HAOLE Posted February 14, 2008 Report Share Posted February 14, 2008 $1800.00 for me. It will go to offset taxes owed Quote Link to comment Share on other sites More sharing options...
thorne Posted February 14, 2008 Report Share Posted February 14, 2008 sweet so for me its a brake even. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 14, 2008 Report Share Posted February 14, 2008 $1800.00 for me. It will go to offset taxes owed and then next year you have to pay taxes on it too. Quote Link to comment Share on other sites More sharing options...
dakotart Posted February 15, 2008 Report Share Posted February 15, 2008 NBC4 has a news article that says the rebate is an advance on the 2008 refund. http://www.nbc4i.com/midwest/cmh/news.apx.-content-articles-CMH-2008-02-14-0036.html Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 15, 2008 Report Share Posted February 15, 2008 NBC4 has a news article that says the rebate is an advance on the 2008 refund. http://www.nbc4i.com/midwest/cmh/news.apx.-content-articles-CMH-2008-02-14-0036.html Nice. Safety Deposit Box.... here I come. KillJoy Quote Link to comment Share on other sites More sharing options...
dakotart Posted February 15, 2008 Report Share Posted February 15, 2008 Nice. Safety Deposit Box.... he I come. KillJoy no kidding. I'm telling everyone that I know to just save it and not to spend it. I'm wondering how its going to affect people who don't normally get $600 back. i.e. if they normally get a refund of $400, do they owe $200 in 2009? Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 15, 2008 Report Share Posted February 15, 2008 I'm wondering how its going to affect people who don't normally get $600 back. i.e. if they normally get a refund of $400, do they owe $200 in 2009? Either that, or they will not get the full $600 now. I believe the news article said BETWEEN $300 and $600. :bs: KillJoy Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted February 15, 2008 Report Share Posted February 15, 2008 $200 @ Gentlemen's club $400 Savings account. Quote Link to comment Share on other sites More sharing options...
Mensan Posted February 15, 2008 Report Share Posted February 15, 2008 As an individual, I don't qualify at all, but as a couple, we qualify for the larger check. I wonder what will happen. Hopefully they go by our joint status. Quote Link to comment Share on other sites More sharing options...
dakotart Posted February 15, 2008 Report Share Posted February 15, 2008 As an individual, I don't qualify at all, but as a couple, we qualify for the larger check. I wonder what will happen. Hopefully they go by our joint status. if you file jointly, that's what they will go by. Quote Link to comment Share on other sites More sharing options...
dakotart Posted February 15, 2008 Report Share Posted February 15, 2008 Either that, or they will not get the full $600 now. I believe the news article said BETWEEN $300 and $600. :bs: KillJoy from what I have read, The rebate is based on your net tax liability. You would only need a net liability for $6000 of income to get the 600 rebate. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 15, 2008 Report Share Posted February 15, 2008 Ugh.... it is bullshit that you canoot OPT OUT. What is the Gov't going to do this time next year when the Economy falls on it's face again, this time due to NO Tax Refunds??? Stupid, stupid, stupid... KillJoy Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 15, 2008 Report Share Posted February 15, 2008 What will the rebate mean to my 2008 taxes? Will I owe taxes on my rebate amount next year? What if this year my situation changes and that means my rebate amount should be less? For most filers, says Luscombe, this year's rebate will appear as a simple gift from the government. The rebate amounts are tax-free. But filers will have to reconcile any money they receive this year when they file their 2008 returns. "It harks back to the 2001 situation when we got the new 10 percent bracket and got an advance check for that. Then on next return had to account for it," says Luscombe. "It's expected to be that way this time." The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer This doesn't mean you'll have to pay back the rebate amount you get in 2007. It just means that since you got it early (i.e., the summer of 2007), you can't claim it again on your 2008 return. "Some people might think that's unfair," says Luscombe, "but they got the money, and they got it early." One thing taxpayers won't have to worry about is giving back any excess if their 2008 taxes show that the advance this year was actually more than they should have received. "If it turns out that credit on your 2008 return is greater, you get to take that additional amount," says Luscombe. "If it's lesser than what you got in 2007, you don't have to refund that back to government." The law says the IRS can't recover the extra payment by reducing your 2008 refund or adding to your 2008 tax bill. HUH? Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 15, 2008 Report Share Posted February 15, 2008 HUH? That's interesting....... Like I said..... stupid, stupid, stupid. KillJoy Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 15, 2008 Report Share Posted February 15, 2008 The wife and I qualify for $1500. So this means when I file next year and say we get 2500 dollars back let's just say, but then you enter the summer rebate, you subtract 1500 from that 2500 in 2009 and your refund in 2009 you rebate check is only 1000? And if you work your taxes in 2009 for year 2008 and you get no refund because you change the amount of taxes taken out and you come out to owe nothing or get a refund, you just got 1500 for free in the summer? I'm so confused. Quote Link to comment Share on other sites More sharing options...
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