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Old 02-25-2008, 09:09 PM   #1
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taxes what??? if your smarter than me read this


The way i see it is you get money on this rebate and then run out and spend it . Then it boosts the same economy that it came from in the first place. What???? Now if another country sent each American a tax refund "that we didn't have to pay back" sure it would boost the us economy. I just couldn't see how the government taking out more money out of it's pocket and then putting it back was going to boost anything. So i called my lady that prepares my taxes and asked her. She politely explained it to me. See it's simple the government sends you a "rebate" for lets say $1200.00 you spend it. Then you pay taxes on that $1200.00 and at the end of the year on your 2008 taxes ...plus you pay the $1200.00 back out of you 2008 refund or if your don't get at least a $1200.00 then get out your check book!!!!! WHAT...COULD THIS BE TRUE!!! IT MAKES SENCE. Will we have to pay it back. Ive been told to think of it as a advance rebate till the end of the year. We have places like this in my town their called pawn your tile shop you get a buck for your tile you pay back three. they are complete scams, and i think this is too. The difference is you get to decide to pawn you title the government has decided for you now. Has anyone else heard this is it a nasty rumor or the cold hard truth. please research this and post a comment.

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Old 02-26-2008, 09:07 AM   #2
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It's not a rebate, it's income redistrabution. Everybody that files a return gets it, even those that paid no taxes and fall under earned income tax credit. It's an election year scam. And yes it goes again your 08 returns next year. You have to love politics.

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Old 02-26-2008, 01:25 PM   #3
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Seems to me there is one of these every election year...DUH! Of course you have to pay it back; it's INCOME. You don't get something for nothing, especially from the gubment. If only you could invest it and not have the interest taxed.

If ever there was a sure vote, it would be to cut the gubment/politician wages and REDISTRIBUTE that money.

Nothing personal, not lashing out at my fellow Americans, but I work for the gubment and feel it the hardest. Probably won't have retirement or healthcare, even though I pay into it. Meanwhile, alien criminals who cut me off in traffic and bring down my property value are getting everything FREE. Jerkwads who made laws to protect them are living FREE and still make more money than half the deserving professions combined. I owe taxes on my house, even though I paid everything at closing last year. Makes no sense at all.

Doesn't matter - woman, black muslim, druggie businessman (no offense from me) - they all lie. The President isn't in total control - there's Congress too...
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Old 02-26-2008, 02:06 PM   #4
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Quote:
Originally Posted by Silk View Post
It's not a rebate, it's income redistrabution. Everybody that files a return gets it, even those that paid no taxes and fall under earned income tax credit. It's an election year scam. And yes it goes again your 08 returns next year. You have to love politics.
ok i know you have to pay the interest back but if your "refund" is $1200.00 do you pay the interest on that plus the $1200.00 back in april of 2009 or just the interest and not the $1200.00.
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Old 02-26-2008, 02:48 PM   #5
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A refund is the amount you overpaid.
For 2008 taxes, the $600/$1200 will be a line item under income, so you'll need to pay income taxes on it.
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Old 02-26-2008, 05:57 PM   #6
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I'm trying to figure out how to refuse mine or maybe just donate it to a charity that is tax deductable...

It may be cheaper and easier!
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Old 02-26-2008, 06:51 PM   #7
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I'm trying to figure out how to refuse mine or maybe just donate it to a charity that is tax deductable...

It may be cheaper and easier!
Forward it to my house, I'll pay the taxes on it.
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Old 02-26-2008, 06:56 PM   #8
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Actually, I heard a local radio personality talking to an IRS 'person', and if I heard correctly, the redistribution check won't be taxable. I only hear every other word though.
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Old 02-26-2008, 08:16 PM   #9
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Actually, I heard a local radio personality talking to an IRS 'person', and if I heard correctly, the redistribution check won't be taxable. I only hear every other word though.
It may not be "taxable" but it'll be accounted for when you do your 2007 taxes next year.

This is an advance on your tax year 2007 refund; whatever refund you might expect will be reduced by this amount.
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Old 03-17-2008, 01:44 PM   #10
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It may not be "taxable" but it'll be accounted for when you do your 2007 taxes next year.

This is an advance on your tax year 2007 refund; whatever refund you might expect will be reduced by this amount.
Where do people get their information from? This is completely untrue, the money is not an advance and is not taxable.
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Old 03-17-2008, 02:55 PM   #11
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Here is how it was explained to me. This rebate is in a way an advance on next years tax refund, but the government is lowering tax liability for 2008, so in essence if you werent to get this rebate check your tax liability would be less next year, this a larger refund. All they are doing is advancing you the refund now.

and yes, it is taxable, as is your regular refund.
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Old 03-20-2008, 08:11 AM   #12
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Beginning in May, the federal government will send checks of up to $600 to individuals and $1,200 to married couples as part of an economic stimulus package. Households with children will get an additional $300 per child.

The Internal Revenue Service says the money will not count as income, so it will not be taxed by the federal government. Because of that, the Missouri Department of Revenue says, the state will not tax the rebate checks either.

That's good news for taxpayers.

--------------------------------------

The rebates are not going to be taxable income in our 2008 tax filing. This is confirmed not only by our local news here in missouri but also noted on CNN and the IRS websites.

--------------------------------------

Q&A from the IRS - www.irs.gov


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.


--------------------------------------


Where did most of you get your information? I mean all I did was go to the main IRS website and took 5 minutes to find out the facts. Even my local news and CNN has this exact question already answered.
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Old 03-20-2008, 08:13 AM   #13
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BriansZ is correct. The REBATE (not refund) is not taxable as 2008 income. It will not be added to income, will not affect AGI, and will not affect any subsidy program elligibility. When you're researching articles on the topic, make sure they're dated AFTER the program was approved. Initial reports (January-ish) were assuming similarities to the 2001 rebates and turned out to be incorrect. Taxable as income, changing tax brackets, etc. are all assumptions made based on previous rabate programs. As far as it being a refund advance, this is not supposed to be the case. We do not yet have 2008 1040's so we do not know how the rebate will be incorporated. As laid out in the plan, it is not supposed to negatively affect those who received it, but on the flip side those who did not receive it (either for not qualifying or not completing their taxes) should not be able to receive it then.

The problem with these plans when they are "passed into law" is that even after the big-wigs in the White House approve the broad strokes, it still takes the IRS several months to write the line by line tax codes for it. That is why there are so many unclear details. To put some credibility to this, I operate a financial planning firm and have a 15-year senior CPA in the office next to me; this is the most up to date information we have.

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