My Gov'ment Check

[LegalEagle 22]

Where's my Gov'ment check? So this is what it's like on welfare - just sittin' 'round hopin' the gov'ment check will come today?

I called the IRS 1-800# for some info on IRAs. I gave up waitin'. Apparently they are deluged with questions about when dim gov'ment checks gonna come.

When it does come, what should I do with it? Buy Euros? What do you plan to do with your check?

I'm planning to split the loot with my wife and apply my part to the mortgage. I'll let my wife do the stimulatin'.

Is this income that I will have to pay taxes on next year?

[otterinbham 0]

A patriotic person would endorse it back to the United States government, I suppose. How many of us really need that money?

Of course, we always file late in the year (Typically, October 15). However, in anticipation of this rebate, along with some paper losses on our commercial real estate, Mrs. Otter and I will probably file a lot sooner.

[jared52 4,354]

I'm paying off debt. ANd no, it's not to be reported as income as it is a tax rebate on your 2007 taxes, even if you didn't pay any.

If you live in AL you might have to pay state taxes as a bill to exempt them rebate checks has stalled in the house I believe.

[LegalEagle 22]

A patriotic person would endorse it back to the United States government, I suppose. How many of us really need that money?

You forgot that the only way to save the country is to spend the money. If you give it back to the gov'ment you are not doin' your patriotic duty.

[otterinbham 0]

A patriotic person would endorse it back to the United States government, I suppose. How many of us really need that money?

You forgot that the only way to save the country is to spend the money. If you give it back to the gov'ment you are not doin' your patriotic duty.

Most notably on large SUVs, mocha grandes at Starbucks, and big screen TVs. Because if you don't blow money, then you're lettin' the terrorists win.

[arnaldoabru 11]

Fill up my car

[MDM4AU 336]

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.

People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed below:

DIRECT DEPOSIT

Last two SSN digits: Payments will be transmitted no later than:

00 through 20 May 2

21 through 75 May 9

76 through 99 May 16

Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:

00 through 09 May 16

10 through 18 May 23

19 through 25 May 30

26 through 38 June 6

39 through 51 June 13

52 through 63 June 20

64 through 75 June 27

76 through 87 July 4

88 through 99 July 11

http://www.irs.gov/irs/article/0,,id=180250,00.html

Stimulus Payment Calculator

(You'll need your 2007 Tax return handy)

[LegalEagle 22]

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.

People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed below:

DIRECT DEPOSIT

Last two SSN digits: Payments will be transmitted no later than:

00 through 20 May 2

21 through 75 May 9

76 through 99 May 16

Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:

00 through 09 May 16

10 through 18 May 23

19 through 25 May 30

26 through 38 June 6

39 through 51 June 13

52 through 63 June 20

64 through 75 June 27

76 through 87 July 4

88 through 99 July 11

http://www.irs.gov/irs/article/0,,id=180250,00.html

Stimulus Payment Calculator

(You'll need your 2007 Tax return handy)

Wait a minute! I'm married and filed jointly. Surely they go by my lower number, don't they? After all, I am the man!

Will we be taxed on this money as "income?"

[AU alum 2]

A patriotic person would endorse it back to the United States government, I suppose. How many of us really need that money?

You forgot that the only way to save the country is to spend the money. If you give it back to the gov'ment you are not doin' your patriotic duty.

Most notably on large SUVs, mocha grandes at Starbucks, and big screen TVs. Because if you don't blow money, then you're lettin' the terrorists win.

Those aren't necessary expenses?

[MDM4AU 336]

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.

People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed below:

DIRECT DEPOSIT

Last two SSN digits: Payments will be transmitted no later than:

00 through 20 May 2

21 through 75 May 9

76 through 99 May 16

Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:

00 through 09 May 16

10 through 18 May 23

19 through 25 May 30

26 through 38 June 6

39 through 51 June 13

52 through 63 June 20

64 through 75 June 27

76 through 87 July 4

88 through 99 July 11

http://www.irs.gov/irs/article/0,,id=180250,00.html

Stimulus Payment Calculator

(You'll need your 2007 Tax return handy)

Wait a minute! I'm married and filed jointly. Surely they go by my lower number, don't they? After all, I am the man!

Will we be taxed on this money as "income?"

In the state of Alabammer you will. Not sure about the Feds sticking it to you next year.

[RunInRed 16,493]

Alabama House of Representatives to vote on federal stimulus check tax exemption

Tuesday, May 06, 2008KIM CHANDLER News staff writer

MONTGOMERY - The House of Representatives plans to vote today on a bill to exempt federal stimulus checks from state income taxes.

With only three days remaining in the 2008 regular session of the Legislature, the House would have to approve the tax break plan today for it to have a chance of becoming law, said bill sponsor Rep. Terry Spicer, D-Elba.

"Several states have already acted on this. We want to make sure that our citizens are treated fairly," Spicer said.

The federal government this spring began mailing out stimulus checks of $600 per individual and $1,200 per married couple, plus an extra $300 for each dependent child 16 or younger.

Removing the state income tax on the rebates would save individuals about $30, $60 for a couple and $90 for a couple with two children.

"Even being a small amount, it will certainly help people given that the price of food, gas and other things have increased," Spicer said.

Alabamians would save about $57 million if the tax exemption plan becomes law, the Legislative Fiscal Office estimated.

Businesses could not expect to lower their state tax under Spicer's bill.

The federal stimulus package gives businesses a tax break by allowing them to claim a larger deduction for the cost of new equipment instead of depreciating that cost over many years.

The tax cut was expected to cause Alabama a $59 million loss since state tax law on depreciation is patterned after federal law. However, Spicer's bill would not allow businesses to use accelerated depreciation to lower their state income taxes.

Some Republicans and business groups have objected, saying that lessens the incentive for businesses to make new investments. Members of the House education budget committee, which approved Spicer's bill, said the state could not afford the $59 million loss.

The state Senate last month voted 32-0 for a Senate bill exempting the rebate checks from state income tax. However, there were questions about whether the tax break bill should have originated in the House. Under the Alabama Constitution, all revenue bills must originate in the House of Representatives. That's been interpreted to include bills that increase or decrease revenue.

"We had the lawyers look at it last week and determined it had to originate in the House because it's a revenue bill," said Jeff Woodard, chief of staff for Speaker of the House Seth Hammett.

Both Democratic and Republican legislators have endorsed the tax break plan. But the proposal has come down to the last minute after both chambers got entangled in lengthy filibusters.

Other bills up for debate Tuesday in the House include legislation that would:

Extend Alabama's hate-crime law to cover crimes motivated by the victim's sexual orientation.

Require the Alabama Department of Public Health to distribute patient education materials regarding umbilical cord blood donation.

Mandates that hospitals and other health care providers inform local law enforcement when they treat patients for gunshot or stab wounds and specifically exempts them from patient confidentiality rules when they do so.

E-mail: kchandler@bhamnews.com

http://www.al.com/news/birminghamnews/inde....xml&coll=2

[AURaptor 1,126]

Great. My $$ will show up around the time I need to send in my quarterly taxes.