Did we have to pay back the stimulus in 2008?
Did we have to pay back the stimulus in 2008?
Will I have to pay it back? No. And here’s why. Your stimulus payment is a one-time tax cut – an advance on a credit you’ll receive on your 2008 return.
When did the US send out stimulus checks?
2008 economic stimulus check. The US government sent out a stimulus check in 2008 during the Great Recession. Learn more about this program.
How did the stimulus affect tax refunds for 2008?
The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. According to the IRS, the stimulus payment did not reduce taxpayers’ 2008 refunds or increase the amount owed when filing 2008 returns.
Who is not getting an economic stimulus check?
Persons who do not owe income taxes, but earned at least $3,000 in wages, Social Security benefits, or veterans disability benefits, will get rebate checks of $300 for individuals and $600 for couples. Who Will Not Receive an Economic Stimulus Check? You will not receive an economic stimulus rebate in 2008 if:
What was the cost of the stimulus bill in 2008?
The total cost of this bill was projected at $152 billion for 2008. Tax rebates that were created by the law were paid to individual U.S. taxpayers during 2008. Most taxpayers below the income limit received a rebate of at least $300 per person ($600 for married couples filing jointly).
The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. According to the IRS, the stimulus payment did not reduce taxpayers’ 2008 refunds or increase the amount owed when filing 2008 returns.
2008 economic stimulus check. The US government sent out a stimulus check in 2008 during the Great Recession. Learn more about this program.
Persons who do not owe income taxes, but earned at least $3,000 in wages, Social Security benefits, or veterans disability benefits, will get rebate checks of $300 for individuals and $600 for couples. Who Will Not Receive an Economic Stimulus Check? You will not receive an economic stimulus rebate in 2008 if:
How are the stimulus checks disbursed to taxpayers?
The payments were disbursed over a period of weeks, according to the first and last digit of a given taxpayer’s social security number. This meant the timing of the arrival of the stimulus payment was essentially random, because social security numbers are given out sequentially.