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unclewulf · #1 03-17-2008, 05:56 PM

Here's some more good stuff from everybody's favorite bureaucrats, the Infernal Revenue Sadists. Shamelessly cut/pasted from the IRS Newswire email newsletter.

Quote:

IRS Announces Economic Stimulus Payment Schedules, Provides Online Payment Calculator

WASHINGTON â€” The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

The IRS also announced the availability of a new online calculator on IRS.gov to help people determine the amount of their stimulus payments.

Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check.

â€œTo receive an economic stimulus payment, people just need to file their tax returns as they usually do,â€ said IRS Acting Commissioner Linda E. Stiff. â€œThe payments will be automatic for the vast majority of taxpayers. Some lower-income workers and recipients of certain Social Security and veterans benefits who donâ€™t normally need to file a tax return will need to do so in order to receive a stimulus payment. IRS.gov has all the information people need to help them obtain a stimulus payment.â€

Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return.

Because the IRS will use the Social Security number to determine when checks are mailed, taxpayers may receive their checks at different times than their neighbors or other family members. On a jointly filed return, the first Social Security number listed will determine the mail-out time.

The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.

Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.

The IRS is also announcing today the availability of an on-line calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and if they are, how much they can expect. Anyone who has prepared a 2007 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2007 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.

Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008.

http://img139.imageshack.us/img139/5...chedulepk2.png

A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.

All or part of an economic stimulus payment may be applied to back taxes or certain other debts of the taxpayer, such as delinquent child support and student loans. In such cases, the IRS will send a letter to the taxpayer explaining the offset.

To accommodate people whose tax returns are processed after April 15, the IRS will continue sending weekly payments. People who file tax returns after April 15 and receive a refund can expect to receive their economic stimulus payments in about two weeks after receiving their tax refunds, but not before the date they would have received their payment if the return had been processed by April 15. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by Oct. 15.

Two bureaus of the Treasury Department are involved in making the payments. The IRS will calculate the amount of each economic stimulus payment based on the tax year 2007 income tax returns it receives. The IRS will then forward the information to the Financial Management Service (FMS), which is the bureau of the Treasury Department that makes federal payments such as Social Security benefits, federal income tax refunds and, now, economic stimulus payments.

The IRS reminds taxpayers that they can get their stimulus payments faster by using direct deposit when they file their tax return.

In addition, the IRS urges taxpayers to file electronically. For people who normally donâ€™t need to file a tax return, the IRS and Free File Alliance have a special program set up to allow for free electronic filing.

puddlejmpr · #2 03-17-2008, 06:21 PM

I got a letter in the mail over the weekend from the IRS about this. It also states that if you can be claimed as a dependant on someone elses taxes you will not get a check. That sucks for my daughter. We can claim her and she made pretty good money (for a student) and she doesn't get anything. Plus we don't get the child tax credit for her (this will be the 2nd year) :x So we don't even get extra money for her even though we pay for all of her living expenses and she just blows all her money :x

spatterson_40 · #3 03-17-2008, 06:51 PM

Great news!!! Looks like I will be getting my money in the first round. Of course, I am not counting my chickens before they hatch.

sdchargers_63 · #4 03-18-2008, 03:38 AM

'Wulf'...maybe you can help me with this one. My ex and I 'split' the refund, for my son, this year. When I filed taxes, I claimed the Child Exemptions, for my son. When my ex filed, he filed for the EIC, for my son. All of this was legal, of course. So.....tell me, please, how does the rebate, for my SON, work when his dad and I 'split' the refund? Thanks.

unclewulf · #5 03-18-2008, 03:54 AM

Hi Sdchargers -

Lemme say that I'm not an accountant or an attorney of any kind, but I did stay at a Holiday Inn once... That being said, may I assume that you file as head of household or similar filing status?

On your 2007 Form 1040A... Did you enter your son's SSN on line 6c, column 2? If so, I believe the payment for your son will be coming to you. I don't think the EIC enters into the equation for stimulus payments.

Hit the link in my sig for stimulus info from the IRS. The official payment calculator is linked there. Get a copy of your return handy, and run through it. Only takes about 5 minutes. That should answer your question a bit more conclusively. Let me know what you come up with, please.

Stimulating, ain't it?....

sdchargers_63 · #6 03-18-2008, 06:18 PM

WULF...you're funny!! Anyway..yes, I filed "Head of Household." I was talking to a friend of mine ( who works at HRBlock) and she said since I filed for 'Custodial Parent' and my ex filed 'Non-Custodial', I would get it. Wow!! This ENTIRE issue, with the Rebate is NOT "stimulating" to me...it's driving me bananas!!LOL

unclewulf · #7 03-18-2008, 06:27 PM

Hey! I never said waiting would be fun. I just inquired if you felt 'stimulated'.

Quote:

Originally Posted by sdchargers_63

Wow!! This ENTIRE issue, with the Rebate is NOT "stimulating" to me...it's driving me bananas!!

Looks like the answer is yes, hmm?

sdchargers_63 · #8 03-18-2008, 07:45 PM

Okey dokey!! Another question, WULF (I'm FULL of them..LOL) When I recieved my refund, I got it on the HRBlock Debit card. Know..when I recieved my Reabate, will it be by check or Direct Deposit? Whatcha think?

unclewulf · #9 03-18-2008, 08:07 PM

An H&R Block debit card?!?! WTF is that, over? Was this a refund anticipation loan [pdl in pretty clothing]?

If that's the case, I'd guess you'll get paper. Look at your 2007 1040A, lines 44b/c/d. Is your banking info on those lines? If not, how would you get it direct deposited?

#10 04-10-2008, 07:57 AM

if you filed your 2007 return and had it direct deposited but you do not want your rebate direct deposited but mailed what do you do.

mommontoya · #11 04-10-2008, 08:58 AM

Puddlejmpr
I just saw your post and we are in the same spot. Even thought my son didnâ€™t make much money last year (rebate of $7) I filed a return for him. He was so disappointed when he found out that he does not qualify because I claimed him. We both lose out. He is so careful to save his money but he was looking forward to this check you he could buy something for himself. I may give him part of ours.

unclewulf · #12 04-10-2008, 04:35 PM

Quote:

if you filed your 2007 return and had it direct deposited but you do not want your rebate direct deposited but mailed what do you do.

Evenin' Lois! Welcome to the community.

Here's some info I just found on irs.gov that may help you. There's lotsmore. The link is in my signature.

Quote:

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.

Q. Is there something I can do to prevent my Stimulus Payment from being automatically deposited into the account that I identified for the Direct Deposit of my regular refund?

A. Generally, if you designated Direct Deposit on a tax return, then the Stimulus Payment will go to the account number you designated. If the account number is no longer active, the IRS will send you a paper check. Under some circumstances you can prevent the payment from being automatically deposited.

If your regular refund has been deposited into your account via Direct Deposit and you contact the IRS before the week of April 13, the account information can be blocked to avoid the use of Direct Deposit for your Stimulus Payment. This will result in the issuance of a paper check that will be mailed to you.

However, if you contact the IRS on or after the week of April 13, the IRS will not have enough time to stop the Direct Deposit. In this situation, if you do not want your Stimulus Payment to go to the account listed on your tax return, you should contact your financial institution to discuss possible options. Finally, if the account number is no longer active, the IRS will send you a paper check. [Updated 4/4/08]

I hope this helps you. Holler if there's anything else you need.

#13 05-01-2008, 04:23 AM

we were just told about the stimulis payment not going into our h and r block master card (emerald card), so does that mean our checks will be comming in later than expected, direct deposit may 9th, paper check june 20th. so will it be around may or the june date, does anyone know for sure?

unclewulf · #14 05-01-2008, 04:14 PM

I'm not absolutely certain, but... I'd hazard a guess that you'll get a paper check, which would put it in your hand sometime in June.

#15 05-02-2008, 12:14 AM

I disagree with mom
if you claimed your son on your tax return you would get more money on your stimulus check ..your son doesn't qualify because you yourself are getting the extra MONEY for claiming him..you should give it to him if he deserves it..but why should anyone think they should receive money for claiming child and then child should receive money too?
My eldest is 21....husband and I didn't claim him..we get $1200..he gets $300 free money ..very simple..if you got more $ because of son on tax return I think give it to your son now..you got it because you claimed him before he filed papers for stimulus .. and he should have legally gotten it..of course if you claimed him first he isn't going to get it!!!! come on mom! wake up please! take 1200 that you and hubby get and give the rest to him that gov gave for free..it is only right!

mommontoya · #16 05-02-2008, 12:20 AM

Guest
I think you are right. I have learned a little more about this over the past few weeks. I will give my son his portion.
I just hope my youngest doesnâ€™t catch on

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