Hey yall, Just heard that the federal government has passed the economic stimulus package they were putting together to help fight falling stock and sales. This means they will be sending out free money via check to you in the mail sometime between late May to Early July. What this means to you: 1) If you are single, make less than $70,000 a year, and will file your taxes on time by April this year, then you should receive $600 2) If you are married, make less than $70,000 a year, and will file your taxes on time, then you should receive $1,200 3) If you are single and make over $70,000 a year, will file taxes, then you will receive a pro-rated amount based on annual income. 4) If you are married and make over $70,000 a year, will file taxes, then you will receive a pro-rated amount based on annual income. So, all of us young ones who are dependents to our parents still or are in our twenties and just starting to file for ourselves, we should be getting some good free dinero to spend for the summer. What sucks is mine will go straight to credit cards to pay bills... Bill
/\ my uncle came by today and told me that i might be getting from 100 to 300 back.... on top of my taxes... the catch is you got to file this as earned income for next years taxes... so expect a little something on top of your taxes...
***Update*** They are still fine tuning the package before Bush signs it, but here are some changes/new additions. I will try to keep this thread updated for yall as I am a big history/politics junkie... As of right now, if you work and pay taxes, even if you are still a dependent when filling your taxes under your parents, and you make $13K for the fiscal taxable year of 2007, then you qualify for the free money. This is one of the last things to go over before handing off the bill to Bush to sign. Therefore, it has not be finalized how they will tear off and percentage you based on income over what they call the "cut-off" line. In short, it has not been decided or released yet, do I do not know, but will keep you posted. Also, the "cut-off line" is $75K, not $70K like I originally posted. Sorry bout that. Bill
http://biz.yahoo.com/cnnm/080208/020808_rebates_what_you_need_to_know.html?.v=11&.pf='insurance' heres where you can figure it all out...
This is one of the last things to go over before handing off the bill to Bush to sign. Therefore, it has not be finalized how they will tear off and percentage you based on income over what they call the "cut-off" line. In short, it has not been decided or released yet, do I do not know, but will keep you posted. Also, the "cut-off line" is $75K, not $70K like I originally posted. Sorry bout that. Bill[/quote:t78tb9kf] Well if it is $75,000 then I think I am okay and won't need the pro rate.
Wouldn't it depend on how they label it? If it is labeled and considered a "Tax Break" that is suppose to coincide with your tax deductions you receive back in your tax refund (for those who will get one), would it still be taxable as income? Bill
They did this several years ago and called it an "advance EIC". Then when you filed taxes the following year, you didn't get that credit. This is basically the same thing. Looks great now but screws you in the end. Go Republicans!!!
