Lately, there have been a number of emails and comments regarding the possibility of a second stimulus package. You can read what I had to say about it earlier here and here (I stand by my original posts). There were some good follow-up questions in the comments – but it struck me that not everyone reads the comments (shame on you, they’re the best part!). So, with that in mind, I wanted to do a quick follow-up on some of the issues raised in the comments.
First, there is currently no second stimulus package. None. Na-da. Nothing. There may be whispers of a package, there may be wishes for a package, but nothing has been passed.
Second, from a practical standpoint, even if such a stimulus package were being considered (again, I don’t think it will happen this year), it will not, contrary to rumors, be mailed out before the elections. The legislation to send out checks for the first economic stimulus package was confirmed in February and checks were sent beginning in May – a three month window. Considering that the elections are just around the corner (less than a month now) and no legislation has been passed as of this morning, it is basically an impossibility. Goodness knows, Congress and the IRS, working together, could not rush something along that quickly.
Third, there have been reports of friends and neighbors receiving a “second check” already – this is not the result of a second round of legislation. My best guess is that those are supplements to the first check for errors, military personnel and amended returns.
The IRS screwed up the first checks. In total, nearly 400,000 checks were affected – and about 350,000 of those were directly related to the child tax credit being left off of checks. The discovery was made in May and supplemental checks were supposed to be mailed three months after the first check to those affected.
Additionally, some military personnel may be receiving a check at this time. For most taxpayers, filing a joint tax return with a spouse who has an ITIN makes you ineligible to receive a rebate check. However, there is an exception for military personnel. Payments related to those filings were scheduled to be mailed in November.
Finally, due to the stimulus package, the IRS saw an increase in the number of amended returns. Due to the high volume of amended returns, the IRS has indicated that there is a 12-16 week wait for processing; this is longer than the 8-12 week window for initial checks.
So, keep in mind that there may be a number of factors that affect the timing and processing of checks to family, friends and neighbors. You’re not missing out on anything – there is no additional stimulus plan.
All of that said, if you haven’t yet filed your tax return and believe that you qualify to receive a rebate check, you have just ten more days. October 15 is the deadline to file a 2007 income tax return and to receive an economic stimulus payment.
Just confirming what you just said, there won’t be a second stimulus for us (average taxpayers) any time in the near future. Just my opinion, but one that is publicly shared by a great many who are “in the know”.
Great piece. Stimulus is all but forgotten nice to see someone still bringing it up for people.
Well there is actually a stimulus payment being considered now after OBAMA has won presedent-elect. I have been looking it up because I heard about it on the news. Now that we know there is a possibility of one after the 17th of November(I read on the other website) there will be a definite decision made. Even BUSH agrees with OBAMA on that one!
No Court order for Child Support but I contributed money, clothing, food, gift cards and more. Can I claim this on my taxes? No, I was not bio father at the time but am now.
Unfortunately, no. Items paid for child support, court ordered or no, are not deductible on your taxes.
Was curious. Thank you.