tax rebate.....up to $600 $$$
02-14-08, 12:08 PM
#16
you know what I have read the fine print in the so called tax rebate... and its all a sham. Do you actually know where this money is comming from? ITS COMMING FROM NEXT YEARS REFUND. Thats right. The money you recieve from this so called refund will be deducted from next years tax return. So much for a rebate 
02-14-08, 12:15 PM
#17
you know what I have read the fine print in the so called tax rebate... and its all a sham. Do you actually know where this money is comming from? ITS COMMING FROM NEXT YEARS REFUND. Thats right. The money you recieve from this so called refund will be deducted from next years tax return. So much for a rebate
Worse case scenario is the rebate MAY be income which may be taxed.So the $600 or $1200 can be taxable maybe costing you $100-$200-$300 or more depending on your tax bracket.
Last edited by Joeb427; 02-14-08 at 12:30 PM.
02-14-08, 12:28 PM
#20
Lexus Fanatic
you know what I have read the fine print in the so called tax rebate... and its all a sham. Do you actually know where this money is comming from? ITS COMMING FROM NEXT YEARS REFUND. Thats right. The money you recieve from this so called refund will be deducted from next years tax return. So much for a rebate
02-14-08, 12:45 PM
#22
What this money actually is is an advance on a one-time tax credit that will be on your returns next year.
It's not taxable income.
It won't reduce your refund.
Congress is simply giving everyone (well, nearly everyone) a tax credit in 2008, and they're sending you a check -now- for what they think that credit will be (based on your 07 info).
If what your actual credit should be in 2008 ends up higher (ie you have an extra kid or something) then you'll get the additional money in 08.
if it's lower (you worked full time and for some weird reason in 08 don't work at all or something) you still get to keep whatever they sent you in 07.
And honestly, if you're ever getting any refunds you're doing your witholding wrong. Why give the government an interest free loan for a year?
It's not taxable income.
It won't reduce your refund.
Congress is simply giving everyone (well, nearly everyone) a tax credit in 2008, and they're sending you a check -now- for what they think that credit will be (based on your 07 info).
If what your actual credit should be in 2008 ends up higher (ie you have an extra kid or something) then you'll get the additional money in 08.
if it's lower (you worked full time and for some weird reason in 08 don't work at all or something) you still get to keep whatever they sent you in 07.
And honestly, if you're ever getting any refunds you're doing your witholding wrong. Why give the government an interest free loan for a year?
02-14-08, 12:51 PM
#23
I really wish people would manage their finances so that an extra $600 check doesn't automatically translate to a new purchase they otherwise would not have made.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
02-14-08, 12:54 PM
#24
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I really wish people would manage their finances so that an extra $600 check doesn't automatically translate to a new purchase they otherwise would not have made.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
to answer the original question: College fund for baby girl.
02-14-08, 01:07 PM
#25
I really wish people would manage their finances so that an extra $600 check doesn't automatically translate to a new purchase they otherwise would not have made.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
I'm fortunate to be able to buy my mods without the need of this rebate.
This rebate is being given with the hope of most people spending to get the economy going.
I do my share without any rebates.
02-14-08, 01:10 PM
#26
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I really wish people would manage their finances so that an extra $600 check doesn't automatically translate to a new purchase they otherwise would not have made.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
I'm just putting mine in the bank, knowing that if I wanted a new set of wheels or tires, I could have already bought them without much burden. I'm in trouble if I needed the $600 to get me to buy something worth $600.
but i agree with you, make 600 and spend 600 is not a good thing.....
02-14-08, 01:29 PM
#28
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Cracks me up that people have already spent it.....my guess is the same people that charge everything, pay the minimum while living month to month on their pay check and swimming in high interest dept. God I love America!
to answer the original question: College fund for baby girl.
to answer the original question: College fund for baby girl.
Last edited by inxexisten; 02-14-08 at 01:49 PM.
02-14-08, 01:36 PM
#29
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Lexus Financial Services !!! No party with the money at my end!! Below is the timeline we will be receiving the loot!!!
The check is in the mail
Week
Last 2 digits of your SSN
Receive your check by week of
1
00 - 09
July 23
2
10 - 19
July 30
3
20 - 29
August 6
4
30 - 39
August 13
5
40 - 49
August 20
6
50 - 59
August 27
7
60 - 69
Sept. 3
8
70 - 79
Sept. 10
9
80 - 89
Sept. 17
10
90 - 99
Sept. 24
For married taxpayers who filed a joint return, the first Social Security Number on the return determines the mailing date.Source: Internal Revenue Service
The information contained in
The check is in the mail
Week
Last 2 digits of your SSN
Receive your check by week of
1
00 - 09
July 23
2
10 - 19
July 30
3
20 - 29
August 6
4
30 - 39
August 13
5
40 - 49
August 20
6
50 - 59
August 27
7
60 - 69
Sept. 3
8
70 - 79
Sept. 10
9
80 - 89
Sept. 17
10
90 - 99
Sept. 24
For married taxpayers who filed a joint return, the first Social Security Number on the return determines the mailing date.Source: Internal Revenue Service
The information contained in
FS-2008-15, February 2008
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.
Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.
Basic Eligibility
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the stimulus payments, qualifying income consists of earned income such as wages and net self-employment income as well as Social Security or certain Railroad Retirement benefits and veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007. However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.
Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.
Basic Eligibility
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the stimulus payments, qualifying income consists of earned income such as wages and net self-employment income as well as Social Security or certain Railroad Retirement benefits and veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007. However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
