Comments on: Economic Stimulus Payment: How Much Will I Get and When Will I Receive It?

By: Ben

Ben — Wed, 16 Apr 2008 02:11:28 +0000

So if this check we are getting is to stimulate the economy, why does it go back into the hands of the IRS if we owe back taxes. That isn’t going to stimulate anything for those of us with back taxes owed.

By: Sunday Linky Love | The Bean Blog

Sunday Linky Love | The Bean Blog — Sun, 23 Mar 2008 17:42:21 +0000

[...] Ma over at Fabulous Financials has everything you ever wanted to know about the economic stimulus payment. Do you want to know how much to expect? Do you want to know when you’ll get it? Single Ma [...]

By: Louise

Louise — Thu, 20 Mar 2008 03:06:47 +0000

Love your post, I was able to find out how much i get back in seconds flat. Str8 to my savings it will go.

By: English Major

English Major — Wed, 19 Mar 2008 16:42:30 +0000

Thanks, SingleMa, and sorry for not hitting up the FAQ first–it’s just that you’re so awfully knowledgeable! Anyway–thanks.

@english major- if you owe taxes you will not receive a stimulus check , they may just apply it to your debt owe. By the way, Single ma is not a Tax Attorney. :)

MoneyMonk, did you really take “Here’s a question, Single Ma–you might know” to mean, “Hey, Single Ma the tax attorney, please give me advice for which I will hold you accountable,” or are you just being nit-picky for the fun of it? And as it happens, judging from the FAQ that Single Ma so kindly posted and from prior research (which I’ve done–you’ll note that my question was not “if I owe taxes, do I still get the stimulus check?”), I believe you’re incorrect–I think I pay the $160 or so I’ll owe in federal taxes when I file, and then get the $600 stimulus check with the rest of my fellow citizens.

By: fdiary

fdiary — Wed, 19 Mar 2008 13:46:18 +0000

This is so laughable, they did this exact same thing in 2001 and you will have to report that $600 dollars as income on your 2008 taxes. The IRS is not giving anybody anything, consider it an "advance" on your '08 refund! You know, I really like your blog and I'm surprised to see your very first comment on mine to be so obnoxious. Great way to make a first impression. However, you might want to check your facts before spewing BS in other people's blog comments. It makes YOU laughable! The economic stimulus payment will NOT have to be reported as income on your 2008 taxes. However, it IS an advance "credit" on your 2008 taxes. In other words, it's a new credit that did not previously exist and is being distributed NOW rather than applied as a credit on your taxes in Apr 2009. What is so wrong with that? And for the record, I also received the advance credit in 2001 and I did NOT have to report it as taxable income. The rebate check was for $400, so when I filed my taxes, instead of getting the full $1,000 child tax credit, I only received an additional $600 "credit" because $400 was already received - as cash - in advance. But it was NOT taxed as income. If you would like to educate yourself about the economic stimulus payment and its impact on your 2008 taxes, please read the following: From the IRS Frequently Asked Questions page: 5th question down: "Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008? A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return." And other reputable sources: Taxes on your rebate money? Taxes on your tax rebate How Will the Economic Stimulus Tax Rebate Affect 2008 Tax Returns? Is the economic stimulus payment taxable [-SM]