82cents a day is lower then homeless pay. they make like $40 a day with cans and change
Refund Checks ~ 'advance on next year's refunds' 'will be deducted in 08 return'
- Thread starter Chapdog
- Start date
Cancel 2016.2
The Almighty
I think that everyone on the site that gets a check should endorse it over to the IRS and send it back with a note that says "prepayment of the advance on next year's refunds, that will be deducted from my refund in 12 months' time in order to reverse the reduction in my refund so as to basically not get screwed next year."
FUCK THE POLICE
911 EVERY DAY
Of course because we all live in rich ass liberal Massachusettes. Literally, you think I'm joking. The average per capita income of a family in some parts of the Delta is 5000 dollars, and probably quite a few fall below the 3000 minimum.
how much is welfare? is it that low?
Little-Acorn
New member
How much taxes did he pay, for the govt to send back to him?
In other words, for him it's not a "rebate", it's a welfare payment.
How much in taxes did this couple pay, for the govt to NOT rebate back to them?
Now we know where the money came from, to be sent to the $9,000 non-taxpayer above as welfare.
ok.. looks like cnn corrected there mistake in the following artical:
Rebates: What you need to know
The lowdown on Washington's new tax rebates: Who qualifies and how much will you get? What do you have to do? And most importantly: When will you see a check?
NEW YORK (CNNMoney.com) -- Lawmakers have given their final seal of approval to a $170 billion plan intended to spark the slowing economy.
The plan's centerpiece: tax rebates.
But questions remain about how the program will work, and officials at the Treasury Department and IRS are scurrying to work out the details.
In the meantime, here are some answers based on currently available government information and experts' analysis.
Do I qualify for a rebate and how much can I expect?
One-time rebates will be sent to at least 117 million low- and middle-income households, 20 million senior citizens living off of Social Security, and 250,000 disabled veterans.
To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000.
Adjusted gross income is not your annual salary. It's equal to gross income minus "above the line deductions," which are reported on page 1 of the 1040 tax form. Above-the-line deductions include deductible IRA contributions, alimony paid and, for the self-employed, some portion of money spent on health insurance or Social Security.
Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.
In addition, parents will also receive $300 rebates per dependent child; there is no cap on the number of children eligible.
An example: A couple with one child and $100,000 in AGI will get a rebate of $1,500 ($1,200 + $300). If they have two children, they will get $1,800 ($1,200 + $600).
Tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in income - which can include Social Security and disability payments - will get $300 rebates per person or $600 per couple.
I make more than the income caps. What about me?
You might get a partial rebate. It depends on how much your income exceeds the caps.
The stimulus legislation allows for a 5% phaseout rate for households above the income caps of $75,000 for single filers and $150,000 for joint filers.
That means that for every dollar a tax filer earns above those caps, he or she will lose 5 cents of the rebate, said Jason Furman, senior fellow at the Brookings Institution.
Put another way, the rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.
Take a couple with two children. If they make less than the income cap, they will likely get an $1,800 rebate. If they make $15,000 more than the cap, they will see their $1,800 rebate reduced by $750 ($15,000 x 0.05). So instead they will receive a check for $1,050 ($1,800-$750).
A childless couple whose AGI falls below the cap will likely get a $1,200 rebate. But if their AGI exceeds the cap by $15,000, their rebate will be reduced by $750. So they'd get a check for $450.
Single filers with no kids and an income below $75,000 will likely get a $600 rebate. But if they made $80,000, their rebate will be reduced by $250 ($5,000 x 0.05). So they will get a check for $350 ($600-$250).
The point at which the rebate gets phased out entirely will vary. For example, a single filer with no kids whose income exceeds the cap by $12,000 or more will get no rebate, because it will be reduced by an amount equal to or greater than the $600 ($12,000 x 0.05 = $600).
Do I have to pay the rebate back?
No. And here's why.
Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.
It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.
"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
What do I have to do to get one?
You must file a 1040 or 1040-EZ federal tax return for 2007.
Some people are normally not required to file a return. To get the rebate, however, they have to file a federal tax return.
So when will I get a check?
Treasury Secretary Henry Paulson said Thursday night that the IRS will start sending out checks in early May. Last month, he said it should take about 10 weeks to crank out all the checks. In all likelihood then, you'll see the money sometime between May and early July.
That assumes, of course, that you hit the IRS deadline and file by April 15.
If you're a laggard and have to file for an extension, you'll still get a check but it may not come until the end of the year - probably in time for Christmas shopping. To top of page
Rebates: What you need to know
The lowdown on Washington's new tax rebates: Who qualifies and how much will you get? What do you have to do? And most importantly: When will you see a check?
NEW YORK (CNNMoney.com) -- Lawmakers have given their final seal of approval to a $170 billion plan intended to spark the slowing economy.
The plan's centerpiece: tax rebates.
But questions remain about how the program will work, and officials at the Treasury Department and IRS are scurrying to work out the details.
In the meantime, here are some answers based on currently available government information and experts' analysis.
Do I qualify for a rebate and how much can I expect?
One-time rebates will be sent to at least 117 million low- and middle-income households, 20 million senior citizens living off of Social Security, and 250,000 disabled veterans.
To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000.
Adjusted gross income is not your annual salary. It's equal to gross income minus "above the line deductions," which are reported on page 1 of the 1040 tax form. Above-the-line deductions include deductible IRA contributions, alimony paid and, for the self-employed, some portion of money spent on health insurance or Social Security.
Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.
In addition, parents will also receive $300 rebates per dependent child; there is no cap on the number of children eligible.
An example: A couple with one child and $100,000 in AGI will get a rebate of $1,500 ($1,200 + $300). If they have two children, they will get $1,800 ($1,200 + $600).
Tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in income - which can include Social Security and disability payments - will get $300 rebates per person or $600 per couple.
I make more than the income caps. What about me?
You might get a partial rebate. It depends on how much your income exceeds the caps.
The stimulus legislation allows for a 5% phaseout rate for households above the income caps of $75,000 for single filers and $150,000 for joint filers.
That means that for every dollar a tax filer earns above those caps, he or she will lose 5 cents of the rebate, said Jason Furman, senior fellow at the Brookings Institution.
Put another way, the rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.
Take a couple with two children. If they make less than the income cap, they will likely get an $1,800 rebate. If they make $15,000 more than the cap, they will see their $1,800 rebate reduced by $750 ($15,000 x 0.05). So instead they will receive a check for $1,050 ($1,800-$750).
A childless couple whose AGI falls below the cap will likely get a $1,200 rebate. But if their AGI exceeds the cap by $15,000, their rebate will be reduced by $750. So they'd get a check for $450.
Single filers with no kids and an income below $75,000 will likely get a $600 rebate. But if they made $80,000, their rebate will be reduced by $250 ($5,000 x 0.05). So they will get a check for $350 ($600-$250).
The point at which the rebate gets phased out entirely will vary. For example, a single filer with no kids whose income exceeds the cap by $12,000 or more will get no rebate, because it will be reduced by an amount equal to or greater than the $600 ($12,000 x 0.05 = $600).
Do I have to pay the rebate back?
No. And here's why.
Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.
It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.
"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
What do I have to do to get one?
You must file a 1040 or 1040-EZ federal tax return for 2007.
Some people are normally not required to file a return. To get the rebate, however, they have to file a federal tax return.
So when will I get a check?
Treasury Secretary Henry Paulson said Thursday night that the IRS will start sending out checks in early May. Last month, he said it should take about 10 weeks to crank out all the checks. In all likelihood then, you'll see the money sometime between May and early July.
That assumes, of course, that you hit the IRS deadline and file by April 15.
If you're a laggard and have to file for an extension, you'll still get a check but it may not come until the end of the year - probably in time for Christmas shopping. To top of page
Little-Acorn
New member
Even though the questioner asked the wide-open question "Do I have to pay the rebate back?" and the author replies "No.", the explanation only sounds like he's addressing the event of your receiving a WRONG AMOUNT in a rebate check. If you should have gotten $600 but the govt sends you $1200, you get to keep the whole thing. If you should have gotten $1200 but the govt only sends you $600, the govt will send you the rest soon.
In light of the original article's statement and its fast retraction, you'd have think he wold have said, "This rebate is not a loan, or an advance you have to pay back next year. Whatever check you get, is yours to keep, and you won't be dinged for that amount in next year's taxes".
But he didn't say that, did he?
Curiouser and curiouser.
BTW, looks like MSN Money agrees with CNN's original article: The rebates are just a loan you have to pay back next year.
-----------------------------------------
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx?page=1
America, don't blow this rebate
Congress wraps up the details: $300 for retirees, $600 for most individuals and $1,200 for most couples. But wait, there's more: It's not really free money.
by Liz Pulliam Weston
Some Americans are getting awfully excited about the prospect of spending their own money.
The $168 billion economic stimulus package just passed by Congress will ship checks of up to $600 for individuals and $1,200 for couples starting in May. Most households will get these checks, although individuals with adjusted gross incomes of more than $75,000 and couples making more than $150,000 will see less or nothing at all.
Additionally, families will get $300 per child.
The biggest change since the original proposal: Those who paid no income taxes will get $300 as long as they earned at least $3,000, including veterans disability or Social Security benefits.
An estimated 130 million taxpayers will share the rebate money.
Here's what you need to keep in mind while you're waiting:
This isn't free money -- for most people
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced."
The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
In light of the original article's statement and its fast retraction, you'd have think he wold have said, "This rebate is not a loan, or an advance you have to pay back next year. Whatever check you get, is yours to keep, and you won't be dinged for that amount in next year's taxes".
But he didn't say that, did he?
Curiouser and curiouser.
BTW, looks like MSN Money agrees with CNN's original article: The rebates are just a loan you have to pay back next year.
-----------------------------------------
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx?page=1
America, don't blow this rebate
Congress wraps up the details: $300 for retirees, $600 for most individuals and $1,200 for most couples. But wait, there's more: It's not really free money.
by Liz Pulliam Weston
Some Americans are getting awfully excited about the prospect of spending their own money.
The $168 billion economic stimulus package just passed by Congress will ship checks of up to $600 for individuals and $1,200 for couples starting in May. Most households will get these checks, although individuals with adjusted gross incomes of more than $75,000 and couples making more than $150,000 will see less or nothing at all.
Additionally, families will get $300 per child.
The biggest change since the original proposal: Those who paid no income taxes will get $300 as long as they earned at least $3,000, including veterans disability or Social Security benefits.
An estimated 130 million taxpayers will share the rebate money.
Here's what you need to keep in mind while you're waiting:
This isn't free money -- for most people
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced."
The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
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It says that if it was supposed to be less you get to keep it.
the wording is just wrong. its a advance check of a 1 time tax cut for 2008. its new money!