[poochee]

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?

By Jeanne Sahadi, CNNMoney.com senior writer
February 8 2008: 5:33 PM EST

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.

Rest at: http://money.cnn.com/2008/02/08/pf/t...know/index.htm

[poochee]

bump

Just in case there is someone looking for an answer.

[Fidelista]

Found this article on the subject interesting > f
-----------------------------------------------------------------
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."



http://articles.moneycentral.msn.com...axRebates.aspx

[poochee]

Originally Posted by Fidelista

Found this article on the subject interesting > f
-----------------------------------------------------------------
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."

http://articles.moneycentral.msn.com...axRebates.aspx

Thanks! Good info to be aware of.

[Sarge]

I didnt recieve any rebate last time we were all suppossed to and I dont expect to see one this year.

[LuckyStrike]

Originally Posted by Fidelista

Found this article on the subject interesting > f
-----------------------------------------------------------------
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."



http://articles.moneycentral.msn.com...axRebates.aspx

It is an additional one time stimulus tax credit, so your over all tax obligation for the 2008 tax year is reduced, and you will receive the one time credit as an advanced rebate. There should be no reduction in your next rebate unless you pay less tax throughout the year.

[hammerbill]

This isn't free money -- for most people

This is a scam-taking advantage of the fact that Americans actually think that the government has money like a rich daddy.

This is OUR money given to us only to be taken away from us-or our children-in the future, to eventually be paid back with interest. The idea is to stimulate the economy but most people will likely just use it to pay debt and the IRS will confiscate a lot of it for back taxes, delinquent student loans and child support.

[Bastiat]

Originally Posted by hammerbill

will likely just use it to pay debt and the IRS will confiscate a lot of it for back taxes, delinquent student loans and child support.

Lord knows we wouldn't want them paying that child support!

[hammerbill]

Lord knows we wouldn't want them paying that child support!

I don't care about that. Why can't someone just pass some kind of legislation that does what it is intended to do for a change? If you want to collect child support, pass tougher child support laws. Don't try to slip it in as an economic stimulus.

Could it be that this sort of thing happens because there is insufficient support for such ancilliary legislation?

[Bastiat]

Originally Posted by hammerbill

I don't care about that. Why can't someone just pass some kind of legislation that does what it is intended to do for a change? If you want to collect child support, pass tougher child support laws. Don't try to slip it in as an economic stimulus.

Could it be that this sort of thing happens because there is insufficient support for such ancilliary legislation?

I think you may be misinformed when it comes to child support. If there is an outstanding court order, the federal government is mandated by regulation to intercept the tax refund and forward it to the state agency collecting on behalf of the custodial parent. So if the deadbeat parent is to get a rebate I'd rather see the IRS step in snatch the refund and send it to the parent raising the child(ren).

[LauraMJ]

Originally Posted by Bastiat

I think you may be misinformed when it comes to child support. If there is an outstanding court order, the federal government is mandated by regulation to intercept the tax refund and forward it to the state agency collecting on behalf of the custodial parent. So if the deadbeat parent is to get a rebate I'd rather see the IRS step in snatch the refund and send it to the parent raising the child(ren).

Amen!

[poochee]

Originally Posted by Sarge

I didnt recieve any rebate last time we were all suppossed to and I dont expect to see one this year.

Why is that?

You certainly earned your income!

[poochee]

updated 1 hour, 29 minutes ago
Bush signs stimulus bill; rebate checks expected in May
CNN's Adam Levine contributed to this report

Story Highlights
President Bush signs $152 billion economic stimulus bill
Congress passed the bipartisan bill last week
Plan would send rebate checks up to $600 for individuals and $1,200 for couples
Treasury Secretary Henry Paulson says IRS should mail checks by early May

WASHINGTON (CNN) -- President Bush on Wednesday signed the Economic Stimulus Act of 2008, calling it a "booster shot" for the American economy.

Excerpt from: http://www.cnn.com/2008/POLITICS/02/...ef=mpstoryview

[Bastiat]

Rebates:What you need to know.

I know that me, the wife and two children won't be seeing a dime of it.

[wacor]

Originally Posted by Bastiat

Rebates:What you need to know.

I know that me, the wife and two children won't be seeing a dime of it.

I will make you a deal.

Let's swap earnings for 2008

and I will give ya the rebate

you need to go on SS where you will get something as I recall. Even though one is already draining the SS money and not contributing to the tax base which the rebates come from.

ooops, that was not very PC of me was it??