what is the difference between a Stimulus Check and a tax rebate check?
Berenstein asked:
Or what exactly is a Stimulus Check ?
Is it just a new word for rebate check, that you get when you file your tax return?
And what is going on with these checks? Why are they late, so as to make so many news stories lately?
Gamer Testing Ground
Or what exactly is a Stimulus Check ?
Is it just a new word for rebate check, that you get when you file your tax return?
And what is going on with these checks? Why are they late, so as to make so many news stories lately?
Gamer Testing Ground
Stimulus checks are the same as tax rebate. I don’t know why they are so late to so many people but a stimulus check is what they give you to stimulate the economy. I mean it’s given to you to do as you please but they want you to stimulate the ecomonomy.
The word stimulus is going around because they are calling the whole initiative the “economic stimulus package.” The idea of a rebate check and a stimulus check are the same thing. The checks are an effort to boost the economy, which is in a recession lately. This package is in place because pumping money into the economy, and government spending, are some of the best ways to bring back a slowing economy. As for why the checks are so late, I would guess that since we have such a large population, there is a great deal of administrative work that must go in to returning the checks, this of course takes time.
I hope this helps answer your question.
-Paige
The stimulus checks are a way for the government to give the tax paying public money to spend to boost the economy. People can receive anywhere from $300 to $1200 (for married couples), and the money is not taxable. So people can spend it on whatever they want…kinda like a nice gift frm the government. Unfortunately a lot of people arent getting them on time (they were to be sent out according to the last 2 digits of your social security number), so people that are expecting them at a certain time are getting impatient.
Stimulus check is basically an advance on your rebate for next years rebate. The tax rebate you recieved this year is from your 2007 taxes. The stimulus check is an advance on what they think you will get back for next years taxes. If your rebate next year ends up being less than what you got for your stimulus check you will not owe anything.
The money you get when you file is a reFUND not a rebate. . Through the year you might have money withheld from your paycheck for federal income tax. At the end of the year, you prepare a form called a tax return to calculate how much tax you owe total for the year, and compare that to what was withheld. If you had more withheld than your total tax, you get the extra back as a refund. If you didn’t have enough withheld, you have to pay the rest rather than getting a refund.
This year there is an additional amount being given to people who meet several qualifications. This is being referred to as a stimulus check or rebate check, and is separate from any refund for overpayment of withholding.
They are still working through their original schedule. Plus they have to process all those extra returns, just for people to get their rebates. They have millions of checks to calculate and process, so it takes time to process all those rebates. As of June 21st, IRS had received 145,625,000 tax returns – that is alot of paper to process.
Plus everyone is calling the IRS to find out where their checks are.