Stimulus checks

[underpants]

June 25, 2008; Page D3
http://online.wsj.com/article/SB121434760865301415.html?mod=googlenews_wsj

The government began sending payments April 28. So far, about 85.2 million payments totaling $70.78 billion have been distributed. IRS officials estimate 124 million payments totaling $100 billion will be made this year. Those eligible are getting as much as $600 apiece -- or $1,200 for married couples filing jointly -- plus $300 for each eligible child under 17.

But many people are getting less -- or nothing at all -- because their incomes exceeded certain levels. The amount of the stimulus payment begins to phase out for those with adjusted gross incomes over $75,000, or $150,000 for joint filers. People with income above those levels lose 5% of the dollar amount above the threshold -- such as $50 for each $1,000 amount over the limit.


Here's the schedule for the next three weeks, according to the IRS Web site: If the last two digits of your Social Security number are 64 to 75, your check should be in the mail by June 27. If your last two digits are 76 through 87, your check should be sent by July 4. And if the last two digits are 88 through 99, the check should be in the mail by July 11.

**BUT***


Some people assumed that if they had filed their returns by the April 15 deadline, they would get their checks based on the Treasury schedule. Not so. The key issue is whether your return was processed by April 15, not whether it was filed by then.

[TechBear_Seattle]

1. I've been wondering when (if) I'd be getting a check

The last two digits of my number are 97. Figures. :eyes:

On the upside, my check will be mailed out just in time for my birthday.

[liberalmike27]

3. Interesting

The way it is distributed is almost an admission that they cut the wrong people's taxes.

Rich is relative. My sister has a huge home with her hubby, and her husband makes well over a hundred grand a year. I'm not saying he doesn't work hard, mind you, I'm just saying she doesn't view herself as rich. I suspect most in my neighborhood, would see her as at least "knocking on the door" of wealth.

Another thing, a lot of people with higher, middle class incomes, like the top twenty percent, which starts at somewhere in the vicinity of 90 grand a year, think that because they have a hard time making the bills each month that they are poor too. I'd suggest they bought too much house, too many cars, went to much too expensive private schools, etc. A big problem with this general income level is living beyond their means.

Many book on how to become a Millionaire have been written, with the basic tenet being, don't get the biggest house, the most expensive car, the brand new car, and you can amass wealth. But unfortunately, many seem unable to do anything be straddle the line of their own credit.

[a kennedy]

4. My husband and I filed jointly, and his SS # ends in 99!!!

hope we get the 1200, we'll just put it in the bank anyway.

[leftynyc]

5. My last two are 99

I know I filed before 4/15 but can't remember if I got my refund before that. Guess I'll find out soon enough.

[LibDemAlways]

2. My brother, who is single and far from rich, got a

measly $83.00.

My check was due the 20th and never showed up, so I don't even know if I'm getting one. I checked the IRS calculator and the amount was a joke anyway.

My elderly parents made out best of all. They got the full $600 and treated themselves to a desperately needed home repair.

Economic stimulus, my ass.

[leftynyc]

6. Did you get a letter from the feds?

I understand everyone who was getting a check got the letter.

[LibDemAlways]

8. No letter. If it doesn't come in the next couple of weeks,

I'll call, probably sit on hold for an hour, and try to find out if I've been forgotten or if I'm one of those "high wage earners" HAHAHAHA who isn't eligible.

[leftynyc]

12. My check is due to go out today

but my letter didn't come until late last week. I'm not counting on anything when it comes to the IRS.

[SammyWinstonJack]

18. I got a letter about a week before our check was on the 20th.

Guess that check wasn't really *in the mail* :silly:

[leftynyc]

20. I hope that means mine

will be here soon. I could use the cash for an upcoming vacation.


Edit: I misunderstood - Yours was due last week and hasn't arrived?

[SammyWinstonJack]

17. Our was due on the 20th with a letter from the IRS stating we are eligible for $1200. It hasn't

shown up yet either. :shrug:

[scheming daemons]

7. My wife and I had an AGI of about $175,000..... we got ZIP.

Guess they consider us "rich" now.

[liberalmike27]

9. Wow

What do you consider rich?

Try making it on 20 grand a year. Try being thankful. By the way, you and your wife got a huge tax cut already, which is probably why they chose to not give people with higher incomes a tax cut. I'm always amazed when people seem to have a hard time getting along with this kind of money. With proper management, you've got money to burn, and save.

[scheming daemons]

10. I never said I had a hard time getting along......

....just that we didn't get any of the stimulus.


We're comfortable..... and to many in this world, that would be rich.


I'm not really complaining.... we don't need it.... but I would argue that carving another $200 billion hole in our deficit in order to send everyone a few hundred bucks was bad fiscal policy.


Bring the troops home and use THAT savings to send people checks...... All the government did here was take out a large loan and give it to everyone. Gotta be paid back sometime.... probably by our grandkids.

[LibDemAlways]

11. In your bracket you get skinned alive at tax time.

My husband and I aren't where you are but we still owed half our income in taxes this year when we added up the feds, state, and property taxes. And we live modestly in a small house we bought 30 years ago.

And our so-called "economic stimulus" check, if it ever arrives, won't pay the electric bill for the month.

[ProfessorGAC]

16. That Seems High

Our AGI is about 150k (my wife doesn't work anymore) and we don't pay that high a total percentage. We don't have very high real estate taxes though, since we live in a small town and we, like you folks, don't have a big house. It is on a corner though, so we pay a little more in basic assessment due to double front footage. (That's an Illinois thing. I don't know if that happens in all states.)

And we did get a stimulus check DD'd into our bank. Weird.
The Professor

[LibDemAlways]

19. We are in Calif where the state tax is killer.

Our house is paid for. We have virtually no deductions.

There are millionaires out there who pay less than we do, but of course, they are the ones who make the laws.

[lumberjack_jeff]

21. "They?"

You are in the 98th percentile of incomes. Without knowing what your net worth is, I wouldn't presume to call you rich, but you are indisputably high income.

[scheming daemons]

23. Well then... I must really suck at managing money...

...because I don't feel rich.

[lumberjack_jeff]

24. Similarly, I don't feel fat, but the scale doesn't lie. n/t

[LibDemAlways]

26. I'll bet if some of the posters here saw your income tax return

they'd realize that by the time Uncle Sam gets through with you, there isn't all that much left. My husband earns a good income, but the tax system is rigged against us. We aren't allowed our full deductions, even though they don't amount to much. We get no child credit for our one daughter. We pay through the friggen nose.

[HiFructosePronSyrup]

27. What's your net worth?

Don't get me wrong... I don't normally go around asking people that, but since you already volunteered your income...

[Robbien]

13. Basically they are saying that if you mailed in your tax form instead of e-filing it

Your tax form probably won't be processed before 4/15 therefore your stimulus check will be delayed.

[scisyhp1]

14. No check for us. Goodby $1500.

My wife doesn't have a SSN, only an ITN (individual taxpayer number).
We filed jointly. It turns out that is enough to disqualify us all.
Thanks for nothing US Government. Well, who needed their bloody money
anyway.

[bobbert]

15. I forgot to sign my return, so it was resubmitted late

and I got my tax return a couple of weeks ago, and a few days ago, my stimulus was deposited into my account on time as expected :)

[high density]

22. I'd rather make $84k than get a "stimulus" check for $600.

But that's just me.

[Xenocrates]

25. I wonder how much $$ the Duggart family got (with the 19+ kids)