[aplepy]

I heard on the news that we will be getting more money besides our regular income tax refund... I think that will be awesome..

They're trying to boost up the economy by handing out money...

Love this country when they do that...

Here is the link for whom ever wants to find out how much they're gonna get... it's just a quick summary..

http://www.macon.com...ory/249152.html

http://www.theconservativevoice.com/ap/art...O0&apc=9004

[Sunny]

Is this in Australia too? if not, i wouldnt read LOL.

[Cecilia]

i hope it's not a scheme of some sort .. thanks . free money, i won't mind LOL *i'm not a gold digger but i'm broke atm

[Dal]

I heard about this too. They did the same thing a few years ago. It was a child credit tax or something. This is great though.

[natty]

it's a tax rebate to help with the recession, here is the explanation credit to msnbc:


The deal goes something like this: just about anyone who earned a paycheck in 2007 gets at least $300 back from the IRS; many will get rebates of $600 each, or $1,200 per couple. If you have children who qualify as dependents, you get another $300 for each child. If you earned at least $3,000 last year, but not enough to pay income taxes, you still get $300.

So far, so good. The rebates “phase out” for people who earned $75,000 or more and filed an individual return; the limit is $150,000 for couples who filed jointly. The phase-out clips your check by five percent of any amount over those limits. So if you’re single and earned $80,000, you’ll get: $600, minus five percent of the $5,000 you earned over the $75,000 limit ($250), which leaves you with $350. That effectively caps eligibility at $87,000 in income for singles and $174,000 for couples.

If you earned more than those limits in 2007, you get nothing. Unless you have kids, in which case you get $300 per kid. But you could lose that too if you earned enough to burn off your child credit with the 5 percent phase-out. That would happen to a married couple with one child that earned $180,000 last year; the first $24,000 over the limit would burn up their individual credits and the next $6,000 would eliminate the $300 child credit. (Still with us on this?)

Rebates for married couples are based on a joint return. So if you and your spouse together earned $95,000 and paid more than $1,200 in taxes, you’ll get a check for $1,200 for “individual” credits — even if one spouse earned a lot less than the other. If you and your spouse only paid $750 in taxes (less than the $1,200 rebate limit), you only get back $750.

Keep in mind this rebate has nothing to do with the refund you may be owed from having too much withholding taken from your paycheck. The rebates won’t effect that refund. If you owe taxes, you can just give your rebate back to the government and they’ll use it to pay your bill.

[Cecilia]

thanks for the link .. i guess its' for real. i hope it pass .. b/c i seriously can use a few extra cash THANKS natty for posting the article here as well

[natty]

it passed last week cecilia..

[pam]

Sunny, on Jan 30 2008, 02:29 AM, said:

Is this in Australia too? if not, i wouldnt read LOL.

Sorry sweety, only in america Wonder how long the refund is going to take, can't wait for it

[aplepy]

They say that once it passes... They'll start sending them out in May.. Those who does electronic filing this year will possible get them sooner...

I better starting doing my taxes...hehehhe...

[natty]

ok so i found out more informations regarding this so called rebate.. what it really is is a loan from the government.. they will send you $600 which is actually a prepay of NEXT year.. for example when you file next year and suppose to get back $600, they won't send you your tax return cus they will consider it even since they send it to you already this year.. but if you are suppose to get back $700, then they will send you $100.. BUT if you only suppose to get back for say $200 next year after filing, you actually OWE the government $400.... and if you somehow got a raise or promotion or a new job that made more money and turn out you owe a certain amount next year, well you owe that amount PLUS the $600 they already sent you as a rebate this year.... and again remember that this does not have anything to do with your refund THIS year.. but everything to do with your refund next year

make sense?

[Randios]

hmm..interesting

so do we have to accept their loan?

[pam]

LOL, that is just a rip offf!!! Now what if ppl didn't have the money to pay them back?? Are they going to charge an interests?? Don't really want to accept anymore now!!

[natty]

Randios, on Feb 13 2008, 06:21 AM, said:

hmm..interesting

so do we have to accept their loan?

yes, they're going to automatically send you the check.. so if you are uneasy, not knowing how much you will get back or pay back next year, just deposit it into your saving account and not use it..

[Randios]

okay..thanks for the info natty

[natty]

see i love all the different forums i go into lol..