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That government rebate thing coming in June...
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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
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 
then how will they give "rebates" to people who file extensions?? unless they dont get them?
we are probably better off in the long run NOT getting them 
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Posted 2/8/08 1:02 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: That government rebate thing coming in June...
then I would get back $1800
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| Posted 2/8/08 1:24 PM |
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Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
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Re: That government rebate thing coming in June...
Posted by Taylorsmom
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."
... 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.)
I had a feeling this was going to be how it worked. We'll just tuck it away in savings for next year, but I feel terribly for families who need the extra $$, spend it and then will get hit next year at tax time.
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| Posted 2/8/08 1:49 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: That government rebate thing coming in June...
Posted by Whamtastic
Posted by Taylorsmom
This isn't free money for most people
The rebate checks are basically an advance on taxpayers' 2009 refunds. After similar rebates were sent out in 2001, tax expert Mark Luscombe said, "a lot of people were upset to see their (next) refund reduced."
... you'll pay for it next tax season with either a smaller refund or (gasp) a tax bill. You may need to step up your withholding for the rest of 2008 if you want to avoid writing a check next year. (TurboTax offers a free withholding calculator here.)
I had a feeling this was going to be how it worked. We'll just tuck it away in savings for next year, but I feel terribly for families who need the extra $$, spend it and then will get hit next year at tax time.
AT WORST aren't they just going to count this money as taxable income?
Thats a big difference than calling it "an advance on next year's taxes" because this makes it sound like it's a loan and not a rebate.
If they are counting $1200 as taxable income, then you will have to pay tax on it (which for most people will probably be about $150-300).
So while your next year's refund may go down, it should only go down a few hundred bucks tops. Definitely not $1200 so i'll be more than happy to take my $1200 now. 
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| Posted 2/8/08 3:20 PM |
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| Pages: 1 [2] |
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