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Good Article on the Tax Rebate
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alisha
LIF Adult
Member since 3/07 1199 total posts
Name:
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Good Article on the Tax Rebate
I thought this article was helpful AND in some situations those that make over the 75k / 150k treshold may still get a check!
CNN Money Article
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Posted 2/8/08 6:08 PM  |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Good Article on the Tax Rebate
Posted by alisha
I thought this article was helpful AND in some situations those that make over the 75k / 150k treshold may still get a check!
CNN Money Article
Thank you. My question in finally answered. I was concerned about getting a rebate and then being penalized for it in 2008.
Do I have to pay the rebate back?
No. And here's why.
Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.
It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.
"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
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| Posted 2/8/08 6:56 PM |
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