroff]

What about those on disability?

[BulldogTom]

<<Yes, it does. The income can come from any source...even Social Security.>>

No - it doesn't. From the IRS Website announcement.

"Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts)."

Only veterans or SS pension payments qualify. If your client has only private or individual pensions outside SS, no rebate.

Tom

Lodi, CA

[ajuroff]

From the IRS Website:

Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment.

Also from the IRS Website:

Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts).

[Oh Baby!]

Here's where I am confused, do people who don't pay taxes (low incomers) also get the $300 per child "rebate"? Does this mean that a family with 4 children that earned - say - less then $20,000 will get a rebate of $1,200 for the children and then another $1,200 for being married, $2,400 total?

All right, I know those income amounts are low, but there are millions of Americans living under the poverty threshold and I'm sure their filing returns.

[BulldogTom]

Here's where I am confused, do people who don't pay taxes (low incomers) also get the $300 per child "rebate"? Does this mean that a family with 4 children that earned - say - less then $20,000 will get a rebate of $1,200 for the children and then another $1,200 for being married, $2,400 total?

All right, I know those income amounts are low, but there are millions of Americans living under the poverty threshold and I'm sure their filing returns.

Not exactly, but close. The rebate is the amount of tax paid on the 2007 return, but no less than $300 and no more than $600 for singles. Double that for married. The additional credit is per child at $300 each. Using your example, if they made 20K and had 4 kids, there is no tax liability. They would get $600 for married filing joint and meeting the minimum income requirements, and $1,200 (300 x 4) for the kids or a total of $1,800.

At least that is how I am reading it.

Tom

Lodi, CA