Invalid topic.
| Posted By |
Message |
| Pages: 1 [2] |
CathyB
Member since 5/05 19403 total posts
Name:
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by Bxgell2
Does anyone know if families who do not qualify for the rebate, will still get a small refund for having a child?
I don't think so. You can use this calculator to see what you are getting but you need your 2007 tax return in front of you to complete the calculator.
|
Posted 4/28/08 9:23 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Bush: Rebate Checks Start Going Out Monday
We were told by our accountant that this is an advance on next years taxes. They will deduct the amount the next time you file. So, we are planning on putting ours in the savings account until then.
I asked my accountant about this and he said this wasn't true. I hope it's not. I would imagine if it was an advance, they should give you the option of taking it now then.
|
| Posted 4/28/08 10:16 AM |
| |
|
JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
|
Re: Bush: Rebate Checks Start Going Out Monday
YAY! Now it can get back into Bush's own pocket faster!
|
| Posted 4/28/08 10:55 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by jellybean1420
We were told by our accountant that this is an advance on next years taxes. They will deduct the amount the next time you file. So, we are planning on putting ours in the savings account until then.
I asked my accountant about this and he said this wasn't true. I hope it's not. I would imagine if it was an advance, they should give you the option of taking it now then.
Why would you ever want to take it later?
This is money you don't have to pay back. There was already a tax cut that was going to take effect in 2009. They are simply giving you this tax cut now instead.
It's not like your refund is going to be $1200 less next year because it's not.
|
| Posted 4/28/08 11:01 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by Bxgell2
Does anyone know if families who do not qualify for the rebate, will still get a small refund for having a child?
You may get a smaller refund depending on how much you make over the limit. But if you make much more over the limit, you do not get any rebates for having a child. It's all based on income, not how many kids you have.
|
| Posted 4/28/08 11:02 AM |
| |
|
mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by CathyB
Posted by Bxgell2
Does anyone know if families who do not qualify for the rebate, will still get a small refund for having a child?
I don't think so. You can use this calculator to see what you are getting but you need your 2007 tax return in front of you to complete the calculator.
Bummer, it looks like we are getting nothing Oh well, guess the flat screen will have to wait
|
| Posted 4/28/08 11:42 AM |
| |
|
VirginiaDeb
Don't eat me, hippo!
Member since 5/05 9252 total posts
Name:
Deb
|
Re: Bush: Rebate Checks Start Going Out Monday
Yay! I can afford to drive to work for the rest of the year!
|
| Posted 4/28/08 1:07 PM |
| |
|
nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by LaPetiteSirène
Posted by WoodIAm
We were told by our accountant that this is an advance on next years taxes. They will deduct the amount the next time you file. So, we are planning on putting ours in the savings account until then.
I don't think that is correct. There have been a few discussions about that already but I could be wrong.
He might have meant that you will get taxed on it next year as income. That is what usually happens with the rebates.
|
| Posted 4/28/08 1:20 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by nixy
He might have meant that you will get taxed on it next year as income. That is what usually happens with the rebates.
Not true. You aren't getting taxed on this money... EVER.
I really don't know why people keep thinking this.
Maybe it's the anti-bush people trying to spread this false propoganda. 
|
| Posted 4/28/08 1:37 PM |
| |
|
JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by ave1024
Posted by nixy
He might have meant that you will get taxed on it next year as income. That is what usually happens with the rebates.
Not true. You aren't getting taxed on this money... EVER.
I really don't know why people keep thinking this.
Maybe it's the anti-bush people trying to spread this false propoganda.
That's exactly it. 
I think people just can't understand the concept of "free" money.
It isn't really free, but in terms of our own personal finances it is.
Of course there are so many better uses for the money IMO. But I will not turn down the help to pay bills!
|
| Posted 4/28/08 1:45 PM |
| |
|
ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
|
Re: Bush: Rebate Checks Start Going Out Monday
I agree. There is no penalty for accepting this money you will not have to report it as income next year. This would not have passed otherwise!
|
| Posted 4/28/08 2:06 PM |
| |
|
nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
|
Re: Bush: Rebate Checks Start Going Out Monday
Posted by ilt1221
I agree. There is no penalty for accepting this money you will not have to report it as income next year. This would not have passed otherwise!
The last time we got a rebate, it was for $300 or so we had to report it as income. I think that was a NY state thing, so maybe that is why we had to claim it. Not that it is a big deal b/c its not that large an amount of $. I just assumed that we would have to do the same this time.
|
| Posted 4/28/08 4:01 PM |
| |
|
| Pages: 1 [2] |
