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-   -   Rebate Checks (https://www.yorkietalk.com/forums/off-topic-discussions/115621-rebate-checks.html)

Bizzymammabee 02-08-2008 08:51 AM
Rebate Checks
 
Just read on the financial times that the checks are slated to be sent out in May. Here is the catch though they are considered and advancement on next year's refunds.

They sure know how to get ya :D

itsmeagain05 02-08-2008 09:07 AM
does that mean we need to claim them as income on 2008 taxes?
that :thumbdown

bchgirl 02-08-2008 09:27 AM
If they are considered an advancement of 08 refunds....guess we won't be getting one. We always pay the IRS...

Btw, the last "rebate" that was sent out...you did have to include it on that year's tax return as income.

Bizzymammabee 02-08-2008 09:27 AM
Quote:
Originally Posted by itsmeagain05 (Post 1744527)
does that mean we need to claim them as income on 2008 taxes?
that :thumbdown
Yep.....;0(

fannie 02-08-2008 09:44 AM
No... this is not true.

I'll find some links for you.

Tiggerwit 02-08-2008 09:51 AM
I had heard that they will not be considered income and that it was free money. I'm going to be bent if it's not.

Bizzymammabee 02-08-2008 09:59 AM
Quote:
Originally Posted by Tiggerwit (Post 1744680)
I had heard that they will not be considered income and that it was free money. I'm going to be bent if it's not.
Nope not free money...read the article:

http://www.cnn.com/2008/POLITICS/02/...lus/index.html

Bizzymammabee 02-08-2008 10:00 AM
Here is what is says in regards to it being a freebie or income that tax has to be paid on:

The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

"My team will be sitting down with the IRS tomorrow, and the IRS, right in the middle of tax filing season ... will be working to get checks out," said Paulson, who helped broker the deal.

Tiggerwit 02-08-2008 10:03 AM
Bummer. They're harshing my buzz!!! ;)

Bizzymammabee 02-08-2008 10:07 AM
Quote:
Originally Posted by Tiggerwit (Post 1744717)
Bummer. They're harshing my buzz!!! ;)
Well I was spending it on bills that are racked up on my CC anyways....so it is not money I had anyhow and just helped me advance pay off something or another.

Gonna have a lovely bill for spaying zoey in two weeks.

bchgirl 02-08-2008 10:08 AM
Quote:
Originally Posted by Bizzymammabee (Post 1744711)
Here is what is says in regards to it being a freebie or income that tax has to be paid on:

The package, which passed the Senate 81-16, will send rebate checks to 130 million Americans in amounts of $300 to $600 for people who have an income between $3,000 and $75,000, plus $300 per child. Couples earning up to $150,000 would get $1,200.

The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.

"My team will be sitting down with the IRS tomorrow, and the IRS, right in the middle of tax filing season ... will be working to get checks out," said Paulson, who helped broker the deal.
Ya know what that really means....they are giving YOU....what they project you will have withheld from your paycheck. It's not a gift, it's already your money. You could elect to have less withheld from your paycheck every week and have your money now....

Tiggerwit 02-08-2008 10:14 AM
Quote:
Originally Posted by Bizzymammabee (Post 1744729)
Well I was spending it on bills that are racked up on my CC anyways....so it is not money I had anyhow and just helped me advance pay off something or another.

Gonna have a lovely bill for spaying zoey in two weeks.
Yeah, that's always helpful but I like it at refund time, comes in handy right about then and now I'll just be that much shorter when the time comes. With my kids getting older and losing child support it affects me. I'm going to bank mine.

Bizzymammabee 02-08-2008 10:16 AM
Quote:
Originally Posted by Tiggerwit (Post 1744753)
Yeah, that's always helpful but I like it at refund time, comes in handy right about then and now I'll just be that much shorter when the time comes. With my kids getting older and losing child support it affects me. I'm going to bank mine.
Everything is increasing in price...too bad our checks are following slowly behind it.

furby2000 02-08-2008 10:24 AM
That's funny.. I am not reading that middle sentence on the article. Did they remove it because it was mistaken???

Either way. I'm not getting anything :( Not fair..

Tiggerwit 02-08-2008 10:36 AM
Quote:
Originally Posted by furby2000 (Post 1744782)
That's funny.. I am not reading that middle sentence on the article. Did they remove it because it was mistaken???

Either way. I'm not getting anything :( Not fair..
Yeah, I assume it was cut and pasted from the article but now it\'s not there. Odd.


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