from the theoretical to the mundane

[mckitterick]

Still thinking through all the great comments you made on my last post about the meaning of life (more accurately, perhaps, "the purpose of life"). I'll be making at least one follow-up soon.

Today I called the IRS and discovered, due to someone (likely someone at the IRS) not transposing an amount from one document to my 1040, that no, I won't be getting my "Stimulus Payment" this year. It'll instead be tacked on to next year's "Recovery Rebate" (did you know we were getting that?).

See, because of that error, my tax filing changed to an "amended" filing. Only the original filing determines whether or not one got the original Stimulus Payment, regardless of how much one actually made. (The IRS somehow figured that I earned in excess of $200k. Yeah.) It also meant that I didn't get my expected refund until last month.

Next year, while those of you who got your stimulus money will be getting a little bit more in the form of this Recovery Rebate from the Feds in hopes that you spend it on lasting economic progress, I'll be getting that plus the new buckies.

Thus I'll be rich next Spring, assuming I submit my taxes right away. And that neither I nor the IRS screw up again. In which case there is no such thing as a free lunch. Or two.

Chris

Comments

[corwynofamber.livejournal.com]

I always wanted to know somebody who is rich...

[mckitterick.livejournal.com]

Yeah, well, I don't know if I'll manage to match your hopes ;-)

[corwynofamber.livejournal.com]

but you promised....

mildly perplexed

[queenmomcat.livejournal.com]

I thought the "economic stimulus checks" and the "Recovery Rebate" were different names for the same thing...or maybe I'm just too cynical for my own good

Re: mildly perplexed

[mckitterick.livejournal.com]

According to the IRS person who talked with me, everyone who got a stimulus payment will have to deduct that from the recovery rebate on next year's taxes.

Yay, fun accounting!

Re: mildly perplexed

[queenmomcat.livejournal.com]

Joy. I so love the IRS!

Re: mildly perplexed

[skyflame.livejournal.com]

Really. They must have changed the rules on that since the Feds gave the stimulus payments out last spring.

[kalimeg.livejournal.com]

I suspect that the person who told you that is wrong. There will be a credit for those who want to claim the stimulus and did not get it in 2007. At this time that is all the info the IRS *should* be giving out.

[bammba-m.livejournal.com]

i just read an article about some lady who didn't qualify for the stimulus check this year because her income was too high, but then she was recently laid off and will qualify for it on her next year's return, and how this is, like, common. Folks who earned way too much for the $600 credit are now unemployed and able to get it next year.

It's difficult to imagine how that will really impact their lives. i mean, $600 is a lot of money for me, but it's only just barely shy of my rent. For someone who was earning too much to get it, they were making mad-money, yo. i'm just guessing here, but i'm willing to bet that their cost of living expenses are enough higher than mine that $600 will not really make a difference.

[steve98052.livejournal.com]

I did an extension in April, and forgot about it until a couple of weeks before the deadline. No full filing in April, no stimulus check. I wonder if they'll do the stimulus check with my tiny little refund. I still don't have the refund, so I'm still in suspense.

[renegade500.livejournal.com]

I just checked on the IRS site (because I didn't hear of this recovery rebate) and it sounds like a tax credit for 2008 is available up to $600 (for singles) if you did not get a stimulus check, since the credit is reduced by the amount of the stimulus check you got. So in my case, since I got $600 earlier this spring (which I'll admit, I used to stimulate the local economy in Denver by using it to pay my Denvention hotel bill), looks like no credit for me (based on current information, which we all know could change with a new administration).

Here's the link: http://www.irs.gov/formspubs/article/0,,id=180800,00.html

(The IRS somehow figured that I earned in excess of $200k. Yeah.)

Meanwhile, KU must be paying much higher wages than UT! Perhaps I ought to look there again for an opportunity! ;-)