I have'nt seen any check... I'll believe it when I see it!
__________________ "It is inhumane, in my opinion, to force people who have a genuine medical need for coffee to wait in line behind people who apparently view it as some kind of recreational activity." Dave Barry 2005
I am a firm believer in the Old Paths
Articles on such subjects as "The New Birth," will be accepted, whether they teach that the new birth takes place before baptism in water and Spirit, or that the new birth consists of baptism of water and Spirit. - THE PENTECOSTAL HERALD Dec. 1945
"It is doubtful if any Trinitarian Pentecostals have ever professed to believe in three gods, and Oneness Pentecostals should not claim that they do." - Daniel Segraves
mine is 02 and I just got mine sometime during the night.
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2 Peter 3:13 Nevertheless we, according to his promise, look for new heavens and a new earth, wherein dwelleth righteousness. Gaffney Bible Fellowship
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2 Peter 3:13 Nevertheless we, according to his promise, look for new heavens and a new earth, wherein dwelleth righteousness. Gaffney Bible Fellowship
yes, she is a dependent, but I can't claim her as a tax credit.. I lost her this past Tax year because when they turn 17, they don't qualify for the tax credit... and to top it all off.. this June, my middle daughter turns 17 and I will lose the tax credit on her this next tax filing... and she will have two more years of High School left... and the same thing for my youngest... she will not graduate High School until she is 20..
Indiana had for a while a crazy thing if you weren't 5 before June, you couldn't go to school in the fall... you had to wait until the following year. Then in the middle of our crazy life, I have held each of them back a year of school..so my kids are older for their grades.
You don't think much of it when they are young...but wow, now I wish I hadn't done it. They weren't retained by the school, but by me.. I didn't think they were ready to go on. Oh well, live and learn.
However, that means that I don't get tax credits for them, yet will still be supporting them through High School. Isn't fair in my opinion..
In actuality, what isn't fair is the child tax credit itself. It is the subsidization of people with young children by people without young children. No special unfairness has been visited upon you; the passage of time has simply moved you from one group - the subsidized - to the other group - the taxed.
I did not ask for government subsidization, which is actually subsidization by my fellow taxpayers, for my decision to have a large family. The entire tax code is based in a twisted congressional desire to engineer America's social fabric. The trouble is that our social engineers are all too frequently short-sighted. The unintended consequences of asking the childless to foot the bill for the fecund are going to outweigh any possible perceived benefit, i.e., the creation of more taxpayers.
You've had your brief moment of reflexive engineered joy over the child tax credit. You've had your relief. Now that your children are older and no longer qualify, you're being given the opportunity to relieve other people with younger children, and to reflect on the true wisdom of the child tax credit. Your lifetime tax bill was not reduced by this act. It was merely temporarily lessened during your children's childhood. Your overall contribution to the federal treasury has been deferred, not cancelled. Do you see it yet?
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Engineering solutions for theological problems.
Despite today's rising cost of living, it remains popular.
"It has been said that democracy is the worst form of government except all the others that have been tried." - Sir Winston Churchill
"The best argument against democracy is a five-minute conversation with the average voter." - Sir Winston Churchill
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You still have to account for it in next year's tax return. It isn't free money.
Quote:
Originally Posted by joyful
According to the IRS website, the stimulus payments will not be counted as taxable income for 2008. Here is some info that I found at the irs.gov site for anyone that is interested:
Q. Is my Stimulus Payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.
Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?
A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
Got mine yesterday and already cut a check to my credit card company!
And you are right, joyful, they aren't deducting taxes from the stimulus, however they are applying stimulus payments toward tax liability, so if you still owe for 2007 (or prior years) and/or are making payments for 2006 or earlier, they could/will take a portion of the stimulus to pay off that debt.
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