tax stimulus

[Kleenax]

Re: tax stimulus

Yeah 600 bucks I spend on my car and gas

[LD]

Re: tax stimulus

you guys do realize this is going to be coming out of your 08 tax return right?
that its a loan?

[LD]

Re: tax stimulus

Yeah 600 bucks I spend on my car and gas

save it to pay the government back in 09

[IDoVoodoo]

Re: tax stimulus

you guys do realize this is going to be coming out of your 08 tax return right?
that its a loan?

Where did you get this info at?

[nimrod.sixty9]

Re: tax stimulus

The package was amended to give rebates to those on Medicaid/Medicare and I think those collecting unemployment.

Goes by "qualifying income" "Quilifying income is earned income credit, SS benefits, and certain verterans payments."

Only way that would work is through SSDI... So possible... My bad...

Where did you get this info at?

What he really is trying to say is: Its taxed! Its considerd income. Fkd up huh...

[LD]

Re: tax stimulus

Goes by "qualifying income" "Quilifying income is earned income credit, SS benefits, and certain verterans payments."

Only way that would work is through SSDI... So possible... My bad...



What he really is trying to say is: Its taxed! Its considerd income. Fkd up huh...

No, I literally mean in 2009 if your tax return from 2008 is greater than $600, they will quite literally deduct the $600 right off your check...
it is an advance on next years return
it is in no way free money
unless you do not file in 2009

edit:
I guess I should be more clear
you will not have to "pay back" the money if your return is less than $600 next year, however if it is $650, you will get a $50 check
so basically, dont expect a big return in 2009


here are some links saying that we will have to pay it back in 09

http://answers.yahoo.com/question/in...2100223AAWDlvv

The "rebate" is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" based on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference.

http://polizeros.com/2008/02/14/the-...us-tax-rebate/

You didn’t think the government was going to give us $600 each, did you? Not hardly. Instead, the amount credited to your 2007 taxes will be added on to your 2008 taxes. Or some weaselly variant thereof.

The [unusually complicated, intelligible only to tax lawyers]wording of the bill appears to indicate that if, for example, you qualified for a $1,200 rebate based on 2007, but in 2008 you earned more income and your credit got phased out because of AGI limitations, you would owe that money back. Ouch!

That’s not exactly it. Most individual taxpayers WILL get a tax credit in 2008. The way it works is, you’ll get a rebate in 2007 figured as if the tax credit rules applied to your 2007 tax return. This is considered an advance refund against the tax credit for 2008. But if your income changes between 2007 and 2008, so that it’s either too high or too low for the amount of rebate you received, it does appear that you would have to pay back the difference on your 2008 taxes. For most wage earners, this won’t be an issue. But if you’re self employed, or get laid off, it could be a problem.

http://www.consumerismcommentary.com...8-tax-returns/

Updated March 18, 2008.

First of all, there will be no effect to 2007 tax returns. The “rebate” that will be signed into law next week is actually an “advance” on a new credit that will be presented on 2008 tax returns.

In April 2009 or thereabouts, when you file your taxes for 2008, the IRS will run the calculation for the stimulus rebate again. If the results show that you would have received more (due to an additional child, for instance), you will be sent the difference (or owe less on your final tax bill). If your results show that you would have received a smaller rebate, then you get to keep the difference.

http://taxes.about.com/od/2008taxes/...ebate.htm?rd=1

Impact on 2008 Tax Returns: The stimulus rebates will be calculated by the IRS using information on the 2007 tax returns. If taxpayers were entitled to a larger rebate based on their 2008 income, those taxpayers will be able to claim a tax credit for the additional amount. Taxpayers won't have to pay back the rebate, however, if using their 2008 income would result in a lower rebate amount.

[crushedout]

Re: tax stimulus

you guys do realize this is going to be coming out of your 08 tax return right?
that its a loan?

no its not, have you actually read the plan. It clearly states that you do not have to claim it as income and you will not have to pay it back out of tax returns next year.

If you want info go straight to horses head, not its @$$

http://www.irs.gov/newsroom/article/...179181,00.html

almost all the way on bottom of page

Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

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.