I get asked a lot how to answer the tax stimulus questions from last year. You remember that money, don’t you? That was the money anywhere generally from $600-1800 you might have gotten last year in Spring and Summer. You can go to the IRS website to actually get how much your stimulus was to answer the question and that generally works. There are some oddball situations though that require some thought. Here is a good one I see a lot of. A son or daughter goes out to college and is on his or her own. Last year Mom and Dad (or Mom or Dad or whoever) claimed the person as a dependent and got stimulus money. The newly free roaming son or daughter, when asked on the software packages available on the market is asked, “How much did you get for your stimulus last year?” If the person says zero, the software calculates that they should get $600 back (maybe more or less). That isn’t correct and may cause your efile to bounce back.
The workaround is if you are filing for yourself the first time, answer that you received the $600 even if you didn’t. It most likely will not impact the output tax forms but trigger the internal software to not add in the extra though not legally entitled to stimulus amount.
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Hopefully we will hear from the State of California as to what they will be doing with the economy. As of the typing of this blog, they were still in session. No shocker that the legislative parties and the Governor are locked on issues. Guys and gals, come on. We have people suffering out here! I think we need to start taking action by stopping the salaries of the legislature and the Governor for every day that they are late with the budget. What do you all think?
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At the Federal level I will not be surprised to see the stock market go for a nice run up for a day or two with good economic vibrations after the President signs the new stimulus package for 2009 and beyond. Be safe and healthy everybody and try and stay happy.
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Kim Isaac Greenblatt
How To Answer Stimulus Questions In Tax Software Packages
[...] profitable wrote an interesting post today on How To Answer Stimulus Questions In Tax Software PackagesHere’s a quick excerpt You can go to the IRS website to actually get how much your stimulus was to answer the question and that generally works…. [...]