How much will the government stimulus checks be and when will they be sent out?
Is it going to be based upon your income? I know I worked enough that i will probly receive one but I do not know how they are basing the rate.Is it 300$ across the board or 600$ for some and 300$ for others depending on your income? Does anybody know? Thank you
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May 28th, 2009 at 11:59 pm
The rebate plan is currently in the Senate and is expected to pass in some form by Feb 15.
Under the bill passed by the House, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. For couples filing jointly, the maximum rebate is $1200. If you had earned income of at least $3000, you will get at least the minimum rebate of $300.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.
Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
Nothing has passed Congress yet, so all details are subject to change. Check out the referenced site below for more info.
May 28th, 2009 at 11:59 pm
The details have not been worked out yet.
The current plan is to give the lesser of $600 or your tax liability reported on your 2007 income tax return for individuals. For families, it will be $1200. Plus, there will be up to $300 per child.
If this works like the last rebate given in 2001, it will simply be an advance of your 2008 tax refund which will need to be paid back when you file your taxes in 2009.
Edited to add: Any rebate checks would be mailed beginning in May.
May 28th, 2009 at 11:59 pm
300 for some, 600 for most and 1200 for married couples
May 28th, 2009 at 11:59 pm
There is no "rebate" yet so there is no way to answer any questions regarding it. It's still being debated in Congress and there's about an equal chance that it will never become law.
The "rebate" is nothing more than a budget-busting vote buy by Bush and Congress. Hopefully cooler heads will prevail and the whole thing will die off quietly.
From the Federal deficit perspective it's about the same thing as getting a $5 a week pay raise but having your credit card debt doubled in return. A good deal if you don't have any debt, but a crushing burden if you're already saddled with too much debt, and this country is already saddled with WAY too much debt — about $40,000 worth for every man, woman, and child in the country.
May 28th, 2009 at 11:59 pm
The way it is now, if you work part-time somewhere, or may be you worked full time for a few months, one may get $300. Looks like if you're on social security, you will receive nothing. If you are drawing unemployment, you may get something. They are still hammering it out. Nothing on the IRS website.
Just says "final details unavailable". Here's the latest. Also, an alert from the IRS http://www.msnbc.msn.com/id/22782454?GT1=10755
May 28th, 2009 at 11:59 pm
Both of the previous responses are right (sort of). But, there's no way to answer your question completely and correctly until the Senate finishes their work and their vote is completed (hopefully, this week). The Senate Democrats hosed things up by adding rebates for senior citizens and disabled veterans and heating aid for the poor to the House-passed economic stimulus package. The Senate Republications did the same by increasing the income limits to $150,000 for individuals and $300,000 for couples and barring illegal immigrants from receiving rebates (by requiring valid social security numbers to qualify). So, it might be a while before your question gets a straight and accurate answer.
May 28th, 2009 at 11:59 pm
All of these answers are getting close, but the reality is that the tax rebate will NOT have to be repaid in 2009 as soooo many people are suggesting. In 2001, the rebate did not have to be repaid either. The reason they asked you in 2002 about the 2001 rebate and how much you got is the simple fact that if you DID NOT get it, they added it on to your refund for that year. Anyone who has taken an economics course can tell you that an economic stimulus like the one in 2001 and the one that is planned (not a law yet) for 2008 is meant to stimulate a faltering economy. The effects of the stimulus will not be measurable for quite sometime (possibly in 2009). Would it truly make sense to send out the stimulus checks and then take them back from you such a short time later? Wouldn't that be counter-effective and a burden on an already burdened system? Okay, so this is a freebie, to put it in layman's terms, although it may be foolhardy from the look of our national debt, it is still what it is: an economic stimulus. Most people will receive $600 per adult and $300 for each child. The checks could go out as early as the end of April, but I think June is more likely because the IRS is working double time just to process returns right now, and they will be the agency "controlling" the money. Hope this helps!
May 28th, 2009 at 11:59 pm
I am sorry I am from Canada. No idea what you are talking about. Sounds promising never the less. Hope you get the higher amount.