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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Stimulus package
I'm going to buy a Nikon camera ("I love to take phoooootographs..") Does that count as helping our economy?
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Posted 2/9/08 12:37 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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Re: Stimulus package
woo hoo!!! so happy we are getting this!!! we def make the cut! i duno if its good or bad 
we will be takin my parents on a cruise for this..they havent been on a plane in 25 years!
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| Posted 2/9/08 1:30 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Stimulus package
Posted by BabyBoy
i don't know if you ladies missed this and a few posters brought this up, this is a credit against when you go to file next year...
so its not free money, just borrowed against next year... 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.
http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?cnn=yes
It has always been this way. Not too surprising!!
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| Posted 2/9/08 6:04 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Stimulus package
Posted by headoverheels
Posted by BabyBoy
i don't know if you ladies missed this and a few posters brought this up, this is a credit against when you go to file next year...
so its not free money, just borrowed against next year... 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.
http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?cnn=yes
this is the important part: 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."
so basically, you are getting this year what you WOULD HAVE gotten next year, unless you are entitled to more next year, at which time you'll get the difference. it's like an advance on your tax refund.
thanks for the clarification babyboy.
I don't understand this, doesn't make sense. Aren't they just going to consider this $1200 taxable income? So for example if you are in the 20% tax bracket you will owe an additional $240 in taxes next year. That's still about $960 in free money.
Going by what you are saying above, you are making it sound like this is merely a loan by the government that will apply to your 2008 taxes.
So again for example when you are doing your 2008 taxes next February '09 if you paid out $11,200 in federal taxes and you owe $10,000 in taxes based on your tax bracket, where you would normally be getting a $1200 refund are you saying now you would break even?
I don't think that it works that way, but I could be wrong and I would love to hear some clarification on this.
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| Posted 2/9/08 8:36 PM |
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| Pages: 1 2 [3] |
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