Tax stimulus question......need help

[Miakoda]

Ok, so maybe I'm a dimwhit, but from all I've read basically stated that the stimulus check would be $1,200 per couple and $300 for each eligible child. Well, since there is my husband, me, and Cole, I just assumed that we would be getting a nice sum of $1,500. Uhh.....that's soooo not what was deposited in our account overnight. Let's just say we got less than that.

So now I'm pissed off. And I don't know who to call or ask as to why the amount is different than we've been promised all this time.

Not to mention it's OUR **** MONEY ANYWAYS!

 

[skittledoo]

Ya I have absolutely no idea how it all works honestly. I was told that married couples would each get $600 to the sum of $1200 and that ones with kids born after a certain date would receive an additional $300 (not sure if it's per kid or not)... then for single people... I have some people telling me that single people would receive $600 and some saying $300. One of my friends is single and just received the $600...

so.... none of this stimulus stuff makes any sense to me. I think they explain it a little more on the IRS website.

 

[Barb04]

This is what I found about how much you are supposed to get:

To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000.

Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.

In addition, parents will also receive $300 per child under 17; there is no cap on the number of qualifying children eligible.

Tax filers who do not owe income taxes, but have at least $3,000 in income - which can include Social Security and disability payments - will get $300 rebates per person or $600 per couple.

The stimulus allows for a 5% phaseout rate for households above the income caps of $75,000 for single filers and $150,000 for joint filers. The rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%.

 

[HoundedByHounds]

yes it said.."as much" not "this much". Bummer tho, sorry.

 

[HoundedByHounds]

Found this...

"Your payment may be less than the maximum for one or more of the following reasons:

You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
You are married and your net income tax liability is less than $1,200.
You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
You are married filing a joint return and your AGI is more than $150,000.
You owe back taxes.
You have non-tax federal debts such as unpaid student loans or child-support obligations"

 

[skittledoo]

Oi vey... all this tax stimulus stuff makes my head spin a little... feeling dizzy... I have mine direct deposited and it said it was supposed to be deposited no later than May 9th... so I hope I see it soon however much it is.

 

[Buddy'sParents]

You have non-tax federal debts such as unpaid student loans

NOOOOOOOO. Does this mean we won't be getting one because of my student loans? Or is this more in terms of one being delinquent and not paying them? *throws mini tantrum*

 

[GlassOnion]

I don't know but you don't get one if someone claims you as a dependent. So your kid probably won't be getting one.

I sure didn't.

 

[Gempress]

NOOOOOOOO. Does this mean we won't be getting one because of my student loans? Or is this more in terms of one being delinquent and not paying them? *throws mini tantrum*

It's only if you're delinquent. I have outstanding student loans, and I still got my stimulus money.

From what I understand, it works the same way an IRS tax refund works. If there's anything that makes you ineligible to receive a tax refund (back child support, unpaid student loans, etc.), you won't receive a stimulus check.

 

[wcladymacbeth]

Oh well I wouldn't be getting one anyway. I only made $800 last year. And no I didn't forget a 0.

 

[skittledoo]

does that include delinquent credit card payments?

 

[Zoom]

I'm paying on my loans and I still got one. It's already been spent towards bills though. No fun for Zoom...but yay that I got those bills taken care of!

 

[zoe08]

I don't know but you don't get one if someone claims you as a dependent. So your kid probably won't be getting one.

I sure didn't.

Her child is under the age of 17, so yes she should be getting money for him. If you are over the age of 17 and still claimed as a dependent, then you won't get one. I didn't get one, but course I only made enough last year to get $7 back (LOL) and my parents claimed me.

 

[Buddy'sParents]

It's only if you're delinquent. I have outstanding student loans, and I still got my stimulus money.

From what I understand, it works the same way an IRS tax refund works. If there's anything that makes you ineligible to receive a tax refund (back child support, unpaid student loans, etc.), you won't receive a stimulus check.

Whew. This is good to hear. According to the site, we should be getting ours no later than today. WHOOT!

 

[HoundedByHounds]

we did get ours and it was as advertised. Nice. It's going to be spent on DisneyWorld next summer.

 

[skittledoo]

If I get mine... it's going towards bills that need to be paid. Wish I could spend it on something fun... but alas... I can't.

 

[zoe08]

Ours is going towards all the things we will need for our house probably. Although since Justin and I aren't married yet we only got $600. But every bit helps for us.

 

[Gempress]

We actually got ours two days ago. It was sooo nice!

 

[Renee750il]

Amazing how things happen when there's a major federal election coming up, isn't it?

 

[skittledoo]

Amazing how things happen when there's a major federal election coming up, isn't it?

true that