Another Dependent Stimulus Question?

Question

I'm 18 years old, my parents claimed me as a dependent. I made more than 3,000. I have read countless times that I'm not suppose to get money at all, but I received a letter from the IRS saying I was suppose to get money. I found a website saying I'm going to get money but not my parents...

http://www.zimbio.com/2008+Bush+Tax+Rebate/articles/111/Q+Stimulus+Rebates+18+Years+Old

Here are my questions:

1) Will I get money?

2) I filed electronically, is it possible I'll get a paper check?

3) Do I get a tax break next year since I didn't get money this year?

4) Is there any way for me to get my money?

5) Somewhere I can call for help?

Answer 1

The info on that website is wrong.  You aren't eligible if you are a dependent.

When did you get this letter from the IRS?  If you are talking about the one that went out in March, read it again, it doesn't say you ARE eligible, it says "you may be entitled to a payment...." - that doesn't mean you ARE.  

If you were claimed as a dependent and didn't also try to claim yourself on your return, you aren't going to get a check.  If you and your parents both claimed you, it's possible you will get a check but only if the IRS decides that your parents were not allowed to claim you.

If you don't get money this year, it's possible although by no means sure that you'll get a tax break next year for the stimulus program, if you make enough to owe taxes.

There isn't any "my money" for you to get.  By the law as passed, you don't qualify.

Answer 2

Here's the answer directly from the IRS' web site at: http://www.irs.gov/newsroom/article/0,,i...

Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?

A: You won’t get a stimulus payment in 2008, if any of the following apply to you:

1. You don’t file a 2007 tax return.

2. Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.

3. You can be claimed as a dependent on someone else’s return (whether or not you actually are claimed as a dependent on someone else's return). For example, this would include a child or student who can be claimed on a parent’s return. [Updated 4/15/08]

4. You do not have a valid Social Security Number.

5. You are a nonresident alien.

6. You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

=======

#3 from the above conditions applies to you.

The letter you got from the IRS, did it say that you would be getting a stimulus check rebate or was it simply telling you about the stimulus check rebate?  For instance, I got a letter too, even though I make too much money to be eligible for the rebate.

To answer your questions:

1) No, you should not be getting the rebate check

2) If you were eligible to get the rebate check and you had filed electronically and you had provided your bank routing number and bank account number on your tax form, then you would get and electronic deposit; otherwise, (if you were eligible) you would get a paper check

3) No. Since this rebate check was a "credit" to taxes there is no impact on anyone's tax return next year from having received the rebate or having not received the rebate).

4) Yes. First thing you have to remember is that this 2007 tax rebate "credit" was actually an advance on what the IRS had planned to "credit" us in our 2008 taxes.)  When we file our 2008 tax return (in early 2009), the IRS will allow us to do the rebate calculation again in to determine if we are still eligible to get the credit as part of our 2008 tax return. If our tax situation as changed such that we were not eligible for the rebate in 2007 but are eligible for it in 2008, then the IRS will give us our rebate check as part of our 2008 taxes (that is, if we hadn't already received it as part of our 2007 taxes). However, if we were eligible for the rebate in 2007 but, are not eliglbe for it in 2008, the IRS will not make us pay it back.

5) Not quite sure what else there is to help about? Read the IRSs web site about this.  It's fairly straight-forward.

Answer 3

Everybody is reading what they want to in these blogs.

However, the short answer is no, you do not get a $300 rebate because you can and were claimed as a dependent by someone else.

You will be reconsidered in 2008 if you have both $3000 or more of income *and* supported yourself.

Answer 4

I'm in the same boat as you, 18, junior in college, claimed as a dependent, and made over 4000 dollars in 2007. And I DID get a stimulus check, $300 worth, about a week after I got the letter, and cashed it last Friday. Maybe the IRS screwed up and gave me money I don't deserve, but there's a chance you could see some money. Also, my parents did not receive any money on their stimulus check for me.