7
The Tax rebate
Question: I have heard that this new rebate check that was just passed by Congress and now the White House is nothing more than an advance on our 2008 tax return. Is that true? Graham
Answer: I just pulled this comment from Graham. We've got several similar questions.The tax rebate is the same as a 2008 tax cut. But you get the money this year (most likely late Spring/early summer) after filing your 2007 tax return.
How much of a rebate you get--if any--will be based on your 2007 return. For instance, singles with no children and earn over $87,000 in gross income don't get a rebate. The same holds for childless couples with over $174,000 in income.
The year I got the 'rebate' resulted in a reduced refund the following year. I filed my tax return, received a notice that it was incorrect, and when I called the IRS, was told that I would receive the reduced amount because of the rebate the prior year. The reduction in refund was directly related to the rebate.
I'm an educated professional, and as a teacher, I object to political 'doublespeak'. "The rebate is the same as a 2008 tax cut" does not answer the question.
Did they change policy for the most recent tax rebate proposal? Did someone screw up when they changed my return? Was the telephone consultant misinformed when she told me that my rebate was the factor in my altered tax return?
I believe it is an advance of the 2008 refund. Howver if you were paid more than you actually would have received you are not required to pay it back. Also if a new child is born this year i.e. 2008 you would get an extra 300 on your next years taxes for the rebate. The rebate will be calculated on your tax return next year when you file. Also if you get SSI and that is your only income you are not eligible for the tax rebate. This is my understanding. I am not sure though.
I have served my NATION. I am disabled on SSI. All I am permitted to say is that I once VOLUNTEERED for the DoD. (REALLY!!! RSA)
Now this pathetic administration offers me $300 if I file a tax return first. My food stamps, administered by a well-intentioned immigrant, are $47.00 per month. My ssi is about 637.00 per month. My Navy dad, who proudly enlisted against the axis, is now in late alzheimers. As the Minnesota Multiphasic Personality would have me answer, "My father was a good man." He suffers.
I count my blessings. SELAH
There are many worse off than I.
"Du kanst, denn du zolst?"
Non.
Wittgenstein. Zettel. Postist from 3m. somewhat cynical...a cyn is a growling pit bull.
Beer and cigarettes and stamps and tea...
Son of the AMERICAN REVOLT
Grant W Miller
seeking financial guidance...screw 1984...winston...but I can't afford them.
N0UXN '73 and 88 to you and yours from me and mine.
--gwm
PDX, OR, Etas Unis
I was a single mother, head of household, when our fearless leader and cronies issued the first rebate. I had budgeted my refund for my property tax bill(for the years that I was single). I didn't agree with the 'rebate' idea, but received the check, deposited the same, and spent it. When I filed the following year, that money came right off the top of my refund and I had to re-allocate funds for the property tax.
The tax rebate is actually an advance on whatever refund you may get in the following tax year. It annoys me that no one actually says that. They are essentially distributing payments on personal refunds.
Please advise others who may qualify.
I KNOW there is no such thing as FREE money, but when it is presented as it was then(distribution of surplus), I shrugged off my common sense.
Thanks for all you do.
Noree
You didn't answer the question, you must
work for the IRS.
The woman wanted to know if it would reduce
her 2008 refund?
Please give her a answer. I bet you don't get a
definite answer. I bet it will be just like last time.
I was a single mother, head of household, when our fearless leader and cronies issued the first rebate. I had budgeted my refund for my property tax bill(for the years that I was single). I didn't agree with the 'rebate' idea, but received the check, deposited the same, and spent it. When I filed the following year, that money came right off the top of my refund and I had to re-allocate funds for the property tax.
Maybe I was to harsh on the Tax Rebate.
I just found this on the IRS web site.
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
