Economic Stimulus for Large Families

Last night’s State of the Union Address brought a thunderous applause from the Jeubs. President Bush laid out early in his speech,

My administration reached agreement with Speaker Pelosi and Republican Leader Boehner on a robust growth package that includes tax relief for individuals and families and incentives for business investment.

This stimulus package is a rebate based on 2007 tax returns. Based on our 2007 income (about 20% higher than 2006), Wendy and I will receive $1200 plus $300 per child filed. We had 12 children living at home last year. Here’s a summary from the White House website:

Working Americans who have earned income of $3,000 or more will be eligible for a minimum rebate of $300 for an individual or $600 for a couple filing jointly. Based on the amount of federal income taxes paid, that rebate rises as high as $600 for an individual and $1,200 for a couple filing jointly.

In addition to the individual rebate, families will receive an additional $300 per child credit. The individual rebate and the child credit phase out starting at $75,000 in income for individuals or $150,000 in family income.

These provisions apply to 2008 only. We anticipate that the IRS will be able to begin sending rebate checks, based on 2007 tax returns, approximately 60 days after the legislation is enacted.

That’s $3,600 plus the $1,200 we already are receiving as a joint couple. The Jeubs will receive $4,800 from the U.S. Government! Wendy and I can really use this money, especially in May/June when the checks will be issued. Our publishing company is our sole income, and the spring is the slowest time of the year. This provision is nicely timed.

Count your kids and see the White House website for details.

Leslie

Wendy and Chris,

We too will receive $4800 and the timing could not be better! Praise God for his provision in all kinds of ways!
http://www.simpleliving.wordpress.com Jason & Anna Wilkinson

We would be getting $1800, but dont know if we realy will becaus we didnt “Pay” in that much..?? I would asume that how it would work… Infact we got back more than we paid in, with the EIC. So I guess we got our releif allready? oh well.

Very Glad for you though!
Amanda

The speech got thunderous applause from us, too. Despite popular opinion to the contrary, we still love Bush. Too bad we can’t reap the benefits of the child rebate/credit yet!
http://odellsat.blogspot.com/ Jolene

I am excited for everyone getting this money. Sadly though we have to borrow this money from a Chinese Bank. It is not rebate from a surplus amount of money. It is a loan…from China of all places.
michelle

Sounds good, although I had read somewhere that it’s $300 per child *up to 4 children*. Not sure if that’s correct or not. We have 6, so I’m hoping there’s no child limit.
michelle

Okay, I just checked it out and there is no limit to the number of children, so that is great news. Sorry for the confusion.
Jane

Just thought I’d leave a comment that I too have heard there is a 1200 limit for the childpart..We have 10 children although 3 are older and we don’t claim them as dependents
Kristin

I hope not to sound too foolish but do you know if this is in addition to what we already get for the child tax credit already in place?Do we file our taxes,get that refund and then get another check later?I guess I am just a bit lost and you seem to know more about this than I do.Thanks so much for your time.Kristin
http://feserfamilyfriends@yahoogroups.com julee feser

Isn’t this great! We are already getting a huge tax refund this year because of an adoption last year. There is an almost $11,000 tax credit for adoption exspenses that Bush senior implemeneted in Feb 2001. If a family doesn’t pay that much in taxes in a year you can carry over difference for up to 5 years. For our family, our tax refunds have always financed our next adoption. This year my husband figured we were getting back about $18,000 which includes a refund for all taxes he paid last year (because of adoption tax credit) plus the child tax credit for 15 minor children at home. Now we will also get this rebate. This is such a God-send right now for us as my husband’s income is cut in half right now as he is home caring for 14 kids there, while I am far from home with our youngest as he gets a bone marrow transplant. I 3 mos we will have no income untill I come home (I will be away from family at east 6mos) Our Father always works things out doesn’t He?! Your money is so well spent with your publishing company. The book is a blessings to all who read it! I have given many as gifts to other families startng out.
Julee
bride to Mike
blessed mommy to 21
Rebecca

Just would like to say to all families in America that Im glad that you will be getting an extra payment for your children you all deserve it. Chris and Wendy I am certain that this blessing will be of immense help to your family.
I feel very fortunate being in Australia as we get a yearly payment of $620 per child if all our tax information is correct and a maternity payment of $4000 when a new child is born.
Audrey

As much as I would love to be happy about receiving money, because it is sorely needed, I cant help but feel that it is not our money to take.

Putting a bandaid on something that in reality needs major surgery is not the answer. We are seriously considering not excepting our “portion”, we’ll see where the Lord leads, still praying about it.
Megan

First, I just wanted to take a minute to commend your family for living life the way YOU want, and for keeping true to yourselves and your values that are important to you. Thank you as well for sharing your story to us through your television program, you have such amazing children!

To comment on your post regarding Bush’s economic stimulus plan: Although we are all excited to be getting this “bonus” from the government, just remember that this is an advance from your 2008 refund. Now, they have changed the tax bracket for 2008 (so instead of paying 10 percent tax on the first 10,000, we will pay no tax on the first 10,000), but this is still an advance and we will see our refunds reduced next year. I have heard from some sources that we may end up owing taxes, but I am not totally sure on that one.

I’m not trying to rain on your parade here, but I would hate to see your family, who I am assuming lives on a tight budget, get slammed with a bill from the government next year!

Take care and God Bless.