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Originally posted by pmbhuntress
They were lucky to have gotten it. My aunt gets disabilty and she was not able to get it. My cousin who is in a wheel chair and gets disability was not elligible for it nor were her kids. So the government screwed there family. I am actually shocked that your parents even got a check. That may be why they have to pay it back now in taxes, Because according to them this last check was just for the working folks only. No retirees. No Disabled, no poor folks. Go figure the poor folks didnt get crap. I also happen to know that alot of folks that were working still didnt get one, the IRS stated they owed in back taxes or alimony or whatever just so they didnt have to pay.
The SS isnt taxable but the stimulus check is.
Is the economic stimulus payment taxable? More than 130 million taxpaying households will be eligible for economic stimulus payments in May 2008. Is this considered taxable income? A: No. Like most things involving the IRS, the 2008 stimulus payments generate a lot of questions, details, exceptions and paperwork. On the face of it, the idea is simple: If you file your 2007 taxes with at least $3,000 of taxable income, you will be eligible for a minimum payment of $300 (and a maximum of $600). Those with high incomes may not receive a payment, or may get a lower amount. But that doesn't eliminate the IRS' need for a multi-part Frequently Asked Questions list. The answer to this one, at least, is fairly clear. The payment is not included in your tax refund check, but it is not taxable income. You won't have to pay taxes on it in 2008, and it will not reduce your 2008 refund. The IRS does recommend keeping a copy of the official notice detailing the amount of your payment – for your records, of course. Would you expect anything else? –Jess Henig Update, March 12: Some readers have written to us to say some states would tax the stimulus payments; others have insisted that we were wrong and that these payments would be taxed on their 2008 federal tax returns. However, neither allegation is correct. First, the stimulus payment is not taxable at the state level. Verenda Smith at the Federation of Tax Administrators says the confusion stems from the fact that some states offer a deduction for federal taxes paid. If an individual’s federal tax payment goes down, so will the amount of the deduction, which means that person would be paying slightly more in state taxes. That’s not a tax on the stimulus payment, but it reduces the deduction that’s intended to defray federal tax expenses. Iowa and Alabama, which allow full deductions for federal taxes, and Missouri, which allows a partial one, are already trying to revise their laws so that the deduction isn’t affected by the stimulus payment. Second, the stimulus payment will not be considered taxable income on 2008 returns, and it won’t affect the amount a taxpayer owes. The only reason a taxpayer might have to disclose how much he or she received on the 2008 return is if the individual didn’t qualify for the full payment in 2007 and believes he or she did qualify in 2008. Eric Smith (no relation) at the IRS explains: “It’s a one-time credit, but you get two shots at it.” If a taxpayer isn’t eligible for a payment, or doesn’t qualify for the maximum payment, based on the 2007 return, that taxpayer will have a chance on the 2008 return to show that he or she is eligible for the remainder. (Those who receive the refund in 2007, but aren’t eligible in 2008, won’t need to pay it back.) To claim a full or partial payment for 2008, taxpayers will need to know how much they did or didn’t get for 2007.
Originally posted by amatrine
I am disabled but do not have enough work credits because of being disabled to get it, what a catch 22!
When the stimulus checks came out, we owed taxes, so we did not get anything. We broke even. That was my husbands fault for not claiming the rite amount . But it sucked none the less.
Then this year they came out with the first time home buyers credit. We missed it by six weeks. They did not do it for the whole year. Why? Because it was not to help people in the first place, but to get money in the hands of the financial institutions , where as when people bought a house it was worked out where the mortgage funder got it, and the person buying the house paid it back. If it was for the people , they would have done it for the whole year as the downturn started before then.
I tell ya, though, we are about to loose our only good car, and that would have saved our butts. But no help for us. My husband supports our entire family on his income, and his hours were just cut in half.
I know so many people loosing their jobs. How many do you know?
I personally know about 5.