Social Feed

At the risk of sounding stupid, am I the only person who didn't know that it wasn't going to be a flat $600? I got mine today and I was surprised to see that it was only $347. So I went to the IRS website to see what was going on, and there I read that for a single person with no dependents it would be between $300 and $600 depending on income. My complaint is, I can't recall hearing anything in the mass media about it being anything other than $600. Now, I don't read newspapers anymore unless I know there's going to be important local news in them, but I try to watch the news on TV everyday. Usually I'm doing something else at the time so I'm only half-listening until something interesting comes on, but still, all the buzz was $600 this and $600 that, not "up to" $600. Plus, my friends and family don't remember hearing any talk of anything other than $600! (None of them have gotten theirs yet, and now they're not happy.) So either all of us have become so bored with the same old crap on TV these days that it doesn't even sink in, or the media are making the incredibly stupid mistake of assuming that everyone who's earning enough to pay taxes is actually earning a decent amount of money.

EDIT: OK, I see now that we already have a thread about the amount here. I hadn't seen it because I've pretty much only been visiting here for technical info lately. BUT, my complaint still stands. Why was this not all over the media?

Jim S. said:

EDIT: OK, I see now that we already have a thread about the amount here. I hadn't seen it because I've pretty much only been visiting here for technical info lately. BUT, my complaint still stands. Why was this not all over the media?

Click to expand...

Big numbers sound better to voters when passing a vote buying scheme. The minimum $300 and prorations were mentioned, but not as much as the maximum of $600.

The reason you only got $347 is that you only paid $347 in taxes last year.
You can't get back more than you paid in the rebate plan, except for the minimal $300 that was added to make sure most people got something.

Derwin0 said:

Big numbers sound better to voters when passing a vote buying scheme. The minimum $300 and prorations were mentioned, but not as much as the maximum of $600.

The reason you only got $347 is that you only paid $347 in taxes last year.
You can't get back more than you paid in the rebate plan, except for the minimal $300 that was added to make sure most people got something.

Click to expand...

Not true. There are people that didn't pay any taxes or very little getting back $600. The reason he only go $347 was probably because he made too much money to get the full $600.

If your married, you would get $1200

ramy said:

If your married, you would get $1200

Click to expand...

Not if didn't make enough to pay taxes. Then you'd get $600.

If your AGI (adjusted gross income after deductions and exemptions) is less than $6000 ($12000 if married), then you will get less than $600 ($1200 if married). You will only get 10% of that amount (due to the 10% bracket for that income level) back in the rebate, because that is how much in taxes you paid.

From the IRS's FAQ on the rebate:
http://www.irs.gov/newsroom/article/0,,id=179181,00.html

Q. I want to estimate my payment. Please explain how it is figured.
A. Essentially, there are two parts to the stimulus payment: a basic amount based on tax liability, filing status or other qualifying factors if there is no tax liability and an additional amount based on whether a qualifying child is reported on the return.
Basic Amount of Payment: Taxpayers who had a net income tax liability will receive a payment, unless they can be claimed as dependents on someone else's return, are high-income individuals or do not have a valid Social Security Number. The payment is equal to the taxpayer's net income tax liability, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly.
People with no net income tax liability will usually get a minimum payment of $300 for a single person or $600 for a married couple filing jointly, as long as they have qualifying income of at least $3,000. To figure your qualifying income, add together the following amounts:

• Wages that are reported on Form W-2.
• Net self-employment income.
• Social Security benefits reported in box 5 of the 2007 Form 1099-SSA, which would have been received in January 2008. People who do not have a Form 1099-SSA may estimate their annual Social Security benefit by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
• Certain Railroad Retirement benefits reported in box 5 of the 2007 Form 1099-RRB, which recipients would have received in January 2008.
• Veterans' benefits received in 2007, including veterans' disability compensation and pension or survivors' benefits received from the Department of Veterans Affairs. People who weren't required to file a tax return can estimate their annual veterans' benefits by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
• Nontaxable combat pay if the taxpayer elects to include it as earned income.

Click to expand...

Also from:
http://www.irs.gov/newsroom/article/0,,id=182735,00.html

Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?
A. Your economic stimulus payment is 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 that reduced your payment.
• You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment.

Click to expand...

Guys, the calculations weren't my point. (If I was going to argue amounts, I'd be arguing that we shouldn't be paying any taxes at all until they demonstrate that they're competent to spend it responsibly.) My point was the misleading blather by what are supposed to be professional news media.

ramy said:

Not true. There are people that didn't pay any taxes or very little getting back $600. The reason he only go $347 was probably because he made too much money to get the full $600.

Click to expand...

That seems to be an odd number for that. The IRS deducts 5%of the stimulus amount per $1000 over $75k for a single, so it seems it would go down in increments of $30. That is, assuming they don't calculate it beyond the $1000 thresholds.

Jim S. said:

Guys, the calculations weren't my point. (If I was going to argue amounts, I'd be arguing that we shouldn't be paying any taxes at all until they demonstrate that they're competent to spend it responsibly.) My point was the misleading blather by what are supposed to be professional news media.

Click to expand...

All the news articles I read mentioned it. If you want watered down sound-bites, watch TV news. If you want the full story, pick up a newspaper, or go to an on-line newspaper and READ.