Glitch Shorts Taxpayers $105 Million

As Many As 350,000 Households Aren't Going To Get Their Stimulus Rebates On Time, IRS Says

(CBS)  Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments, the Internal Revenue Service said Thursday.

The tax agency says taxpayer human error and computer glitches were responsible for the problem affecting a tiny percentage of the 130 million taxpayers expected to benefit from the refunds the government began sending out last month.

IRS spokesman Terry Lemons said the agency was confident it had identified all the people affected by the mistake. He said the IRS will send letters to those who missed out on the refund and that checks for the child credit will be mailed out in July. People need not contact the IRS or file additional paperwork, he said.

The rebates, the centerpiece of the government's $168 billion plan to revive the faltering economy, provide up to $600 for an individual and $1,200 for married couples, based on income levels. In addition, people are entitled to $300 for eligible children younger than 17.

He said the problem on the child payments was traced to taxpayers failing to check a box on their paper tax returns and to two computer software systems, less than 1 percent of those in use, that weren't capturing the information needed to trigger the payment.

The IRS has already refunded some $27 billion to about 30 million taxpayers. It expects to hit 130 million refunds by the end of June, with the last checks - except for those who requested extensions in filing their returns and a few other exceptions - going out in July.

[rdazer]

Was DIEBOLD involved?

[forthepeopl1]

please this is a simple thing to fix, why are you bending over for all of the wallstreet scum.
you have the right to do what this paulson/ben did for wallstreet,saying they had to to save america. so you can say the same thing, but this time you would be saveing america, and not wallstreet.
you must come out and stop the forcloseing of all these millions of homes, now,
ALL YOU HAVE TO DO IS MANDATE THAT ALL MORTGAGES THAT HAVE BEEN TAKEN OUT FROM 2000 TO 2007 BY ALL AMERICANS TO BE RE-FI A.S.A.P. NO EXCEPTIONS,


NO MATTER WHAT THE CREDIT IS, THEY WILL RE-FI EVERYONE AT JUST OVER PRIME, AND AT A RATE OF 40% OF WHAT IS OWED ON THE PROPERTY( PERSONAL HOMES ONLY)!!
WHY, BECAUSE MOST HOST ARE SELLING AT FORCLOSER FOR 20 TO 30 CENTS ON THE DOLLAR, SO AS TO WHAT PAULSON SAID TO BEARSTEARN 2 DOLLARS IS BETTER THAN NO DOLLARS SO TAKE THE DEAL..NOW REMEMBER ALL OF YOU, IF THIS COMPANY IN 6 MONTHS LOST 98% OF THEIR VALUE FROM 700 BILLION TO WHAT IS IT NOW. AND FOR SOMEONE TO COME IN AND BUY IT FOR NOTHING, WHAT IS THE REAL VALUE OF ALL THESE HOMES???NOBODY KNOWS, SO WHY NOT JUST START OVER??? AND STOP THE BLEEDING FOR ALL AMERICANS.

[e-mail]
DAVID A BELANGER
FOR COMMON SENSE THIS IS SO EASY TO FIX DONT MAKE IT HARDER THAN IT IS PEOPLE.

AND LOOK AT THIS MORNINGS NEWS, THE GREAT POTATOHEAD PAULSON,AND BEN ARE IN TALKS WITH ANOTHER WALLSTREET FIRM GOING DOWN. MERRILL LYNCHWHAT MORE BAILOUTS FOR WALLSTREET COMING.

[forthepeopl1]

Under Treasury Secretary Henry Paulson%u2019s .. Former leadership at
Goldman Sachs, the company has been instrumental to its penetration of Western
capital and other markets. - - Henry Paulson was vastly effective in Communist
China%u2019s .. Interests and enabling their access to Western economic assistance
and high technology

In late January 2006, Goldman Sachs purchased a stake in the Industrial and
Commercial Bank of China (ICBC), China%u2019s biggest bank, for $2.58 billion
Treasury Secretary Henry Paulson''''''''s .. Personal stake .. In this transaction
was $25 million

A PERSONAL BAIL OUT for : Treasury Secretary Henry Paulson and His
Criminal Friends

(Mar 27, 2008 (ruters.com) BBC) ... White House Resists Pleas for .. Mortgage Bailout
WASHINGTON (Reuters) - As clamor rises for federal help for homeowners
who face losing their homes .. U.S. Treasury Secretary Henry Paulson .. Seems
to be digging in heels against the effort.

U.S. Treasury Secretary Paulson sounded a tougher note than ever against any
possibility of bailout for individual mortgage holders, singling out the growing number
going "under water" as their loans exceed the diminishing value of their properties.

[forthepeopl1]

Under Treasury Secretary Henry Paulson%u2019s .. Former leadership at
Goldman Sachs, the company has been instrumental to its penetration of Western
capital and other markets. - - Henry Paulson was vastly effective in Communist
China%u2019s .. Interests and enabling their access to Western economic assistance
and high technology

In late January 2006, Goldman Sachs purchased a stake in the Industrial and
Commercial Bank of China (ICBC), China%u2019s biggest bank, for $2.58 billion
Treasury Secretary Henry Paulson''''''''s .. Personal stake .. In this transaction
was $25 million

A PERSONAL BAIL OUT for : Treasury Secretary Henry Paulson and His
Criminal Friends

(Mar 27, 2008 (ruters.com) BBC) ... White House Resists Pleas for .. Mortgage Bailout
WASHINGTON (Reuters) - As clamor rises for federal help for homeowners
who face losing their homes .. U.S. Treasury Secretary Henry Paulson .. Seems
to be digging in heels against the effort.

U.S. Treasury Secretary Paulson sounded a tougher note than ever against any
possibility of bailout for individual mortgage holders, singling out the growing number
going "under water" as their loans exceed the diminishing value of their properties.

[searcher911]

If you are the sort of person who refuses to be responsible for his/her own actions of course every problem is someone else''s fault. Everyone else has to be perfect and make perfect decisions (from the first person''s perspective.) Since the president is nominally in charge it obviously has to be his fault! Because the US is not a dictatorship he actually has minimal power to act on his own. Congress has been with him every step of the way and it is powered by lobbyists who pay for reelection campaigns. And a large part of this money goes to our great media empires, who in turn blame only the president. And the slow witted believe the 20 second sound bites that the press feeds them. What a country...

[nonayabiness]

forthepeopl1 -

Some more observations. How come you owe 275k on a house you bought for 280k 6 years ago? Did you not make any downpayment at all? If you''ve made all your payments on time, why isn''t something going towards principal? Should be a WHOLE lot more than 5k towards principle over 6 years. Did you have to pay for PMI? Also, if your rate is locked at 3.75 for 30 years and you are correct about that, then why would you refinance? I haven''t seen any rates anywhere near that.

Were other similar homes in the area selling for 475 to 500k at the time you bought yours? To get 35-40% off a home when economic times were much better sounds
shifty to me.

We''re looking for some homes to buy to rent out and/or flip, perhaps we should talk. We don''t do this as a business, but figure we might take advantage of the favorable market conditions and also do our part to revive empty homes.

[nonayabiness]

forthepeopl1

Why don''t you just try to rent your home until economic conditions get better. Besides, if you are moving in with your father-in-law, who as you said lost his wife of 50 years, then he''s probably getting up there in age, right? Is he leaving you his house?

Is his house more suitable for you and your family than the one you chose? And, if you are living with him, is he charging you rent? If not, then you hopefully would have the money to continue to pay your own mortgage. Forget what someone else says its worth. Just hang on to it.

[nonayabiness]

Nobody has been ''shorted.'' I must say, given the general public opinion of the IRS, it, and the Treasury Department I presume, have done a great job of undertaking this nationwide initiative with minimal lead time.

We paid to the Feds this year, so because of no direct deposit, we have to ''wait'' for the mailed stimulus.

My concern is, how many people are going to take the 1200 and the 300 for each kid and use it all to buy a plasma TV, sending the money to China, who''s newfound wealth is causing competition for oil, and then two months later defaulting on their mortgage because they chose not to use this ''bonus'' or ''unexpected windfall'' responsibly.

[kaylag04]

from: scorpio59er "Not to mention the hundreds of billions given to Halliburton, et al."

Actually, you''re probably referencing KBR, Inc., Which, until April 2007, was a subsidiary of Halliburton. KBR, Inc. has received approximately $27 billion in government contracts since 2002, and has never placed higher than 6th place in top federal contractors. The top three, Boeing, Northrop Grumman, and Lockheed have retained the top three spots since the Clinton Administration. Halliburton has had one listed federal contract since 2000 - for $63,143.00 in FY 2006.

Your argument comes from the right emotional place, but the partisan hysteria and injection of fictional numbers adds nothing to the debate.

[scorpio59er]

It''s all funny money anyway. The Bush jokers were handing out wads of cash in Iraq on street corners -- and at least $8.8 billion in Iraqi money that was given to Iraqi ministries by the former U.S.-led authority there cannot be accounted for. Not to mention the hundreds of billions given to Halliburton, et al.

It''s just one giant joke -- on all of us.