Economic stimulus check, take 2: You could still get money if you've hit hard times
Filed under: Tax
If you didn't get a piece of the economic stimulus pie the first time around this year because you either made too much or too little, you might still be able to get in on it. To be eligible for a check in 2008, taxpayers had to have a minimum amount of earned income or Social Security retirement income on their 2007 tax returns. There was also a maximum in place to stop high-income taxpayers from receiving a check.
But even if they got shut out on their 2007 returns, taxpayers might still be able to get some money based on 2008 income numbers. So if your situation has changed dramatically -- say you got laid off, or something like that -- you could qualify! What matters is if your 2008 income falls within the parameters set up by the IRS. This is going to mean a little boost for those who may have lost a job or otherwise had lower-than-normal income this year.
How much does the IRS think will still go out related to this twist in the law? Another $10 billion above what's already been paid out. If you didn't receive a check this year but are eligible based on your 2008 income, you'll claim a credit on your 2008 tax return. You won't receive a separate check for it.
Uncle Sam seems to think that lots of you will be eligible to receive this benefit in 2008, so don't overlook it. With slightly higher unemployment numbers this year, it's likely that a number of people will have reduced incomes that will qualify them for the economic stimulus package.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
Recession Watch
A Saudi youth takes a picture of Koenigsegg CCXR, worth nine million Riyal (2,400,128 USD), during a luxury auto exhibition in the Saudi Red Sea city of Jeddah late October 28, 2008. Despite fears of a global recession, economic turmoil and heavy losses in stock markets, Saudi Arabia as well other Gulf countries continue to announce new mega development projects and host luxury exhibitions. AFP PHOTO/OMAR SALEM (Photo credit should read Omar Salem/AFP/Getty Images)
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Saudi youths inspect a Koenigsegg CCXR car during a luxury auto exhibition in the Saudi Red Sea city of Jeddah late October 28, 2008. Despite fears of a global recession, economic turmoil and heavy losses in stock markets, Saudi Arabia as well other Gulf countries continue to announce new mega development projects and host luxury exhibitions. AFP PHOTO/OMAR SALEM (Photo credit should read Omar Salem/AFP/Getty Images)
AFP/Getty Images
LONDON - NOVEMBER 11: Prime Minister Gordon Brown (L) meets with Norwegian Prime Minister Jens Stoltenberg at Number 10 Downing Street on November 11, 2008 in London. Earlier Mr Brown gave his backing for tax cuts to combat recession. (Photo by Peter Macdiarmid/Getty Images)
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LONDON - NOVEMBER 11: Prime Minister Gordon Brown (L) meets with Norwegian Prime Minister Jens Stoltenberg at Number 10 Downing Street on November 11, 2008 in London. Earlier Mr Brown gave his backing for tax cuts to combat recession. (Photo by Peter Macdiarmid/Getty Images)
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A sticker made by anti-racket youth movement "www.addiopizzo.org", or "goodbye pizzo", is seen on the window of a shop in downtown Palermo in this October 18, 2007 file photo. Italian shopkeepers pay about 250 million euros a day to Mafia protection rackets and loan sharks and fear that the current recession could allow the mob to further tighten its stranglehold on the vulnerable economy. The warning came on Tuesday from the Italian shopkeepers' association Confesercenti, many of whose members are frightened into paying the "pizzo" -- as protection money is known -- to the various regional crime groups in southern Italy. Picture taken October 18, 2007. REUTERS/Giuseppe Piazza/Files (ITALY)
Reuters
A sticker made by anti-racket youth movement "www.addiopizzo.org", or "goodbye pizzo", is seen on the window of a shop in downtown Palermo in this October 18, 2007 file photo. Italian shopkeepers pay about 250 million euros a day to Mafia protection rackets and loan sharks and fear that the current recession could allow the mob to further tighten its stranglehold on the vulnerable economy. The warning came on Tuesday from the Italian shopkeepers' association Confesercenti, many of whose members are frightened into paying the "pizzo" -- as protection money is known -- to the various regional crime groups in southern Italy. Picture taken October 18, 2007. REUTERS/Giuseppe Piazza/Files (ITALY)
Reuters
A man looks at a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange building in Mumbai November 11, 2008. Indian shares fell 6.61 percent on Tuesday, their biggest fall in more than two weeks reversing most of the 8 percent-plus rise of the previous two days as fears of a protracted global recession saw investors pare risk again. REUTERS/Arko Datta (INDIA)
Reuters
A broker looks at a computer screen while trading at a stock brokerage firm in Mumbai November 11, 2008. Indian shares fell 6.61 percent on Tuesday, their biggest fall in more than two weeks reversing most of the 8 percent-plus rise of the previous two days as fears of a protracted global recession saw investors pare risk again. REUTERS/Arko Datta (INDIA)
Reuters
People look at a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange building in Mumbai November 11, 2008. Indian shares fell 6.61 percent on Tuesday, their biggest fall in more than two weeks reversing most of the 8 percent-plus rise of the previous two days as fears of a protracted global recession saw investors pare risk again. REUTERS/Arko Datta (INDIA)
Reuters
A broker reacts while trading at a stock brokerage firm in Mumbai November 11, 2008. Indian shares fell 6.61 percent on Tuesday, their biggest fall in more than two weeks reversing most of the 8 percent-plus rise of the previous two days as fears of a protracted global recession saw investors pare risk again. REUTERS/Arko Datta (INDIA)
Reuters
Reader Comments (Page 1 of 21)
11-13-2008 @ 4:22AM
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11-13-2008 @ 11:58AM
Jon said...
I always wondered What does $700 billion actually buy?
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http://www.curiousread.com/2008/10/what-does-700-billion-actually-buy.html
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11-13-2008 @ 7:21AM
joyce thompson said...
let's call this package what it is.....it's another damn WELFARE check to the 96% of a particular race who voted for Obama.
Reply
11-13-2008 @ 7:38AM
Renee said...
It is hard to believe that there are still so many biggoted, narrow minded people in this world in this day and age. Just because people are of a certain race, doesnt make them a welfare recipient.
11-13-2008 @ 7:52AM
Tracy said...
Huh.....Im looking forward to my check. And last I knew I didnt vote for Obama nor am I on welfare.
11-13-2008 @ 8:04AM
Mae said...
The 96% that voted were all Americans. I did not read where ONE RACE voted for Obama, did you?
11-13-2008 @ 8:14AM
me said...
can we also call the 700billion dollar bailout a WELFARE check too. How come when the number is small its WELFARE but when its gigantic its a BAILOUT. Hypocrites!
11-14-2008 @ 11:27AM
K said...
A little prejudice aren't we?
11-13-2008 @ 8:33AM
Granny said...
Oh because we all know the debt left to the taxpayers that continues to grow by the second was left to the working men and women by them there smart republicans that stuff the pockets of corp america and find loop holes for the rich. This country is in deep dodo perhaps looking for solutions would be a more productive way to spend your time. Oh and FYI Bush pushed the Stimulas package, and the 700 Billion that so far has accomplished nothing for the working people of this country. President elect Obama gets to figure out how to fix the giant hole the naughty boys left behind, and I would venture to say he would tell u one shovel full at a time.
11-13-2008 @ 8:34AM
dongreer77 said...
To Joyce and Jay. Hang up your KKK hats and stop the racism because that is all you 2 are being. I am a white person that voted for Obama and can not stand your racism. I hope that one day you will open your eyes and realize that this new president is what we need and look past the color. Anyone who voted for McCain are just racists and need to admit it.
11-13-2008 @ 8:48AM
Shanguss said...
What does race have to do with welfare? The last time I checked there are a whole lot of white people on welfare. Everyone has hard time and if you haven't with this kind of attitude you will.
11-13-2008 @ 9:15AM
Sonja said...
Dearest Joyce,
it was more than just one race that voted President Obama into office, apparently some of you people of the other once dominate race also voted for him.Most Americans know that Al Gore won the popular vote in 2000 and still lost the election under the electoral college system, now you racist bastards are pissed off because we have a Black man in office! Oh yeah, FYI Barrack Obama's mama is white so in essence he is more your race than the Black race because his maternal roots cannot be contested Jack ass!
11-13-2008 @ 9:49AM
song ghwon said...
You are horrible. tsk. tsk.
11-13-2008 @ 9:18AM
DEBBIE said...
Correct me if I'm wrong, but didn't George W Bush approve the first stimulus package.
11-13-2008 @ 9:40AM
NIC1 said...
YOU ARE SO IGNORANT. YOU SHOULD THANK THE CONSTITUTION FOR THE FREEDOM OF SPEECH. I WONDER CONSIDERING FROM WHAT I READ FROM YOU, HOW MUCH YOU WOULD HAVE TO SAY IF YOU WERE IN THE COMPANY OF THOSE, " PARTICULAR RACE" YOU WERE SPEAKING OF. AND F.Y.I. JOYCE CHECK THE STATS THAT PARTICULAR RACE DIDN'T DO IT ALONE.
AND THEY SAY WE HAVE COME A LONG WAY. YEAH RIGHT!!!
11-13-2008 @ 10:06AM
Ray said...
OH really Joyce!! "JUST WHO" started this B.S?? Your buddy George Bush that's who! Right now Joyce, we need a tax and spend President to get the ball rolling again! One that will "MAKE" "US" the wealthy of this country give back to it whether we like it or not! "IF" the poor don't have any money Joyce, then how in hell do you expect anyone to buy our products????? People living paycheck to paycheck are the ones that make us wealthy Joyce and if we don't give a fair part of that wealth back to them and get as GREEDY as we did, then "WE" don't make any money either! Study the history of the 1929 stock market crash! You'll see what I mean! Henry Ford and John D Rockerfellow (owner of the one and only oil company at the time, Standard Oil) knew that they "HAD" to give back more than they were because they were part of the 1929 crash and realized that by keeping all the money, they would'nt be able to make any more money! Henry Ford bought back one hell of a percentage of his model T Fords and scraped them just to help get things going again so he could sell his Model A fords! Betcha' did'nt know that did ya!! My business isn't making any where's near the money it was amking during Clintons last term! George Bush and his administration gave all of us a royal screwing and with "NO Vasoline either"!!
11-13-2008 @ 10:03AM
shawanna said...
Come on JOYCE! I am a divorced mother with 5 kids. I don't get welfare and haven't because you can't put kids through college or pay bills with it. The stimulus is just to help the economy. Stop reading so much into it.
11-13-2008 @ 10:01AM
Christina said...
Your such a loser. Im not a welfare recipient. I lost thousands of dollars this year to my husbands recovery, when he was hit by a drunk driver and was out of work. How can insult the nation ? There is a 75% plus amount of the nation who is middle class or lower. What the hell is wrong with you ? George Bush passed the stimulus, and Obama is not in government yet. OR ARE YOU TOO STUPID TO FIGURE THAT OUT?? You shouldnt be allowed to vote, your an idiot!
11-13-2008 @ 10:16AM
Sissy said...
JOYCE THOMPSON, GET OVER YOURSELF AS WITH THE OTHER BITTER RIGHT WING RACIST NUTS. THE TOPIC IS "STIMULUS CHECKS" BUSH'S HANDOUTS, NOT OBAMA'S. JOIN ME IN WELCOMING YOURS AND MY NEXT NEW PRESIDENT OF THE UNITED STATES OF AMERICA, BARACK OBAMA.
GOD BLESS YOU AND ALL THE OTHER PEOPLE DEAD SET ON BLAMING OBAMA AND ALL AFRICAN AMERICANS FOR THE PITFALLS OF HELL CREATED BY REPUBLICANS THE PAST 8 YRS.
11-13-2008 @ 10:47AM
Ali said...
Dont hate cuz your almost dead 101yr old candidate did not win. CONGRATULATE !