Saturday, May 3, 2008

Economic Stimulus – Bush Scams Us

I have a bit if unfortunate news for many people who are waiting on their stimulus payment from the Bush administration. Big surprise, they failed to provide the public with vital information that would become crucial in making life decisions.

Did anyone read the fine print? I just did. You see we were wondering when we would see the money so R went to the IRS website. It turns out that if you happen to be one of the millions of Americans who owe on student loans, child support, or taxes you won’t be getting that package after all. The money, instead of coming to you, will be applied to your debt. So, personally as a person who has student loans, I’m screwed. How about you?

Here’s how you can know whether or not you’ll actually see any of that promised gold. If you have received a written notice from the IRS then you should be good to go; otherwise…forget it. The following is an excerpt from the IRS website in regards to the stimulus package – read it and weep people.

Some taxpayers may receive smaller economic stimulus payments than they anticipated. By law, the stimulus payments are offset to satisfy past-due taxes, student loans, child support and certain other debts.

The IRS will send notices to taxpayers who have already filed a 2007 tax return and who are eligible for an economic stimulus payment. This notice will serve as an important recordkeeping document and should be retained by taxpayers. By keeping people informed, the IRS hopes to reduce calls to customer service representatives who are still busy helping taxpayers complete tax returns


http://www.irs.gov/newsroom/article/0,,id=181972,00.html

10 comments:

Mr. Fabulous said...

All my money goes to my bookie.

maeve63 said...

I just wish I would have found out about this sooner. I had no idea that you had to be notified first. I thought that if you met the guidelines you were in...I guess that's what I get for thinking, huh?

Oh, and how's that bookie working out for you? I may be in need of one myself now.

Nobody™ said...

It says "past due" student loans. If you are current, you should be good to go. I don't recall getting a notice saying I was getting the check, but my CPA assures me it is coming.

Nobody™ said...

Here's more right from the IRS:

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.

http://www.irs.gov/newsroom/article/0,,id=181991,00.html

maeve63 said...

We're not behind on the loans and we meet all of the other criteria. We were under the impression that we would get it too, but...we didn't get the notice and we haven't seen any deposits made (which according to the schedule we should have) and so...now we're thinking we won't get anything because we owe student loans, and we never got the letter telling us what amount we would receive. I hope your CPA is correct.

Talia said...

Wel, either way you're getting paid, your debt will be reduced by that much. It hardly seems unfair to blame Bush for this. Congress votes on it. And this is the case with tax refunds as well. Though I think it refers to past due amounts only.

maeve63 said...

Well you see, here's the rub. I'm not supposed to make any payments on my loans until September because I'm doing service in the Americorps. This also means that I currently have very little money because I'm doing service in the Americorps, so...the "stimulus" package would have helped enormously (especially when you're trying to raise 9 kids). I think I should have been given the choice as to where it would have been best spent at this time, given the circumstances. And, well, I feel that I can blame Bush because he's the one who pushed this through congress. Regardless, I'm not getting paid. There is no money going into my pocket and by the time it does anything for my loans I will, by all probabilty, be in a place where I could afford to make my own payments and then...it's a little too late. In the meantime, we're choosing between rent and food, and times are getting worse; and I am not able to break my service contract with Americorps and get a job or I will have to pay them roughly 2,000.00. I'm thinking I lose no matter how I'm looking at it.
I just wish that this would have been made clear from the beginning so that I wasn't under the mistaken impression that we would have some help.

Talia said...

Well, in the end I got mine, despite having plenty of student loans.

maeve63 said...

Perhaps it's because you're still in school? I can't really say. For me, it still sucks since, as I stated before, I'm not required to begin payments until September.

Talia said...

Are you employed? I know you have to have made a certain amount in order to qualify.