Tax Rebate - America

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  • PJPixie
    PJPixie Posts: 3,026
    shell bell wrote:
    I thought that the majority of refunds wouldn"t be comming untill aug or early fall? I wish that they would have taken the money used to print the "memo letters" and put it towards getting the refunds out earlyer.I think they spent around $42 million on the memo letters.

    Holy Cow! That is staggering!!
    The best use of Life is Love.
    The best expression of Love is Time.
    The best time to Love is Now.


    I'm never as good as when you're there.........
  • inmyrvm
    inmyrvm Posts: 1,040
    PJPixie wrote:
    I talked to my "TAX - GUY" about that and he states that is not true.
    i am an accountant. everything i've read points to it being true. that's the word around the office. i hope it is not true in all honesty.
    "Fuck the talkin' let's start rockin" - Eddie Vedder 9-5-00 Pittsburgh
    4/26/03 Pittsburgh 5/3/03 State College 7/12/03 Hershey 10/1/04 Reading 9/28/05 Pittsburgh 5/20/06 Cleveland 6/23/06 Pittsburgh 6/22/08 DC

    friends don't let friends listen to good charlotte
  • Lizard
    Lizard So Cal Posts: 12,092
    you could get as early as May 2, depending on if you file your 2007 tax return electronically and based on the last 2 digits of your social....

    http://money.cnn.com/2008/03/17/pf/taxes/rebates_payment_schedule/index.htm?postversion=2008031713
    So I'll just lie down and wait for the dream
    Where I'm not ugly and you're lookin' at me
  • chevychase
    chevychase Posts: 39
    In order to receive the full rebate of $600, you must have had a 2007 TAX LIABILITY of $600. Tax Liability is figured using a percentage based on your taxable income. Taxable income is basically your TOTAL INCOME (W-2s, Unemployment, Interest, etc) MINUS your DEDUCTION ($5,350 for single/$7,850 Head of Household) and MINUS your EXEMPTIONS ($3,400 each for you and any dependents).

    So, say your total income was 25,000 & you are single w/no kids, your TAXABLE INCOME would be 25,000-5,350-3,400 = $16,250

    That $16,250 is then used to figure your tax:

    10% of the first $7,825, or 782.50
    15% from $7,825 to $31,850, or $8,425 x 15% = 1263.75

    1,263.75 + 782.50 = $2046.25 TAX LIABILITY
    This amount is then subtracted to total fed withholding (say, $4,000), and that new amount ($1,953.75) is your 2007 TAX REFUND.

    The REBATE due in May or so on is based like this:
    Tax liability of:
    $600 or more; REBATE of $600
    Between $300 and $600; REBATE of TAX LIABILITY amount
    Below $300; REBATE of $300

    Basically, if your TAXABLE INCOME is greater than $6,000 then you will receive the full $600 refund.

    You've got people. (R)
  • chevychase
    chevychase Posts: 39
    the REBATE is not coming off of your 2008 return. Rather, if you received $300 say this year based on low tax liability for 2007, and your tax liability for 2008 is more than it was for 2007, you will receive the difference when you file your return next year, up to the $600 threshold.

    Example:
    2007 Liability = $240, so $300 Rebate received
    2008 Liability = $780, so $600 threshold MINUS $300 received in 2007 = $300 extra in your REFUND next year.
  • GraySaturday
    GraySaturday Posts: 2,878
    yeah I just read on the IRS faq site that this will not effect how much return you get or how much you owe in 2008
  • shell bell
    shell bell Posts: 337
    Lizard wrote:
    you could get as early as May 2, depending on if you file your 2007 tax return electronically and based on the last 2 digits of your social....

    http://money.cnn.com/2008/03/17/pf/taxes/rebates_payment_schedule/index.htm?postversion=2008031713

    I like what you posted. I have to move into a new apt at the end of April and the cash boost will be nice. I hope that they are right.
    when you get confused just listen to the music play........

    "You damn well can't lick the system,but you can sure give it a good fondeling."-sleazy estate man(Hugh Laurie on A bit of Fry and Laurie)

    "Judas Priest on a two stroke moped!"(Stephen Fry)
  • Spunkie
    Spunkie i come from downtown. Posts: 7,095
    PJPixie wrote:
    This morning President Bush said each one of us would get a $600.00 tax rebate. It was previously slated to be $1200.00, but they dropped it to a $600.00 tax rebate because of various budget problems.


    Now, if we spend that money at Wal-Mart, all the money will go to China, if we spend it on computers, most of the money will go to Korea or India. If we spend it on gasoline it will all go to the Arabs. None of these scenarios will help the American economy.


    We need to keep that money here in America...so the only way to keep that money here at home is to drink beer, gamble, golf or spend it on prostitution. Currently it seems that these are the only businesses still left in the U.S.

    Cute. Even cuter. You believe the President.
    I was swimming in the Great Barrier Reef 
    Animals were hiding behind the Coral 
    Except for little Turtle
    I could swear he's trying to talk to me 
    Gurgle Gurgle
  • know1
    know1 Posts: 6,801
    hodge wrote:
    if i was american, i'd spend it to move to a better country
    hehe

    You must be a prisoner in Canada, then.
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • PJGARDEN
    PJGARDEN Posts: 1,484
    inmyrvm wrote:
    i am an accountant. everything i've read points to it being true. that's the word around the office. i hope it is not true in all honesty.

    I am accountant too and that's the same thing we're hearing. From the literature (accurate sources) we have received, it is an advance for a credit on your 2008 return.
  • PJaddicted
    PJaddicted Posts: 1,432
    I'm not getting any.....

    oxc
    ~*LIVE~LOVE~LAUGH*~

    *May the Peace of the Wilderness be with YOU*

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    — Unknown
  • chevychase
    chevychase Posts: 39
    PJGARDEN wrote:
    I am accountant too and that's the same thing we're hearing. From the literature (accurate sources) we have received, it is an advance for a credit on your 2008 return.

    Right, but that doesn't mean you are going to have to "pay it back".

    If you receive $600 this year, you simply won't receive any of that credit next year. (This rebate is basically a refundable credit for 2008). You will still receive the difference of tax withheld minus tax liability next year as a refund like always.
  • PJPixie
    PJPixie Posts: 3,026
    chevychase wrote:
    Right, but that doesn't mean you are going to have to "pay it back".

    If you receive $600 this year, you simply won't receive any of that credit next year. (This rebate is basically a refundable credit for 2008). You will still receive the difference of tax withheld minus tax liability next year as a refund like always.

    wow, i couldn't be an accountant if my life depended on it :(
    The best use of Life is Love.
    The best expression of Love is Time.
    The best time to Love is Now.


    I'm never as good as when you're there.........
  • inmytree
    inmytree Posts: 4,741
    I'm going to spend my rebate in Jamaica....
  • JOEJOEJOE
    JOEJOEJOE Posts: 10,842
    chevychase wrote:
    Right, but that doesn't mean you are going to have to "pay it back".

    If you receive $600 this year, you simply won't receive any of that credit next year. (This rebate is basically a refundable credit for 2008). You will still receive the difference of tax withheld minus tax liability next year as a refund like always.

    We eventually have to "pay it back". This rebate is similar to taking a cash advance on your credit card...it's more dough in your pocket, but the national debt will just get more out of control. Its an election year ploy!

    Keep in mind that the rebate starts to get phased-out (reduced) once your income reaches $75,000/$150,000 for single/married filiers.
  • sponger
    sponger Posts: 3,159
    JOEJOEJOE wrote:
    We eventually have to "pay it back".


    You know that's not what he meant. Yes eventually we all pay it back someway or another indirectly, but no we are not required to literally pay it back. You know this.

    This subject was discussed extensively and exhaustively here:

    http://forums.pearljam.com/showthread.php?t=272486
    reigning champion

    http://forums.pearljam.com/showthread.php?t=272825

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