Federal Economic Stimulus Checks

[jericap Super Moderator Find all posts View Profile Close jericap]

Here's the new Schedule:

Stimulus Payment Schedule

Direct Deposit
Last 2 SSN Digits Payment Transmission Date
00-20 April 28
21-75 May 9
76-99 May 16

Paper Checks
00-09 May 9
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
Source: Internal Revenue Service

[deede Senior Member Find all posts View Profile Close deede]

Income max and rebate amount

One other thing to consider is the size of the check. While the news has often reported the checks to be $1,200 for couples, they often fail to mention that the amount is likely to be less depending on your income..

What is the income max for the rebates?

[jones10021 Junior Member Find all posts View Profile Close jones10021]

Not bad at all. Mine will be mailed in May.
I'm awaiting it impatiently, lol!

[vintner Super Moderator Find all posts View Profile Close vintner]

Awwww. I lost a week. Now I gotta wait even longer to stimulate the economy

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

What is the income max for the rebates?

Economic Stimulus Payment Calculator - Welcome to the Economic Stimulus Payment Calculator

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Awwww. I lost a week. Now I gotta wait even longer to stimulate the economy

I already stimulated. To the tune of 2 new computers.

[marcmuff Senior Member Find all posts View Profile Close marcmuff]

My rebate was in my checking account this morning - $300.00

My Social Security Number ends in 04.

[Luanne Senior Member Find all posts View Profile Close Luanne]

I was kind of expecting ours to be deposited today. But, no such luck.

[4ARedOctober Super Moderator Find all posts View Profile Close 4ARedOctober]

Economic Stimulus Payment Calculator


According to law, the economic stimulus payment amount that you would otherwise be entitled to receive is reduced by 5% of the amount that your Tax Year 2007 Adjusted Gross Income exceeds $150,000.

What is the income max for the rebates?

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

Economic Stimulus Payment Calculator


According to law, the economic stimulus payment amount that you would otherwise be entitled to receive is reduced by 5% of the amount that your Tax Year 2007 Adjusted Gross Income exceeds $150,000.

Does this mean we rich folks won't be getting that big sack o' rice and the fill-up ?

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Does this mean we rich folks won't be getting that big sack o' rice and the fill-up ?

Yes, we or actually you will not get it if income over a certain limits. Image you have to pay extra tax (actually, you should be happy as long as there is no penalty) and file estimate tax also.

Remember the 10 person paying their lunch? The owner decides to give back something special to everyone except the richest one and the richest guy can not say no to not continue lunch in that club.

Jya-Ning

[JWC Super Moderator Find all posts View Profile Close JWC]

Economic Stimulus Payment Calculator - Welcome to the Economic Stimulus Payment Calculator

According to the calculator, we will get the full $1,200 payment. I have no idea what we will spend it on but it will be spent on some fun thing like shows etc. when we go to New York City this July. I will get the payment just before we leave.

[PHILL12 Senior Member Find all posts View Profile Close PHILL12]

If you are eagerly awaiting your Federal Economic Stimulus check to fund this summer’s vacation, the IRS has your has released the following timetable for mailing them out:

Last 2 Digits of SSN - Date Check Will Be Sent
00-09 - May 9
10-18 - May 16
19-25 - May 23
26-38 - May 30
39-51 - June 6
52-63 - June 13
64-75 - June 20
76-87 - June 27
88-99 - July 4

Just as the list shows we have our $1200 in our bank acct on May 9th.

Wife already filling out the check to payoff the new family room sectional and rug!

Didn't even give me a chance to spend any of it.

[Denise Senior Member Find all posts View Profile Close Denise]

What I still want to know is if this is 2008 income or a straight deduction from the 2008 tax refund you might get next year.

I asked my tax people three months ago and they had no answer.

Either way it seems IRS is just loaning our own money for next years taxes!

I really hope I'm wrong and one of you straigtens me out!

This is actually exactly what I had heard/read also when there was first talk of this stimulus check. I had heard that it was going to be deducted from my 2008 tax refund, if I were to be due a tax refund. So if that was the case, I was going to make sure that we did not receive any kind of tax refund that they could then take it out of.

But since I heard/read it, I haven't been able to confirm it . No one seems to know the definitive answer.

[Denise Senior Member Find all posts View Profile Close Denise]

But since I heard/read it, I haven't been able to confirm it . No one seems to know the definitive answer.

Okay, so I did some more searching and there appears to be more info out there now on how the stimulus payment will not affect our 2008 taxes. So yay for that !

From this website Economic Stimulus Payment FAQs: Other Questions

Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

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.

Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.