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Post by ratchetisfake on Mar 17, 2008 18:40:09 GMT -5
since my husband and i filed jointly, we will be getting $1200 buck-a-roos. and the 'roo is where we have decided to spend the majority of it......this year is going to kick some major ass.
I don't really understand where the cut-off is between a $300 check and a $600 one. I thought I was getting the bigger one, but that article confused me and I have no idea what I'm getting now. BUT It did say everyone who had their refund direct deposited will get this the first 2 weeks of May, so at least I know when I'm getting it.
Okay here's a short tutorial
If you filed your own taxes and no one claimed you as a dependent you can expect $600. Married Filed Jointly $1200. Each additional dependent =$300 If someone else claimed you then they will be receiving $300 for deducting you. You must have made $3,000 and filed a tax return. This goes for people who do not normally file as well, very low income, Social security recipeints, etc.
The rebate is reduced by 5% of adjusted gross income exceeding $75,000 ($150,000 for joint returns).
So for taxpayers without children, the maximum rebate is fully phased out at $87,000 ($174,000 for joint returns).
This is not being treated as a tax rebate this year but is just new money that the administration hopes that we will all spend to prop up the economy until it's not Bush's problem anymore.
I hope this helps. I know it can be confusing sometimes. It will definitely be enough for a ticket to Roo
As my Inebriated buddy walks out of the Porto, he yells out, "Dude...I love this place...bonnaroo thinks about everything...they even put beer holders next to the toilet!"
Had to break it to him that that was the urnal. Good times good times!
Governments freak out when talk of recession starts. The reason is because people start hoarding their money and goods and it actually just makes things much worse. The government is giving you money to spend to keep the economy going.
And where are is the Trillion dolllars they are going to do this comming from...We must be screwing something up later!
Thats exactly what I was saying..
You're both right... most people don't understand where this "rebate" money is coming from. It's not a rebate folks, more like a pre-bate! We're borrowing money other countries to send checks to most everyone... going in deeper debt overseas. No problem, right? Wrong... Being at the top of this list is nothing to be proud of.www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html Whether it's you, your children, or your grandkids, someday the money has to be paid back; it's not created out of thin air.
That said, if you're going to blow the money somewhere, buy American. Consider spending the money locally. Buying items made in China stimulates their economy, not ours.
Your Rebate May be Reduced: According to the IRS, all or part of your rebate may be applied to back taxes or certain other debts, such as delinquent child support and student loans. In such cases, the IRS will send a letter explaining the reduction.
W T F
I do owe taxes from 06 still, but I'm on a payment plan which is perfectly reasonable at 75 a month. I intend to be paid off in full by the end of 2008... I was planning on using this check to pay off a credit card completely... if they take it to pay off my backtaxes I will be pissed off.
Post by canexplain on Mar 18, 2008 16:02:41 GMT -5
wooz said:
Your Rebate May be Reduced: According to the IRS, all or part of your rebate may be applied to back taxes or certain other debts, such as delinquent child support and student loans. In such cases, the IRS will send a letter explaining the reduction.
W T F
I do owe taxes from 06 still, but I'm on a payment plan which is perfectly reasonable at 75 a month. I intend to be paid off in full by the end of 2008... I was planning on using this check to pay off a credit card completely... if they take it to pay off my backtaxes I will be pissed off.
Post by canexplain on Mar 18, 2008 16:06:26 GMT -5
teine said:
mulcherry0420 said:
Thats exactly what I was saying..
You're both right... most people don't understand where this "rebate" money is coming from. It's not a rebate folks, more like a pre-bate! We're borrowing money other countries to send checks to most everyone... going in deeper debt overseas. No problem, right? Wrong... Being at the top of this list is nothing to be proud of.www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html Whether it's you, your children, or your grandkids, someday the money has to be paid back; it's not created out of thin air.
That said, if you're going to blow the money somewhere, buy American. Consider spending the money locally. Buying items made in China stimulates their economy, not ours.
i am pretty sure on this .. also this is considered income this year, so next year you have to pay taxes on ... thus if you pay about 20percent taxes, you will owe 130 on next year ... i think i am right on how that works ... x****
You're both right... most people don't understand where this "rebate" money is coming from. It's not a rebate folks, more like a pre-bate! We're borrowing money other countries to send checks to most everyone... going in deeper debt overseas. No problem, right? Wrong... Being at the top of this list is nothing to be proud of.www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html Whether it's you, your children, or your grandkids, someday the money has to be paid back; it's not created out of thin air.
That said, if you're going to blow the money somewhere, buy American. Consider spending the money locally. Buying items made in China stimulates their economy, not ours.
i am pretty sure on this .. also this is considered income this year, so next year you have to pay taxes on ... thus if you pay about 20percent taxes, you will owe 130 on next year ... i think i am right on how that works ... x****
ACTUALLY::
from the irs website - under FAQ about the stimulus payment
Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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.
Last Edit: Mar 18, 2008 16:12:52 GMT -5 by Meg - Back to Top
Post by mulcherry0420 on Mar 18, 2008 16:13:43 GMT -5
so basically, if your a full time student. With student loans, not only do we have to pay taxes on that...we'll end up paying..more??
Or will they send my rebate to say, astrive or AES? or whichever you may have your student loans through?
I talked to my mom, and she claimed me again this year, because at the beginning i didnt have a full time job..so this year...i will have a full time job and they wont be able to claim me...so will i be screwed when its my first year on paying my full taxes on myself? I'm pretty confused.
But atleast my mom is cool and using my money i got her back on me, ie. school etc...
anyone know if we had our refund directly deposited there is any way to stop the rebate from being directly deposited?
I think you are stuck. I haven't had a question like that yet in our office. The only way to get out of it is to close your bank account, I guess. Then they would probably mail you a check instead, but I would imagine this would be severly delayed. I'm not sure why you would want to do this. And keep in mind if the check is mailed it would be to the address on the tax return.
I would poke around on IRS.gov, their website is extremely easy to use and you could even try sending an email. If I hear of anything I'll try and post back here.
anyone know if we had our refund directly deposited there is any way to stop the rebate from being directly deposited?
I think you are stuck. I haven't had a question like that yet in our office. The only way to get out of it is to close your bank account, I guess. Then they would probably mail you a check instead, but I would imagine this would be severly delayed. I'm not sure why you would want to do this. And keep in mind if the check is mailed it would be to the address on the tax return.
I would poke around on IRS.gov, their website is extremely easy to use and you could even try sending an email. If I hear of anything I'll try and post back here.
I have the reverse problem. I already filed my taxes and got my check, but I want this rebate to be direct deposited, because I could really use the money sooner rather than later. But from what I've read I'm up sh!t's creek.
so basically, if your a full time student. With student loans, not only do we have to pay taxes on that...we'll end up paying..more??
Or will they send my rebate to say, astrive or AES? or whichever you may have your student loans through?
I talked to my mom, and she claimed me again this year, because at the beginning i didnt have a full time job..so this year...i will have a full time job and they wont be able to claim me...so will i be screwed when its my first year on paying my full taxes on myself? I'm pretty confused.
But atleast my mom is cool and using my money i got her back on me, ie. school etc...
I'm not sure of your exact situation and everyone is different, but Loans are not taxed. Grants and Scholarships are. If you do have loans, you will have a deduction for the interest you pay on those once you begin paying them off.
You won't be screwed for next year. It's something like 75% of people who file a return get a refund. There are much bigger things to worry about....like what bands are going to be announced tomorrow!
Post by mulcherry0420 on Mar 18, 2008 19:06:31 GMT -5
oh okay. well i had one grant for being left handed.(NO one else applied for it. How wild, make sure your kids fill out ALL possible grant/scholarship application possible. Very time consuming, but will save some $$ in the long run).
I chose to pay as I go. So hopefully i will get some monies back on that. Thanks for the info!
x****