Discussion:Stimalate rebate...W2G, SSI on 1040? HELP!!!
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Discussion Forum Index --> Tax Questions --> Stimalate rebate...W2G, SSI on 1040? HELP!!!
| 29 February 2008 | |
| A client is receiving SSI, no other income but has about 25K from W2G's, which need be reported. I filed winnings = losses (have proofs of course), resulted $0.00 tax due.
This type is of income is reported on 1040, not 1040A. My question is: Since the stimulate rebates going on..., can I efile this return with SSI income $9,960 [$830 x 12mos] on line 20A of 1040? She needs to file the winnings v.s losses so that SSI office will not reduce her monthly "income" if she has any other income shown on her tax. What should I do? How do I put "STIMULATE REBATE" on top of 1040 if to efile? This return seemed to be supper simple, but turned out so complicated !!! BIG THANKS FOR ANY HELP I CAN GET....
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| 29 February 2008 | |
| I don't know if the rebate will pick up line 20A or not but here is, I believe, a special filing requirement for taxpayers wishing to get the rebate that only have SSI and it is not 1040. I don't know what the requirement is yes but I know it is out there. The IRS website should have some information. TP does need to file to report the W2G in this case though, otherwise TP is going to get a nice little letter from the IRS.
I either heard about the filing requirement or read about it. I don't have any taxpayers in that category so I did not look further. I am interested to know if the rebate calculation includes non-taxed SSI and if it even makes a difference. | |
| 29 February 2008 | |
| I don't think you have to write stimulus rebate on top because this is a required return. Furthermore the AGI will be the 25k since the losses are taken on schedule A. I am assuming the IRS will be able to pick up on the fact that her SS income makes her eligible for the $300 rebate but you know what happens when you asume things! | |
| 29 February 2008 | |
| what software are you using. If it is drake go under print options on the main screen and there is a box you check to make print stimulus payment at the top of the page. | |
| 29 February 2008 | |
| SSI should not be entered on the return. SSI is not treated as qualifying income for purposes of the rebate. | |
| 29 February 2008 | |
| Yes it is. Over 3 k of SS or vet benefits gets you $300. Hence the "special" filing with stimulus payment written on top for returns that would otherwise not need to be filed. | |
| 29 February 2008 | |
| EZ - I think that SS makes you eligible but I believe that SSI does not - But I have to say I have no clients on SSI so I have not researched it fully.
TaxSmarts - How can you net out the $25,000 in winnings? You can ofset some of it by itemizing but you can not offset all of it... Dusty | |
| 29 February 2008 | |
| Dusty is correct - Riley gave a cite 5 days ago on this topic. use the search if you want to find it. | |
Taxestaxes (talk|edits) said: | 29 February 2008 |
| According to IRS website, SSI does not qualify for rebate, SSA does. | |
Taxestaxes (talk|edits) said: | 29 February 2008 |
| According to IRS website, SSI does not qualify for rebate, SSA does. And its my understanding (I could be wrong?) that if someone draws SSI, they dont receive a statement at end of year such as those who draw SSA, who do receive the 1099-SSA. I have been trying to ask people for their statement, so we will be correct in filing. | |
Taxestaxes (talk|edits) said: | 29 February 2008 |
| Is someone in agreement with me that if an individual receives a 1099-r for their retirement benefits that they actually qualify for $600 ($1200 if married), and as long as its over $3000? | |
| 29 February 2008 | |
| They get the $300 amount if they have EARNED income of $3000 or ir they have other taxable income and it generates a tax liability of at least $1. Or they have SS or SSA or VA benefits. | |
| 29 February 2008 | |
| Oh my goodness, you guys are the best!!! I thank you so much for all your input here that everyone could lear something :)
Jamestax: lucky you can use drake to show "stimulus pmt" on top of the return. I use proseries. CalifCPA: You are right, I searched on irs website and saw same thing as stated: "Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment." Dusty: These people are "masters" in gambling. They know how to show IRS that they loss all winnings by using their playcards to track every dollars they play, the casino has records and provided a statement at year-end that show "winnings" and "losses". I have seen many cases that showed losses more than winnings, but can only need to report amount of losses NOT more than amount of winnings, according to IRS... Note these are SSI reciepients, of course no other income nor itemized deductions. BUT they need to report this winnings v.s losses so that SS won't deduct their monthly "income". Life is not fair!, when we pay tax for these people to enjoy gamble all year-round, although many of them SHOULD NOT even be on SSI. I am NOT reporting her SSI on the return, just W2Gs with losses. She might get lucky to receive $300 from IRS due to filing tax07, who knows! Happy tax season and make lots of money everyone :)> | |
| 29 February 2008 | |
| My bad, thanks for the correction. Did not read original post carefully enough.
On a side note. Anyone figure out about rebates for those "no longer with us". I am thinking that if you pass away in 08 it will be issued but if you pass away in 07 it won't be but have not been able to get any confirmation. Called the IRS, waited on hold, only to be told, they don't know either. | |
| 29 February 2008 | |
| If the taxpayer was alive in 2007, but deceased as of 12/31/07, he is entitled to the rebate, but not the credit. See Sec. 6428. | |
| 3 March 2008 | |
| We taxpayers should all feel very good today - knowing that our tax dollars are providing SSI benefits of $830 a month to this poor lady so she can enjoy her gambling pursuits. [I didn't know that an indivual could get as much as $830 a month SSI.] | |
