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Shopaholic921
SUP..
Member since 10/05 5113 total posts
Name:
Brooke
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That government rebate thing coming in June...
Whats the deal exactly? A single has to make under $75K to qualify for the $600 and a couple needs to make a combined of under $150K for $1,200?
If you make more than that you get didly?
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Posted 2/8/08 10:41 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: That government rebate thing coming in June...
I thought it was shot down (?)
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| Posted 2/8/08 10:42 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: That government rebate thing coming in June...
If you make more than that, you get less. But I do not know what the numbers are.
Also for each child, you get $300.
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| Posted 2/8/08 10:43 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: That government rebate thing coming in June...
Posted by carolinep24
I thought it was shot down (?)
nope it was approved yesterday, I think
yes, if you are married and make less than 150k combined, you get 1,200 plus 300 per child
DH and I will be getting 1,500
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| Posted 2/8/08 10:43 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: That government rebate thing coming in June...
Posted by carolinep24
I thought it was shot down (?)
I believe it was shot down Wednesday, but passed yesterday.
To the OP. You are correct with your numbers.
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| Posted 2/8/08 10:44 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: That government rebate thing coming in June...
I just realized dh should be thanking his lucky stars.
If he was single, he wouldn't qualify 
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| Posted 2/8/08 10:44 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: That government rebate thing coming in June...
Posted by stephanief
Posted by carolinep24
I thought it was shot down (?)
nope it was approved yesterday, I think
yes, if you are married and make less than 150k combined, you get 1,200 plus 300 per child
DH and I will be getting 1,500
woo hoo SCORE! I get an extra 300 points for getting knocked up!
[happy dance]
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| Posted 2/8/08 10:45 AM |
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Shopaholic921
SUP..
Member since 10/05 5113 total posts
Name:
Brooke
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Re: That government rebate thing coming in June...
Posted by Mssissy
To the OP. You are correct with your numbers.
So it's true that you get nada if you make over those numbers?
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| Posted 2/8/08 10:46 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: That government rebate thing coming in June...
Posted by Shopaholic921
Posted by Mssissy
To the OP. You are correct with your numbers.
So it's true that you get nada if you make over those numbers?
No, I believe they modify the amount...you'll get less for making more.
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| Posted 2/8/08 10:48 AM |
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Shopaholic921
SUP..
Member since 10/05 5113 total posts
Name:
Brooke
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Re: That government rebate thing coming in June...
Posted by ~Colleen~
Posted by Shopaholic921
Posted by Mssissy
To the OP. You are correct with your numbers.
So it's true that you get nada if you make over those numbers?
No, I believe they modify the amount...you'll get less for making more.
How about they give me MORE for RAPING me on taxes!!!!!!!!!!!!! 
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| Posted 2/8/08 10:49 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: That government rebate thing coming in June...
Posted by Shopaholic921
Posted by ~Colleen~
Posted by Shopaholic921
Posted by Mssissy
To the OP. You are correct with your numbers.
So it's true that you get nada if you make over those numbers?
No, I believe they modify the amount...you'll get less for making more.
How about they give me MORE for RAPING me on taxes!!!!!!!!!!!!!
I stand corrected:
"The legislation would send rebates - $600 for individuals, $1,200 for couples - to most taxpayers and cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that getting smaller checks."
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| Posted 2/8/08 10:50 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: That government rebate thing coming in June...
Posted by Shopaholic921
How about they give me MORE for RAPING me on taxes!!!!!!!!!!!!!
Believe me, you're preaching to the choir. I'm not counting on anything - honestly, I think the whole thing is absurd (but that's another thread).
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| Posted 2/8/08 10:53 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: That government rebate thing coming in June...
I have a question...
This is based on last years taxes?
DH & I were legally married in May 2007 so we didnt file jointly last year.
we still BOTH made under 75,000... we'll both be getting the same amount as if we WERE married, right?
Message edited 2/8/2008 10:55:19 AM.
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| Posted 2/8/08 10:54 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: That government rebate thing coming in June...
based on 2007. The checks will start coming in May.
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| Posted 2/8/08 11:02 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: That government rebate thing coming in June...
Posted by Blu-ize
based on 2007. The checks will start coming in May.
we haven't filed yet... but of course will do so before 4/15
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| Posted 2/8/08 11:04 AM |
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Taylorsmom
LIF Toddler
Member since 5/06 432 total posts
Name:
Denise
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Re: That government rebate thing coming in June...
Don't get too excited about these Rebates.
Just read on MSN.com that this money isn't as "Free" or "Extra" as we think...
This isn't free money for most people
The rebate checks are basically an advance on taxpayers' 2009 refunds. After similar rebates were sent out in 2001, tax expert Mark Luscombe said, "a lot of people were upset to see their (next) refund reduced."
The only people for whom this really is free money are low-income folks who won't end up owing any taxes for 2008. Basically, that would be people who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits.
If you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
Otherwise, you'll pay for it next tax season with either a smaller refund or (gasp) a tax bill. You may need to step up your withholding for the rest of 2008 if you want to avoid writing a check next year. (TurboTax offers a free withholding calculator here.)
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| Posted 2/8/08 11:19 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: That government rebate thing coming in June...
Posted by Taylorsmom
Don't get too excited about these Rebates.
Just read on MSN.com that this money isn't as "Free" or "Extra" as we think...
This isn't free money for most people
The rebate checks are basically an advance on taxpayers' 2009 refunds. After similar rebates were sent out in 2001, tax expert Mark Luscombe said, "a lot of people were upset to see their (next) refund reduced."
The only people for whom this really is free money are low-income folks who won't end up owing any taxes for 2008. Basically, that would be people who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits.
If you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
Otherwise, you'll pay for it next tax season with either a smaller refund or (gasp) a tax bill. You may need to step up your withholding for the rest of 2008 if you want to avoid writing a check next year. (TurboTax offers a free withholding calculator here.)
Well then, its not really a rebate is it? And also thats lying to the people.
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| Posted 2/8/08 11:23 AM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: That government rebate thing coming in June...
I heard something about that with this rebate and the last one we got in 07. Basically, you have to pay tax on it b/c it's considered "income".
I could be wrong, please feel free to correct me if this is the case!
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| Posted 2/8/08 11:27 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: That government rebate thing coming in June...
Correct me if I'm wrong, but this hasn't been signed by the President yet, right?
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| Posted 2/8/08 11:36 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: That government rebate thing coming in June...
Posted by ~Colleen~
Posted by Shopaholic921
Posted by Mssissy
To the OP. You are correct with your numbers.
So it's true that you get nada if you make over those numbers?
No, I believe they modify the amount...you'll get less for making more.
I'm pretty sure that's only true up to approximately $175k combined, though... Over that, nada.
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| Posted 2/8/08 11:38 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: That government rebate thing coming in June...
Last I heard, this proposal is still dangling. Dems and Republicans can't agree on the package.
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| Posted 2/8/08 12:09 PM |
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Re: That government rebate thing coming in June...
Posted by Kara
Correct me if I'm wrong, but this hasn't been signed by the President yet, right?
Not officially, no.
They're reporting that he WILL sign it.
Perhaps today, keep your eyes peeled for breaking news...
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| Posted 2/8/08 12:21 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: That government rebate thing coming in June...
I don't see how this can be based on 2007 tax returns, when many people don't file their taxes until April, and many more go on extension until October.
I can see MAYBE those who receive W-2's , but what about self-employed taxpayers? The govt doesn't know what they earn until they file their tax returns.
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| Posted 2/8/08 12:24 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: That government rebate thing coming in June...
Posted by bomb-blast
I don't see how this can be based on 2007 tax returns, when many people don't file their taxes until April, and many more go on extension until October.
I can see MAYBE those who receive W-2's , but what about self-employed taxpayers? The govt doesn't know what they earn until they file their tax returns.
when you file an extension, you have to estimate your income and estimate your tax liability - so they will probably base it on that. who knows.
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| Posted 2/8/08 12:37 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: That government rebate thing coming in June...
Posted by Meaghan729
when you file an extension, you have to estimate your income and estimate your tax liability - so they will probably base it on that. who knows.
doubtful...those estimates are just that, estimates. they can be close or nowhere near the actual numbers. plus, the estimate is of 'taxable income' and not 'AGI', two very different things.
in any case, i'll take whatever they give..it's not like i have big plans for my 'huge' rebate 
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| Posted 2/8/08 12:55 PM |
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