How To Spend Your Tax Rebate

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KenyanSandBoa;1623826; said:
I've heard both too...I just checked the IRS website and this is what I found:

What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

I was also reading about how it DOES affect your return in '09...who knows.

Governments...:screwy:
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Solved....From Irs.gov


Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
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darkemotion;1623839; said:
when is the rebate coming? need to up grade my tank!
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Direct deposit starts May 2nd...checks mail starting May 16th.

Here's the story I read:

Updated March 18, 2008.
First of all, there will be no effect to 2007 tax returns. The “rebate” that will be signed into law next week is actually an “advance” on a new credit that will be presented on 2008 tax returns.
In April 2009 or thereabouts, when you file your taxes for 2008, the IRS will run the calculation for the stimulus rebate again. If the results show that you would have received more (due to an additional child, for instance), you will be sent the difference (or owe less on your final tax bill). If your results show that you would have received a smaller rebate, then you get to keep the difference.
To summarize, the rebate that will be sent out in May 2008 is a credit to the taxes you’ll owe on 2008 income, but it is a new credit, so you don’t have to “pay it back.”
Here two important things to remember:
  • In order to receive the rebate in approximately May 2008, you need to file your 2007 tax return.
  • The amount of the rebate is calculated using your earned income; if you earned over $3,000 in 2007, you’ll be eligible, but if you had an adjusted gross income of over $75,000, then the rebate will be reduced by 5% of your overage.
 
KenyanSandBoa;1623842; said:
Direct deposit starts May 2nd...checks mail starting May 16th.

Here's the story I read:

Updated March 18, 2008.
First of all, there will be no effect to 2007 tax returns. The “rebate” that will be signed into law next week is actually an “advance” on a new credit that will be presented on 2008 tax returns.
In April 2009 or thereabouts, when you file your taxes for 2008, the IRS will run the calculation for the stimulus rebate again. If the results show that you would have received more (due to an additional child, for instance), you will be sent the difference (or owe less on your final tax bill). If your results show that you would have received a smaller rebate, then you get to keep the difference.
To summarize, the rebate that will be sent out in May 2008 is a credit to the taxes you’ll owe on 2008 income, but it is a new credit, so you don’t have to “pay it back.”
Here two important things to remember:
  • In order to receive the rebate in approximately May 2008, you need to file your 2007 tax return.
  • The amount of the rebate is calculated using your earned income; if you earned over $3,000 in 2007, you’ll be eligible, but if you had an adjusted gross income of over $75,000, then the rebate will be reduced by 5% of your overage.
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That has to be the most tricky wording I have ever read...lol
 
believe nothing you hear, half of what you see or read. this is like '01. what confuses me is that this type of thing seems as though it would be implemented mid-presidential term... i don't know... cash it, buy silver, and put it in the floor safe. maybe buy an american made generator to run your tanks when civilization fails:)
 
meth lab/psuedo for me...(Breaking Bad inspired me)


Seriously though save it towards a hobby stuff probably.
 
Going to spend it on usless social programs, Wait, thats what the democrats will do with our tax returns next year so enjoy the money now. No really spend the money locally help out your fellow americians
 
bigspizz;1624845; said:
How are the ribs?
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Everything at that place is wonderful! Their beer is fantastic:drool:
 
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