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My stimulus payment hasn’t hit the bank yet (I checked about five times today!). Last night, I caught a news clip on a Canadian channel that mentioned a possible second stimulus payment. That’s the first time I’ve heard of that. So I went digging to find out more.
From the BaltimoreSun.com (April 29,2008):
Democrats in Congress have said that the tax rebates aren’t big enough and have been pushing for a second stimulus package.
The package that they have been pushing may be the one referred to here at Boston.com (April 9, 2008):
Hoping to build on a $168-billion economic stimulus bill already enacted, Hoyer said new legislation would focus on broadening food stamps for the poor, extending jobless benefits for the long-term unemployed and investing in construction and other public works projects to create domestic jobs.
The legislation would be in addition to a series of steps Congress wants to take to shore up the U.S. housing industry, which is plagued by foreclosures that threaten to undercut the global economy.
That’s all I could find at the moment. It looks like there may be discussion about it but nothing more than that. Have any of you heard anything more about a possible second stimulus check?
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Posted: April 30th, 2008 at 10:12 pm
My bank account showed a deposit from the Federal government today for $304.25. But the IRS rebate calculator said that my rebate should be $1,800. Are we supposed to be getting payments in dribs and drabs like that???
Posted: April 30th, 2008 at 10:30 pm
Esther - From what I’ve read, it sounds like it will be in one payment. But, I haven’t heard from anyone else who has received their payment yet.
Posted: May 1st, 2008 at 4:59 am
I have heard of this Tricia. However, the politicians are saying that they want to wait to see how successful this first one is.
Esther: It is a one time payment. Did you use the calculator on the IRS website Perhaps you make too much money?
Posted: May 1st, 2008 at 6:15 am
I would be quite surprised if they created a second stimulus package especially without knowing if the first one is successful. I think that the stimulus package isn’t going to make much of a difference because the people who need that money are simply going to use it to pay down debt and those that don’t need it are probably spending money anyways.
The idea is sound but I just don’t believe that it will work. Will you be spending more money when you get your stimulus package or will you put more money onto your credit card debt?
Posted: May 1st, 2008 at 7:07 am
Hi Trish
You may have answered this before but I have to ask as I (hope) to be in this position soon myself: when your debt becomes equal to the balance of your savings account, how likely are you to just pay off the balance?
To be totally honest, I suspect I will do this (use my e-fund to be rid of it), splurge on some champagne to mark the feat of being debt free, then immediately replenish the e-fund with what would have been the final debt repayments. I only ask because you seem to make such astonishing progress each month that I’m sure this issue is not far away for you. I hope to be there by June.
Posted: May 1st, 2008 at 7:29 am
I used the IRS’s own calculator and keyed-in the exact amounts on our 1040.
Posted: May 1st, 2008 at 7:37 am
OOPS! My mistake! I just called the IRS’s rebate hotline (866-234-2942), and they told me my rebate wasn’t due in our bank account until tomorrow. So…I realized that the deposit by the Federal government yesterday was my husband’s travel reimbursement (he works for the fed gov).
Posted: May 1st, 2008 at 7:42 am
I’ve heard the same rumblings from Democrats in the House. My guess it is mostly hot air. I think they are hedging by calling the initial rebates too small so if they don’t work they can say “told you so.” If a second stimulus package doesn’t get pushed through, and the first one does have marginal success they can say, “it could have been better.” I don’t think a second rebate is necessary, and I wasn’t a big fan of the first one.
Posted: May 1st, 2008 at 9:23 am
I haven’t heard anything about a second payment but if there was a second payout this year, I would probably actually spend it instead of saving it.
Posted: May 1st, 2008 at 8:01 pm
I haven’t heard about a second payment, but I did read that the payments will be made with the following schedule (If your return was processed by April 15th):
Direct deposit payment
If last 2 digits of your SS# are: Your rebate should be sent by:
00-20 May 2
21-75 May 9
76-99 May 16
Posted: May 1st, 2008 at 8:28 pm
I am so torn with this payment. I like the “free” money aspect of the stimulus, but I can’t help but dwell on the fact that it’s just other people’s ( and a bit of mine too ) tax money. Without getting into a political debate..Id rather have a smaller, less biweekly paycheck/sales/gas/capital gains taxing government than one that swoops in sometimes with cash deposits.
Posted: May 1st, 2008 at 9:13 pm
A second stimulus payment would be something! I had to smile when I read that you keep checking your account - I do, too
Posted: May 2nd, 2008 at 7:54 am
We have direct deposit, and still have not received our payment. Weren’t all the direct deposits supposed to go out *by* today? I’m confused, because on the IRS website, it still has the old schedule, which means that my family will be receiving ours “by” next Friday, the 9th.
I am also confused about how much we are getting. We’re married filing jointly with one child, so does that mean $1500? Some sources state that the max is $1200, and that if you have a child, they deduct from your regular payment and then add $300 for the child.
Posted: May 2nd, 2008 at 8:38 am
Seriously people, stop worring about the dam money. Focus on something else, like family, taking a walk, cleaning the house. When it comes it will come. Its not free money, you will “pay” for it next tax season. I think what I am trying to say is don’t obsess over it. If its late there is nothing you can do, checking your account all day does not help, and only make you worry more.
Posted: May 2nd, 2008 at 9:19 am
This money isn’t free money. The only people who are getting free money are the ones who don’t even pay their flipin’ taxes in the first place. All you have to show to the IRS is you make 3k, and they give you $300. Then if you have kids you get an extra $300 per child on top of it. That’s your money, and my money, to someone who doesn’t have to pay a dime. I have no problem with taxpayers’ money being returned to the tax payer, it’s not free money though.
The Democrats are saying that this isn’t going to do enough, because they wanted to put pork in the bill to increase food stamps and other benefits. We don’t even know what effect the first stimulus package will do to even consider another one. Q1-2008 GDP was 0.6% growth which means we’re not in a recession. Fed will halt rate cuts which will help the USD value go up, and oil prices go down. It will take a few months to let things settle, adjust, and grow stronger. Keep in mind it is an election year.
Da Big D: You don’t have to pay taxes on this for 2008. It is effectively a tax reduction for this tax year. Call it a tax cut if you want. Tricia was just excited to pay down the debt under the 10k mark and there’s nothing wrong with that. I’m anxious for mine to show up too, so I don’t blame her.
Posted: May 2nd, 2008 at 9:24 am
Da Big D, let people worry over it because it is their money in the first place.
All, my mother is not married and has one dependent which is still in school. She got her payment today and it was only $300 which she was very disappointed in. She filed Head of Household with one dependent. She had no tax liablity but she does not understand taxes just like the other millions do not. She was thinking she would get between 600 or 900. She is self employeed and does not make alot and is why she had no tax liablity. She did not receive a letter from the IRS telling her how much she would get either. I’m sure other people are going to be disappointed too and this is going to cause some issues because this will not help Americans.
Posted: May 2nd, 2008 at 10:52 am
just a quick question..i filed all of my taxes two months before the deadline and have not received my stimulus payment…any thoughts on why;
Posted: May 2nd, 2008 at 12:56 pm
this sucks……I just read on the IRS website that if you had an RAL when you filed (as I did) you will not be getting direct deposit even if you got your federal direct deposited after they took out the RAL fees , but you will get a paper check mailed instead…. hope this helps….
Posted: May 2nd, 2008 at 3:46 pm
Our isn’t supposed to be mailed until June BUT I hope they do it sooner since they are going to keep it anyway. We owe money to the IRS and will be lucky to get any. All I can say is “Yes, one bill down!”
Posted: May 2nd, 2008 at 4:03 pm
We received ours today.
I was going to use it to buy some savings bonds. But the government decided that they want to discourage us from saving in every way possible, so they reduced EE savings bonds rates to 1.4% fixed for 30 years and reduced the fixed rate portion of I bonds to 0%. Not a misprint. 0%.
So I’m taking advantage of the 10% bonus on grocery store gift cards. Since I need to eat anyway, and figuring how fast I’d burn through $1320 in groceries, it ends up a fantastic deal.
But a second stimulus check? Oh, I hope not. Don’t get me wrong. I like cash in my accounts. But this one was expensive as heck already, and every last cent of it is borrowed money. Its just like someone racking up debt carelessly on a credit card.
Last fiscal year, the federal government added $501 Billion to the national debt, moving it from 8.507 trillion to 9.008 trillion dollars. So far they’ve added $338 billion to the national debt this fiscal year, and there are still 5 months and a lot of stimulus and war borrowing to go.
We simply cannot afford a second stimulus payment as a country. We couldn’t even afford this one.
Posted: May 2nd, 2008 at 5:06 pm
Here’s the straight poop. There is a schedule on the IRS web page on when you will get your stimulus check. It is based on the last two digits of your social security and the first round is for those that filed direct deposit. Mine should have been today as I fit in the 00-20 digits which is slated for May 2nd.
But here is the BAD news. If you used Turbo Tax and had that Santa Clara bank handle the rebate by taking it out of your refund, the IRS doesn’t have your direct deposit information. They sent your refund to the Santa Clara bank which routed it to you.
So according to the IRS, (got off the phone with them), they have you down as a PAPER check refund, which is a different schedule and those payments go out on a graduated schedule. Mine is set to go out May 16th.
Sorry to be the bearer of bad news.
Posted: May 2nd, 2008 at 6:23 pm
I personally “should” have gotten something by today and have not. I’ve checked the Irs website and hotline. I am eligible, but haven’t got a thing and don’t understand why. When I enter my personal info on the irs website it says I must not be entering the wrong info and I certainly am not.
Posted: May 2nd, 2008 at 6:25 pm
Am I the only one who can’t find out where the refund is? What can u do? Nothing!
Posted: May 2nd, 2008 at 6:55 pm
I also contacted the IRS and was told the same thing about using turbo tax, so now i have to wait till the 16th before they mail a paper check. The website also told me that i was enteing the wrong information, that is because they did not work the numbers for my rebate yet.
You think that this little important fact would have been noted on the IRS website but of course, that would be too much to ask of a big government responsible agency such as the IRS.
What a let down and complete dissappointment this was/is. Moral of the story is, never expect any money to come in because when you need it the most, it never shows up on time.
Posted: May 2nd, 2008 at 10:51 pm
Stacy,
A few points:
If your 2007 tax return was not processed by April 15th, the schedule does not apply. So if you mailed off your return on the 14th, you’ll have to wait. If the IRS got the return the 10th but didn’t process it until the 16th, you’ll have to wait.
Also, today was the day that the payments should have been sent by. Depending on your bank, you may or may not see it immediately. My bank generally takes 1 day for payments in/out to show up. Meaning that the bank may not actually post the payment to your account until the 3rd or even the 5th (first business day).
Posted: May 3rd, 2008 at 9:17 am
I filed my return in Feb. And also, as of today still no payment. I will believe it when I see it.
Posted: May 4th, 2008 at 2:27 pm
If you owe the IRS they will not keep your rebate check as payment towards that debt. You will still have to send them the check yourself.
Here’s the explaination of how they determine how much you will be getting:
MFJ-Maximum amt 1200 if you have a tax liability of 1200 or more. 600 if you have no tax liability and the amount equal to that of your tax liability for anyone in between 600-1200.
The same thing for S and HOH filers except your minimum is 300 and your maximum is 600.
Yes you will get 300 for each dependant that is under 17 years old, who does not file their own tax return and claim themelves as dependants.
However the 17 year old that works and claims themself as a dependant will not get a rebate check either.
Posted: May 5th, 2008 at 10:10 am
I think everyone has an idea of how much they may get. We don’t need anymore explanations of how much. Most of us just want to know where is it. We haven’t recieved the payments as promised.
Posted: May 5th, 2008 at 2:11 pm
Chrystal, you are incorrect about debts to the IRS not being taken out of an individual’s stimulus payment. The IRS has this question at http://www.irs.gov/newsroom/article/0,,id=181991,00.html:
Q. The notice I received shows that I should have gotten more than the government actually deposited into my bank account. Did something go wrong?
A. It could be that the amount deposited into your bank account was what remained of your stimulus payment after it was offset for money you owed on back taxes or other debts such as a student loan or child support. If this is the case, you’ll receive an additional notice, providing details on the offset.
*** end of question ***
I don’t understand Glubber’s statement about Turbotax and the Santa Clara bank. If anyone can clarify that, I’d appreciate it. My refund was direct deposited to my checking account and I do not remember anything about it going through another bank. I didn’t do the refund anticipation loan (RAL) or anything special, but I’m not expecting the stimulus until 5/16 and even then I’m not sure I’ll spend any of it.
Posted: May 5th, 2008 at 2:32 pm
Never mind on my last statement about Glubber’s post. I found it on another website. For those of you who also didn’t understand it, if you used Turbotax AND elected to have the preparation fee deducted from your refund, you’ll receive a paper check because, technically, the IRS sent your refund to the bank in Santa Clara, which in turn sent you the refund. The IRS has the bank’s info, not yours.
I know there are a lot of people upset with the IRS, but I’m amazed that they could get these payments out this quickly. I’m in IT and know that there are a lot of steps involved - interpreting the law passed, designing the process needed, writing the programs, testing them, fixing any errors, going through final QA, writing the Q&A’s for the phone operators (boy, do I feel sorry for them!), etc. Just looking at all the questions on the IRS website, it’s apparent that there was a lot of work involved. Getting this done in 3 months AND during tax season is quite a feat and I think they should be congratulated. The IRS didn’t make these rules, Congress did, but the IRS did a great job in implementing this in such a short timeframe.
Posted: May 8th, 2008 at 12:16 pm
What if hrblock did the taxes electronically? Do u think we would get a paper check?
Posted: May 17th, 2008 at 10:45 pm
If you had any third party ( jackson hewitt, h&R block, etc.. ) file your taxes expect to wait for a paper check. I called and asked the IRS.
As for those claiming the whole stimulus payment isn’t going to work, well your right because most of you are planning on saving this money and the whole reason the stimulus payments are being giving is to stimulate the economy. The government is hoping that the checks are going to be cashed and spent.
Posted: June 23rd, 2008 at 5:21 pm
I want all the money I can get!!! SOOO I’m all for a second check!!!
Posted: June 28th, 2008 at 9:46 pm
hello um im 19 yrs old and my mother just passed in april and not to long ago her stimulus payment came. my mom was not married so the question is does it go to me??
Posted: June 29th, 2008 at 8:43 am
Hi Amber - so sorry for the loss of your mother. I’m not sure about your stimulus check question, but if you go to this IRS page (http://www.irs.gov/irs/article/0,,id=180250,00.html) there is a rebate hotline number near the bottom of the page. Try asking there. If they don’t know the answer, they probably can connect you to the correct department.
Posted: July 16th, 2008 at 3:30 pm
I KNOW THREE PEOPLE WHO HAVE RECEIVE A SECOND CHECK WHICH AMOUNTED TO THE FIRST CHECK. ONE OF THOSE PEOPLE FIRST CHECK WAS $1200 AND THE SECOND CHECK WAS $1200. SO IT IS TRUE, I SEEN IF WITH MY OWN EYES. JUST WAIT UNTIL YOUR SECOND CHECK COMES!!!!!!!!!1