TAX REBATES

[buffman]

Yeah I was pissed when I found out I wasnt getin a rebate...but then I guess it is a good thing looking at the BIG picture

[talltigeguy]

I believe if you make more then 75K a year individually then the rebate is prorated down until after $87K and then you are not eligible. Changes to 150K comibined if you are married, and after $174K you are not eligible.

Maybe I can talk my fiancee into donating hers to gas money

I ain't getting one...I am not sure if I should put smilies or frownies after saying that.

I guess it means that I help pay for some of you guys to get yours.

[gman]

There is an adjusted income number that is used.. I think the numbers are in the letter that was sent out by the gov't.

[turbonine]

$75,000 and under get the $600. The phase out is $50 for every $1000 over $75,000. So nothing after hitting $87,000.

$150/$174 for married filing jointly


I got $0, so you pay for gas next time.

[Surfdad]

I am sorry that I am kicking into CPA mode!

The rebate is actually structured as an advance refund against a reduction in
taxes for the 2008 tax year. Consequently, taxpayers, who do not receive their full rebate amounts, will be allowed to adjust their rebates upward to the extent that their 2008 tax returns support a higher amount. So folks that say they won't get a rebate "check", can reflect aan additional payment on the '08 Federal tax return.

The way that it will work: folks who DO NOT receive an advance rebate, or recieve less than the maximum, will complete a worksheet for their 2008 tax return to recalculate the rebate based on 2008 information. If that recalculation yields a larger rebate than the original calculation, the one that generated the check, the difference will be credited as a 2008 tax payment.

Taxpayers who receive rebates that are too large based on their 2007 information are not required to repay excess amounts to the IRS, who would have EVER thought this possible from Congress and the IRS!

The AGI and phase out info is accurate, just don't forget that it's all based on 2008 tax info, the 2007 info is what will generate an advanced refund.

[kko]

I am sorry that I am kicking into CPA mode!

The rebate is actually structured as an advance refund against a reduction in
taxes for the 2008 tax year. Consequently, taxpayers, who do not receive their full rebate amounts, will be allowed to adjust their rebates upward to the extent that their 2008 tax returns support a higher amount. So folks that say they won't get a rebate "check", can reflect aan additional payment on the '08 Federal tax return.

The way that it will work: folks who DO NOT receive an advance rebate, or recieve less than the maximum, will complete a worksheet for their 2008 tax return to recalculate the rebate based on 2008 information. If that recalculation yields a larger rebate than the original calculation, the one that generated the check, the difference will be credited as a 2008 tax payment.

Taxpayers who receive rebates that are too large based on their 2007 information are not required to repay excess amounts to the IRS, who would have EVER thought this possible from Congress and the IRS!

The AGI and phase out info is accurate, just don't forget that it's all based on 2008 tax info, the 2007 info is what will generate an advanced refund.

Yeah whatever smart guy!!!j/k thanks for the info. i just want my check now so i can buy some GAS!! ok maybe a wetsound sub to. gota get my on

[kana12]

VEGAS !!!!

[sparky216]

I am sorry that I am kicking into CPA mode!

The rebate is actually structured as an advance refund against a reduction in
taxes for the 2008 tax year. Consequently, taxpayers, who do not receive their full rebate amounts, will be allowed to adjust their rebates upward to the extent that their 2008 tax returns support a higher amount. So folks that say they won't get a rebate "check", can reflect aan additional payment on the '08 Federal tax return.

The way that it will work: folks who DO NOT receive an advance rebate, or recieve less than the maximum, will complete a worksheet for their 2008 tax return to recalculate the rebate based on 2008 information. If that recalculation yields a larger rebate than the original calculation, the one that generated the check, the difference will be credited as a 2008 tax payment.

Taxpayers who receive rebates that are too large based on their 2007 information are not required to repay excess amounts to the IRS, who would have EVER thought this possible from Congress and the IRS!

The AGI and phase out info is accurate, just don't forget that it's all based on 2008 tax info, the 2007 info is what will generate an advanced refund.

I don't think I understand? So if I do not receive a rebate in 07 for my 08 taxes what happens if I earn more money in 08 opposed to 07? Basically will I still be able to deduct my 2 adults 2 kids $1800 off my 08 liability, is there any "bright spot"?

[jleger98]

All I know is that my wife getting a better job (which recently got eliminated) put us over the cutoff, so not only did we get screwed on our taxes this year, but we ain't getting a check, even though she's unemployed now. I'll be taking donations for gas if anyone wants to chip in

[LovinPowell]

I am sorry that I am kicking into CPA mode!

The rebate is actually structured as an advance refund against a reduction in
taxes for the 2008 tax year. Consequently, taxpayers, who do not receive their full rebate amounts, will be allowed to adjust their rebates upward to the extent that their 2008 tax returns support a higher amount. So folks that say they won't get a rebate "check", can reflect aan additional payment on the '08 Federal tax return.

The way that it will work: folks who DO NOT receive an advance rebate, or recieve less than the maximum, will complete a worksheet for their 2008 tax return to recalculate the rebate based on 2008 information. If that recalculation yields a larger rebate than the original calculation, the one that generated the check, the difference will be credited as a 2008 tax payment.

Taxpayers who receive rebates that are too large based on their 2007 information are not required to repay excess amounts to the IRS, who would have EVER thought this possible from Congress and the IRS!

The AGI and phase out info is accurate, just don't forget that it's all based on 2008 tax info, the 2007 info is what will generate an advanced refund.

Well said Surfdad, the moral of this story: if you don't get money now, don't make as much in 2008 and you'll get the benefit of it then (when you file your 2008 return). But that really doesn't make sense because then you would be sacrificing a dollar to save pennies. So we just have to keep working our butts off instead.

[dogbert]

Doesn't sound like much incentive to succeed

[gman]

If we get a rebate, Will we have to pay income tax on the rebate? Is this going to be considered an income by the gov't?

[sparky216]

Doesn't sound like much incentive to succeed

exactly

I have honestly considered finding a lower stress job an making considerable less money because right now between the wife and I all we do(seems at least) is work to pay taxes.

[DieselPWR]

Funny thing is, the point was for people to spend the money. But most people out there are saying that they are going to save it. Had the rebate been available to all income levels, you would have a lot more people spending/investing the rebate.

[Surfdad]

I'm aplogizing, in advance, again for CPA mode! No, it's not considered taxable income, gman. You won't pay taxes on the advance at all. Basically there will be a reduction in tax for the 2008 tax year. The check folks recieve NOW is an PARTIAL advance payment on this tax reduction that is calculated on their 2008 return.

Basically, rather than waiting to get it in '09 when you would file your '08 tax return, the Feds are giving you some of it now.