IRS Tax Rebate Schedule

[Brett]

Not sure of anyone has posted this so here it is. If its a report, fuk u....lol

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

[Slow Motion]

Not sure of anyone has posted this so here it is. If its a repost, fuk u....lol

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


Its repost not report.......................Fixed though:goodjob:

[Nissan Sean]

yeah i just got info on this in the mail. sweet, now everyone has to go spend it b/c thats what the government wants. dont save it. it wont help our economy if you save it. im buying stuff for my car. yay!!!

[Sammich]

damn...middle of the year is weaksos

[MistaCee]

^^ X2

[Sammich]

oh yea repost...:ninja:

[Ran]

Since I went with direct deposit on my tax return, the rebate check should be direct deposited too, right?

[Killer]

Since I went with direct deposit on my tax return, the rebate check should be direct deposited too, right?

good question....


and yeah, my room mate got a letter about this... but i haven't seen one...

[Ran]

my room mate got a letter about this... but i haven't seen one...I got one yesterday. It's pretty much a notice to inform you that you'll receive another notice about when you'll receive your rebate. :rolleyes:

[Jecht]

w00t Rollbar and FM suspension here I come! lol

[Brett]

Since I went with direct deposit on my tax return, the rebate check should be direct deposited too, right?

Good question. The letter said some are direct deposited but Im not sure who gets that. I know we had ours come via direct deposit through Turbo Tax but I dunno what decides on the rebate checks

[ironchef]

If you were claimed as a dependent on anyone else return, such as your parents, you won't get it. That sucks, I was looking forward to $600 :(.

[ironchef]

Good question. The letter said some are direct deposited but Im not sure who gets that. I know we had ours come via direct deposit through Turbo Tax but I dunno what decides on the rebate checksWhatever method you used to get your refund will be the same way for the stimulus checks. So, for you it would be direct deposit. They would more than likely just use the info from your tax return, or probably send you a sheet where you can fill out the account info, if you want to use another account.

[Turbo04]

What if you owe this year? What then?

[mushroom_toy]

I claimed head of household woot. Yeah i got a letter inthe mail about it today as well. Sucks that we borrowed the 130 million dollars though...put u.s in even more debt. I hope im in the beginning bunch of people that gets the check,....i mean hell i had my taxes filed and got my rebates back by the end of january.

[Nissan Sean]

from what i read if you owe the govt. then your 300-600$$ will be automatically put toward that, im not sure if you still get a remainder if some is left over. o and thats a good question about if it will be direct deposited like your tax return. i hope so. fast money$$$$$$$$$$$

[Crazy Asian]

WOOT GOt mine

[Tiff-O-Bitties]

So I can get back as much as $900 on or around May 2nd? Sweet.

[Sammich]

it supposedly ranges from 300-1200

[mushroom_toy]

Here is an automatic calculator that will give you a pretty close estimate to what youll receive IF you put in all the info correctly.

http://www.irs.gov/app/espc/

[Brett]

What if you owe this year? What then?

You still get the rebate

[mushroom_toy]

USA Today says:

Q: I owe back taxes. Will I get a rebate?

A: Probably not. The government will treat the rebate checks the same way it treats tax refunds, says Eric Smith, spokesman for the IRS. If you owe federal or state income taxes from previous years or child support or have defaulted on federal student loans, the IRS will use all or part of your rebate to pay those debts.

Ze link -> http://www.usatoday.com/money/perfi/columnist/block/2008-02-25-rebate-checks-social-security_N.htm

[Brett]

I stand corrected...lol :D

[blacknightteg]

for all of you that didnt thing that you were going to get a rebate becaue you are being claimed as a dependent. You still probably will. I am claimed as a dependent on my parents tax return, but I still am getting a rebate check. Mom told me that i got a notice in the mail from the IRS that i will be getting a rebate check.

[green91]

isnt this rebate essentially a pre-payment for next years return?

[civic95]

isnt this rebate essentially a pre-payment for next years return?

yes

[green91]

Thats the way i understood it, thats going to suck for people who get less than a $600 refund next year and end up owing money.

[mushroom_toy]

Dont think so.

[mushroom_toy]

Here:

"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.

To summarize, the rebate that will be sent out in May 2008 is a credit to the taxes you’ll owe on 2008 income, but it is a new credit, so you don’t have to “pay it back.”

http://www.consumerismcommentary.com/2008/02/08/how-will-the-economic-stimulus-tax-rebate-affect-2008-tax-returns/

[green91]

So it is an advance. thanks for clarifying

[mushroom_toy]

But either way you dont have to pay it back. Its free money even though we borrowed every bit of it from another country.

[green91]

But the goal is to stimulate the economy, its essentially a no-interest loan against your potential refund for next year that will be less money in your pocket at that time although you did receive it now.

[mushroom_toy]

I dont think so. Im pretty sure it wont affect it in that way. Basically this is just money they are throwing to consumers hoping theyll throw it into the economy, so it wont collapse as soon as it inevitably will. It shouldnt make your taxes be less next year.

[green91]

It will make your refund less though because you are getting it right now.

[mushroom_toy]

Thats what im saying I dont think thats right.

[mushroom_toy]

I thought so Here:

"You'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credits and rebate checks --- but accounting for the checks on your next return will ensure you don't get the tax credit twice."

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx

[green91]

Ok i think i understand then, its mostly free money, you will have to account for it in your gross income but will have to pay income taxes on it (wont make much difference)

[Alan®]

was reading the CNN article and it didn't mention anything about those who made $3k last year getting the $300 rebate. Checked on the IRS website and its still there. My girl is getting one so I should be as well.

[blacknightteg]

whats funny about these tax rebates is i bet you alot of people will just want to put it into savings when they get it.

[mushroom_toy]

was reading the CNN article and it didn't mention anything about those who made $3k last year getting the $300 rebate. Checked on the IRS website and its still there. My girl is getting one so I should be as well.

I made less than 3k last year since I was going to school full time, but I still got a letter from the IRS today explaing the rebate. So who knows. I might be getting one for my niece though since I claimed her. Guess well just have to see.

[Alan®]

whats funny about these tax rebates is i bet you alot of people will just want to put it into savings when they get it.
mine will but it will be getting spent in august. I sock away money durring the summer and then spend it when school starts

[mushroom_toy]

whats funny about these tax rebates is i bet you alot of people will just want to put it into savings when they get it.

Oh yeah on most forums and everywhere a lot of poeple are saying there gonna save it or invest it, etc. I htink thats the best idea.

[Ruiner]

I don't qualify. Great...would be nice to have extra change to just throw around.

[Nissan Sean]

if all you people save it, the whole rebate wil be pointless!!!!! our country needs you to spend this money, sodamnit! spend it!. its not like there just giving you money, thus money is for stimulating the economy which we need to do bad, to all you who are gonna save it, Thanks because your not helping this country:2up:

[JennB]

For you students and dependents:


Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?

A: You won’t get a stimulus payment in 2008, if any of the following apply to you:

*
You don’t file a 2007 tax return.
*
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
*
You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
*
You do not have a valid Social Security Number.
*
You are a nonresident alien.
*
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

[LQQKITZME]

00-20 May 2 Sweet money before my birthday...

[redrumracer]

thanks for the info would rep but cant