Jun
3
What Does the Stimulus Notification Letter Look Like?
June 3, 2008 | 4 Comments
… still waiting for your stimulus payment, you'll want to be on the look out for a notification letter from the IRS. I just got mine. I decided to scan it in so you'd know what to look for.
Here it is in all its government envelope glory:
I've scanned in the letter I received also, but I'll upload that later. I need to read it over first. I'll post the text of the letter once I've scanned it in.
Make sure you save the letter when you get it. You'll need to refer to it if …
Jun
16
IRS Withholds $842 Million in Stimulus Payments
June 16, 2008 | 17 Comments
… go to student loans and back taxes.
How Do You Know if Your Money is Withheld?
You should receive a notice (letter) from the IRS stating how much will be withheld and why. You should receive the letter around the time that you receive your other stimulus payment notifications. These notices are supposed to go out before the date you're scheduled to receive your stimulus payment.
The IRS is part of the US Department of Treasury. The IRS must withhold the money because of the …
Jun
8
I Received My Stimulus Check
June 8, 2008 | 4 Comments
I finally received my stimulus check in the mail yesterday. It came when it was supposed to. With all the horror stories readers have reported, I was a little worried.
However, the check appeared right on time and for the correct amount. We signed it and put it in the bank.
Now what are we going to do with the check? Big screen TV? New furniture? New computer? No. Something else completely.
I'm …
Comment by Chris: … the time that the letter says it should. Who knows if it …
Jun
4
Stimulus Payment Notification - What Does It Say?
June 4, 2008 | 16 Comments
Some people have asked what the stimulus notification letter would say. I finally received mine so I can share it with you.
I already showed you what the envelope looks like so you don't throw it away. I scanned in the stimulus notification for my records. It states in bold print that you should save this notification for your records. I keep all my important documents in digital format. I just scan them in using my HP scanner and store …
Comment by anne randall: … mailing but no letter. no letter - no check? or is …
May
9
… economic stimulus payment.
Will the IRS Let Me Know if They Took My Money?
Yes. You should receive a letter from the IRS detailing the amount that was deducted and why. See the quote from the IRS web site below.
What About Child Support?
Please see my previous article on the stimulus package, taxes and child support for information. You can also check out this article on the stimulus payment from the US Government's Office of Child Support Enforcement.
What the IRS Says …
Comment by Mary Anne: … I sent them a letter - including a copy of all …
May
8
Is the Economic Stimulus Payment Taxable Income?
May 8, 2008 | 5 Comments
… payment in your income for your 2008 taxes. However, you should keep track of how much you received.
Why Not?
The stimulus payment is actually a special advanced tax credit based on your 2008 tax return. Since those returns have been filed yet the IRS is estimating your tax credit based on your 2007 tax return.
This is why so many people are confused. They've heard the stimulus payment is associated with their 2008 taxes. Technically, it is, but practically it's not …
May
6
… This includes money for child support, student loans and back taxes. The IRS will send you a letter if they take any of your stimulus payment. So if you receive less than what you think you should have, look for a letter from the IRS for an explanation.
Make too Much?
If you make too much money, you're stimulus payment will be reduced or eliminated completely. (Take that over-achievers!) The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) …
Mar
28
IRS Economic Stimulus Payment Details
March 28, 2008 | 248 Comments
… on how it’s implementing the Economic Stimulus Package payments. Due to the questions I received on the previous article on the Economic Stimulus Package I’ve decided to write on article that focuses on the details of the plan. I’ll address the FAQs (frequently asked questions) that I’ve received.
The US Congress passed and President Bush signed a bill authorizing an economic stimulus payment to qualifying US citizens. The bill was passed too late to be included in the …
Comment by Chris: … You should receive a $300 tax credit.
Nov
26
SEC Shuts Down Prosper
November 26, 2008 | Leave a Comment
The SEC has issued a cease and desist letter to online lender Prosper.com. I lend money on Prosper so I have a vested interest in the outcome.
The problem is the SEC claims that loans Prosper facilitates are actually securities (stocks/bonds) not just loans. When you sell securities there are a whole host of byzantine rules you have to follow. The SEC is trying to make sure Prosper follows the rules and claims that they …
Oct
22
Fed Chief Pushes for Another Stimulus Package
October 22, 2008 | 5 Comments
… for You?
Nothing really. Until a plan is passed it's too early to say what benefits you may receive. However, with more prominent figures supporting a stimulus package, the likelihood of another package increases.
You shouldn't expect another direct payment. In other words, don't wait by the mail box for a check. Neither side is proposing another direct payment to individuals.
I think the best we can hope for are some decent tax cuts. However, the Democrats seem determined …