Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #3  
Old 03-27-2008, 08:57 PM
Paul Thomas, CPA
Guest
 
Posts: n/a
Default Re: Children received Economic Stimulus Packet


"Todd" <daystrom[at]neo.rr.com> wrote

- quote -

> > If they are your dependent, they'll not be receiving a check.

> Will I still get the $300 per child with my Stimulus check since they
> are my dependants?






If they otherwise qualify, and your income doesn't phase you out - yes.





--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #2  
Old 03-27-2008, 07:47 PM
Wancheck
Guest
 
Posts: n/a
Default Re: Children received Economic Stimulus Packet

On Mar 27, 10:36*am, "Paul Thomas, CPA"
<paulthomascp...[at]bellsouth.net> wrote:
- quote -

> "Todd" <dayst...[at]neo.rr.com> wrote
> > I work full time; my wife receives Social Security Disability. My two
> > children (8 yrs. and 9 mo) but receive a small portion of my wife's
> > SSD payment each month as well.
> > The other day we received two Economic Stimulus Packet's in the mail
> > addressed to each of my children.
> > Do they (I) need to fill these out in order for us to receive the $300
> > per child stimulus in May? Or did they receive these just because they
> > receive SSD?

> If they are your dependent, they'll not be receiving a check.
> --
> Paul A. Thomas, CPA
> Athens, Georgia
> --
> << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- >

The IRS sent these packets to about 20 million Social Security or VA
benefit recipients who did not file a tax return last year, so that
those who qualify for the stimulus payment because of their Social
Security or VA benefit income would not miss out, even if they don't
have a filing requirrement and don't usually file a tax return. The
packets are not relevant to some, like your children, since dependents
do not qualify individually for the stimulus payment.

So, it is true that your children, as dependents, will not receive
separate stimulus payments directly. However, you and your wife quite
likely will qualify for a $300 additional stimulus payment for each
child if you file a tax return indicating they are your dependents and
are qualifying children for the child tax credit (Line 6c of the 1040
or 1040A). You don't have to submit additional tax forms for the
children. The fact that they receive Social Security benefits doesn't
make a difference.

If you already filed a tax return, and showed at least $3,000 in
earnings, you don't have to do anything more to get the stimulus
payment. The IRS will send you a notice indicating your payment has
been sent and for how much. If for some reason you didn't list your
children as dependents and check the child tax credit box on Line 6c,
you can easily file an amended return (1040X) to fix this and receive
your full stimulus payment.

John Wancheck
Center on Budget and Policy Priorities

========================================= MODERATOR'S COMMENT:
please trim the post to which you are responding

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #1  
Old 03-27-2008, 07:45 PM
Todd
Guest
 
Posts: n/a
Default Re: Children received Economic Stimulus Packet

- quote -

> If they are your dependent, they'll not be receiving a check.
> --
> Paul A. Thomas, CPA
> Athens, Georgia



Will I still get the $300 per child with my Stimulus check since they
are my dependants?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 03-27-2008, 01:36 PM
Paul Thomas, CPA
Guest
 
Posts: n/a
Default Re: Children received Economic Stimulus Packet


"Todd" <daystrom[at]neo.rr.com> wrote

- quote -

> I work full time; my wife receives Social Security Disability. My two
> children (8 yrs. and 9 mo) but receive a small portion of my wife's
> SSD payment each month as well.
> The other day we received two Economic Stimulus Packet's in the mail
> addressed to each of my children.
> Do they (I) need to fill these out in order for us to receive the $300
> per child stimulus in May? Or did they receive these just because they
> receive SSD?







If they are your dependent, they'll not be receiving a check.





--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 03-27-2008, 11:47 AM
Todd
Guest
 
Posts: n/a
Default Children received Economic Stimulus Packet

I work full time; my wife receives Social Security Disability. My two
children (8 yrs. and 9 mo) but receive a small portion of my wife's
SSD payment each month as well.

The other day we received two Economic Stimulus Packet's in the mail
addressed to each of my children.

Do they (I) need to fill these out in order for us to receive the $300
per child stimulus in May? Or did they receive these just because they
receive SSD?

Thanks.

Todd

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 

Tags
children, economic, packet, received, stimulus
Similar Threads
Thread Forum Replies Last Post
Stimulus as solution?
HW \Skip\ Weldon: The more I think about this, the more I have reservations. The current thinking in Washington seems to be that we need to stimulate individuals,...
Financial Planning 23 11-24-2008 05:28 PM
Emergency Economic Stabilization Act of 2008
Gil Faver: Alan over in Misc.Taxes.Moderated indicates he has posted the final version of this bill as signed by Pres. Bush, on his website at: ...
Financial Planning 3 10-07-2008 07:45 PM
Question on Economic Stimulus Act of 2008 - HR 5140
EB: Just a simple question on the "Final version (Enrolled Bill) as passed by both Houses" of this bill. It can be found on the Library of Congress...
Taxes 9 02-11-2008 10:04 PM
Substantial economic effect and special allocations
xyzer@hotmail.com: I'm studying for the Regulation section of the CPA exam and am having a little trouble grasping this part of Partnership taxation. Anybody care to...
Taxes 2 01-10-2005 02:00 AM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 12:13 PM.