What the government didn't tell you about your stimulus payment...

The stimulus payment is NOT a 'gift' - it's more or less a refund of taxes you have paid in. You got the greater of the $600 per person, etc OR what you actually paid in.

It's not 'free money' - it's a refund.

If you buy something on sale at a store for $100 and then take it back, you get $100 REFUND back - you don't get $200 back because the price went up in the meantime....same concept here. If you buy a product that has a rebate offer on it, the rebate is not going to be more than the price you paid to begin with...

There was a MAXIMUM amount set, but if you didn't pay in that much to begin with, they didn't give you more than you actually paid in.

So, since we pay a ton of taxes, we got the full amount. My friend who had negative income in 2007 (failed business, unemployed husband and wife, living off credit cards and family gifts) got nothing back - she didn't pay in anything, so therefore no rebate of taxes paid. While I know she could use the money, if you didn't pay in you didn't get a rebate.
 
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People making more pay in MORE taxes, hence they are getting a little bit of their own money back - it's a REBATE not a welfare or entitlement check. If you made over a certain amount, they reduced the rebate figuring you don't need it, I guess, OR if you hadn't paid in enough they reduced it to no more tha you paid in.
 
to correct myself....I went back and reread the gov. site and our H&R Block paperwork. We paid our preparers with a portion of the refund, thus we will get our rebate back via mail.
Good expanation, Susan.
 
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People making more pay in MORE taxes, hence they are getting a little bit of their own money back - it's a REBATE not a welfare or entitlement check. If you made over a certain amount, they reduced the rebate figuring you don't need it, I guess, OR if you hadn't paid in enough they reduced it to no more tha you paid in.

Well, I paid in a enough and all my travel that I do for work was counted as my refund as well. I guess since I got some of my mileage back that is why they cut my refund. I pay my medical insurance out off pocket along with my gas, oil changes, etc all year long that I only get to claim a portion of; even though my car is for work, we have other vehicles to use for vaction etc... I have a car that is 2yrs old and has 50,000 miles on it don't think they give me all that back. I work hard and it really pisses me off, that because I file my business expenses that cuts me from a refund. I am going to look tonight to see exactually how much they cut me. If you think about it I pay taxes on top of taxes as well as a lot of others here.

**edited to remove inflammatory remarks**
From the rules
3. No Flaming (verbally attacking people or groups of people - e.g. a profession, an organization, a company.)
 
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sorry if this has already been answered in the previous 6 pages....

but.

if your ex owes you childsupport, will the stimulus check come to me, like his tax refund does? does anyone know??
 
I was supposed to get mine on the ninth also, and got a vague answer when I went through the calc they have on the website. I just tried again, and now they say they are going to deposit on the 16th. If you haven't try the cal again.


arlee453 - I thought I understood things the same way you explained them, but when I went back to check actual numbers something didn't add up. We paid more than $1800 in taxes, but we are getting back less than that. What am I missing?
 
From IRS.gov

If you have questions about your own particular situation, call the IRS hotline or go to the website - there are tons of FAQ and other documentation that can help you figure it out.

irs.gov :

May 8, 2008

Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?

A. Your economic stimulus payment will be based on information provided on your 2007 income tax return.

Many, but not all, taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.

Your payment may be less than the maximum for one or more of the following reasons:

You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
You are married and your net income tax liability is less than $1,200.
You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
You are married filing a joint return and your AGI is more than $150,000.
You owe back taxes.
You have non-tax federal debts such as unpaid student loans or child-support obligations.
Around the same time you receive your payment, you will receive a notice from the IRS explaining how your payment was figured. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts.

The “ Stimulus Payments: Answers to Frequently Asked Questions” section of this Web site has further details on how these payments are figured.​
 
Just wanted to add my two cents, since that's about all we seem to have anymore. we did get our check on the 9th as promised and we were very greatful for the $1200. It helped us to be able to pay the $1400 we owed the State of Ohio!
 

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