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2009 Economic Stimulus Package: Is a Check In It For You?
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by frankie1266 | March 2, 2009 at 09:03 am
8598 views | 4 Recommendations | 15 comments
There's good news ahead for most taxpayers. President Obama signed the American Recovery and Reinvestment Act into law Feb. 17 -- a new economic stimulus bill that gives tax breaks to a large portion of Americans of all ages and income levels, as well as to businesses.
The new recovery act, according to the White House, will give a direct tax break to 95 percent of workers and their families, through the Making Work Pay Credit.
The law contains many other tax breaks that should provide a financial boost to everyone from the unemployed and low income, to families with children and children in college, to first-time homebuyers and taxpayers buying new cars.
The $787 billion legislation, which Congress approved Feb. 13, is designed to get both individuals and businesses to open their wallets and to lift the economy out of its slump. Most of the cuts are good for only a year or two.
Tax Breaks for Families
Expanded Earned Income Tax Credit (EITC): More couples who file jointly and have children will qualify for the Earned Income Credit.
The tax package starts the phaseout range at $21,420, an increase of $1,880. Also in 2009, the credit increases for families with three or more children to 45 percent of the first $12,570 of earned income, up from 40 percent.
Enhanced Child Tax Credit: Plus, the Child Tax Credit will cover more low-income earners: For 2008, the credit is refundable to the extent of 15 percent of an individual’s earned income in excess of $8,500; for 2009 and 2010, that floor drops to $3,000.
Tax Breaks for Workers
Making Work Pay Credit: Workers and the self-employed would get a payroll tax credit for 2009 and 2010 of up to $400 a year for single taxpayers, and up to $800 for couples filing jointly.
The IRS will get the money to taxpayers by adjusting the withholding tables, thereby boosting paychecks. The increase could be as much as $40 per month per worker, depending on when the withholding tables are changed. Self-employed workers will claim the credit on their tax returns. In the meantime, they can reduce their estimated tax payments for 2009.
For single tax filers, the credit will begin phasing out at an Adjusted Gross Income (AGI) of $75,000. For couples filing jointly, the phaseout zone will start at $150,000 of AGI. (Adjusted Gross Income is your total income from wages and other income minus certain adjustments, such as deductible IRA contributions and alimony
Learn More About the 2009 Economic Stimulus Check Package Here
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at 09:39 on March 4th, 2009
i bought a house in 2008 and closed march 21 why cant i get the tax credit for first time homebuyers thats not right
at 12:31 on March 4th, 2009
lawlallw
at 18:25 on March 6th, 2009
I did not receive a check last year since I draw SSI...but this time, it does say that we that draw SSI, will get a one time check of $250, which I am tickled pink about..I just wonder when they will send them...has anyone happened to see a date somewhere?? I guess maybe the best thing to do it call the IRS.. I don't know if we too need to fill out a form to get it.. I don't know if this will help our economy...I think alot of ppl will save at least part, if not all of it, for money to fall back on... Me, I am getting a few things that just my SSI check will not allow me to get, since it takes all my check for bills..I plan to get some gowns finally, and send some to the church, and try to get some more ink for my printer...then I hope to save any I have left...for harder times...when I need the extra..thanks
at 05:57 on March 10th, 2009
did you know that if you file a tax return this year even though you have no tax liability you can receive a recovery rebate for last year call your local irs to find out more
at 08:04 on April 12th, 2009
I did not recieve a stimulus check last year either because I was on SSI and was wondering were you got your information about us on SSI would be recieving a stimulus check?
at 21:18 on April 13th, 2009
Hi, my mom is on SSI and she called SSI to see if it was true that she was going to get a $250 check and she is. They will start sending these out in May 2009.
at 21:27 on March 28th, 2009
ok, so i recieved a stimulus check last year. i am on disability and had to file with the IRS in order to recieve it. do i have to do that this year? if not, how will they send it? will they send it like they do my disability check? and does anyone know WHEN we are suppose to get them? like many people, living on disability doesn't give you much to work with after paying rent, utilties, insurance, doc visits, phone bills and groceries (i get a whole 47 a month in food stamps... isn't that suppose to raise too?) look, i'm not just looking for a hand out. my back was broken about 1 1/2 years ago, and i'm still going through surgeries and injections. i just need some help!
at 08:58 on April 16th, 2009
I am a 71 year old widow (my husband passed away 2/08) - however, I did file jointly for my taxews in 2008
Does this mean that I will get a stimulus check for me and my husband of $250 each?
Thank you
at 12:45 on April 17th, 2009
hi i just wanted to no my son 17 and is on ssi does he get a stimulus check too or no?
at 12:46 on April 21st, 2009
i dont think it right that people on ssi are the only ones getting a stimilus check this year again they got one last year and will again this year what about us working people we deserve to get the checks just the same as people on ssi
at 06:08 on June 1st, 2009
Most people on SSI did NOT get a check last year. Because you don't have to file taxes unless you make a certain amount on SSI. It's their turn this year. I'm on SSI from being a widow AND I work, so I'm lucky and got one both this year and last.
at 18:35 on May 10th, 2009
OK just curious, is this stimulus check that everyone is talking about it is just for S.S.I? I just not sure and was wondering thanks..
at 18:11 on May 14th, 2009
Hi
i did not recieve my checks, what or who should i contact to check up on it???
Mel
at 13:02 on June 1st, 2009
I received a check last year and i think that is bull that people who drawl a check from the govn. will be the only ones to receive a check this year. I'm not saying that they should,nt receive it i'm just saying that we all could use the extra money. I go to work every day to support my family cause my husband got laid off and the little extra money would help. Besides the point obama said his plans where to lower the rate of people who draw from the govn. but thats not really going to help it any its just going to increase it.
at 14:53 on August 12th, 2009
TO WHOM IT MAY CONCERN, I LIVE IN NEW JERSEY AND MY HUSBAND IS OUT OF WORK AND COLLECTING UNEMPLOYMENT. LAST YEAR WE GOT A CHILD TX CHECK FOR OUR TWO CHILDREN NOW 13 AND 18 DO WE GET CHECK IN AUG LIKE LAST YEAR OR NOT.. CAN SOMEONE TELL ME..??THANK YOU PLEASE EMAIL WITH THE ANSWER IF YOU CAN..