Economic Stimulus Package: Where’s My Money!?

Posted on 21. Feb, 2008 by in Taxes

UPDATE:Thanks to one of our faithful readers, I was reminded of one crucial point I forgot to make earlier. The rebates represent a 2008 tax cut. But instead of getting the tax cut next year, when you file your 2008 return, you’ll get it this year. Although many people have been complaining about this fact, it’s actually a benefit for you. Normally, the taxes taken out of your paycheck are used by Uncle Sam interest free before you file a claim for a refund (your tax return). The government never pays you interest on the $600 that you are getting back as a refund. However, by getting that $600 now, you can actually put that money to work for you – either in an investment instrument or to pay down debt. You’ll get more out of that $600 now than you will next year.

The press has been all over the recent economic stimulus package passed by congress. Personally, I don’t feel like the stimulus package is what will fix the sluggish economy, but it does look good in the news and for certain politicians. In any case, I’ve never been one to turn down free money!

In general, this late Christmas bonus is equal to the your net income tax liability, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly. In additional, families with children under 17 will get an additional $300 per child.

However, many people have been confused as to how the checks will be cut. Do you have to apply somehow? Are there certain qualifications? How do they know that I want free money?

In an effort to help educate the public, the IRS has thrown up a website of frequently asked questions regarding the stimulus package.

Here’s what you need to know in a nutshell:

Under the Economic Stimulus Act of 2008, more than 130 million American households will receive economic stimulus payments beginning in May. The only way to get one this year is to file a federal tax return for 2007. This filing requirement also applies to some people who do not normally file, including many low-income people and recipients of Social Security, certain benefits received from the Department of Veterans Affairs and certain Railroad Retirement benefits.

Basically, the checks will be cut to those people who file taxes. So if you normally don’t file taxes, for whatever reason, you’re going to have to file this year in order to get your check in the mail.

22 Responses to “Economic Stimulus Package: Where’s My Money!?”

  1. Nick Francis

    21. Feb, 2008

    All I keep hearing is that this is simply an “advance” on ’08 tax refunds. The media has said both. It did not start out that way, but by the time it got through congress it was the end result.

    Have you heard this? I’m not completely sure if that is the case, but if so, I would prefer to opt out!! What a joke.

  2. Elizabeth Minear

    01. Mar, 2008

    I was in concern of where and when i would recieve my Economic Stimulus Payment was?

  3. Where's the "Beef"

    05. May, 2008

    I’ve heard so man different versions of when we will be getting the stimulas checks. I heard that all the direct deposits would be done by May 9th. Is this correct?

  4. Where's the "Beef"

    05. May, 2008

    I’ve heard so man different versions of when we will be getting the stimulas checks. I heard that all the direct deposits would be done by May 9th. Is this correct?

  5. Jason Guthrie

    05. May, 2008

    @ Where’s the Beef:

    According to the IRS, payments will be made throughout the spring and summer. The first wave of payments will go to people who opted for direct deposit on their 2007 income tax returns. So depending on your social security number, your direct deposit could come anytime between now and May 16th.

    If you opted for a paper refund check, the first cycle of paper checks will be mailed starting May 9 and will continue through July 11.

    Good luck!

  6. Ethel Parker

    07. May, 2008

    I had to pay additional taxes for 2007 and the payment was direct debited from my account. According to my ssn I should have received a direct deposit by now, but have not. What does this mean ?

  7. Ann Boner

    09. May, 2008

    Today is when my payment was suppost to be direct deposited but is not in the bank!!!

  8. Pierre Cromartie

    11. May, 2008

    * Filing and/or preparation fees were deducted from your refund or you received a rapid refund from your preparer. You will be receiving a check instead of a direct deposit. Please see the Paper Check Payment Schedule below. You know what i hope this isn’t the case becasue by my last i should of received it on friday of the 9th of May.

    when this message showed up on the irs webpage i was just pissed off.
    i mean i may get lucky and receive it this week because a friend of my dads last 2 SS numbers were high and instead of friday the 2nd he got it on the 6th.

    I mean you think about it you do everything by the book.
    you have direct deposit on your bank or credit union and you did your taxes on time.
    BUT from the IRS that doesn’t mean shit.
    they still find a way to screw you over.
    IT makes no sense???

  9. Pierre Cromartie

    11. May, 2008

    * Filing and/or preparation fees were deducted from your refund or you received a rapid refund from your preparer. You will be receiving a check instead of a direct deposit. Please see the Paper Check Payment Schedule below. You know what i hope this isn’t the case becasue by my last i should of received it on friday of the 9th of May.

    when this message showed up on the irs webpage i was just pissed off.
    i mean i may get lucky and receive it this week because a friend of my dads last 2 SS numbers were high and instead of friday the 2nd he got it on the 6th.

    I mean you think about it you do everything by the book.
    you have direct deposit on your bank or credit union and you did your taxes on time.
    BUT from the IRS that doesn’t mean shit.
    they still find a way to screw you over.
    IT makes no sense???

  10. DJ Czerniejewski

    12. May, 2008

    My rebate was due 9 May, but hasn’t been deposited and I can’ contact anyone as to why?

  11. Pierre Cromartie

    15. May, 2008

    May 15 and what happened?
    NOTHING.
    the only stimulating thing that happens is you go back to the Irs.gov site to see they keep changing the rules.

    i did my taxes on Taxact.
    i paided for the services with my money from my creidt union account.
    But some how something always goes wrong with the IRS.
    i wonder what “what happened”???
    they won’t answer the phone.
    and thier webpage answers nothing.

    So why are they even doing this???

  12. Pierre Cromartie

    16. May, 2008

    well now i know its bullcrap.
    May 16 2008 9:31 am
    no Stimulus package insight in my account.
    routing number is correct.
    i had taxact use money from my account instead of deducting it from my tax rebate and what do i get the same bullshit i come to expect from the IRS and the government.
    I did everything by the damn book
    and they still screw me over i know i’m not alone in this.

    All i feel right now is anger.
    maybe i’m being petty but i did everything right and i still get the short end of the stick and have to wait 6 weeks for something that was suppose to be in my account on the 9th.

    Yet again they find a way!

  13. bill berg

    21. May, 2008

    Folks It is not “free money” you are taking out a loan….

  14. connie

    26. May, 2008

    i draw disability i was told that my check should arive around the 16 of may and have yet to recieve it in the mail i sent in my paper work in pleanty of time to get my paper check by now whats the hold up.

  15. AlbertLifrieri

    28. May, 2008

    I have direct deposit and was supposed to have my payment deposited by the close of business on the 9h of May. It is now the 28th.Nothing. I have a neighbor who got a paper check the first week of May and then a week later recived a letter saying he would get his money by the end of the month. I personnaly think they ran out of money and I’ll never see it.
    Maybe they’re going to donate the rest to a worthy cause such as the “support osama bin laden foundation”

  16. Theodore R

    10. Jan, 2009

    The economic stimulus package passed by the Congress purpose is to benefit not just the businesses but also the entire citizen. From plummeting housing values and rising gas prices, to stock market volatility we’re all affected by the recession. Barack Obama, will be putting forth a tax cut and the Make Work Pay credit. The future isn’t clear, and impossible to tell exactly – but since the mortgage and credit crunch have arrived, things have been getting worse and the need for a payday loan has increased. Obama is hoping that bigger checks on payday will restore consumer confidence so you won’t need to take out a payday loan.

  17. valerie jordan

    09. Feb, 2009

    I VOTE NO ON THIS STIMULUS PACKAGE. THIS IS JUST MORE OF A SET UP FOR THE NEW WORLD ORDER AND THE STAGE FOR THE ANT-CHRIST.

  18. valerie jordan

    09. Feb, 2009

    I VOTE NO ON THIS STIMULUS PACKAGE. THIS IS JUST MORE OF A SET UP FOR THE NEW WORLD ORDER AND THE STAGE FOR THE ANT-CHRIST.

  19. Dag

    11. Mar, 2009

    Is there a way to become a content writer for the site?

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