Stimulus rebate...

[smokedtitan]

It is official, we are not getting taxed on this next year. It is free money

[CalEpic]

Free money?

I don't think so.

[Abui]

Originally Posted by smokedtitan

It is official, we are not getting taxed on this next year. It is free money

What about CA state tax?

[92se-r]

Free money? LOL. No wonder our economy is in the dumps and there is this whole credit mess. Most of the populations' Economics IQ is zero.

Sorry I'm a bit bitter. I'm not getting an economic stimulus rebate. I guess I don't "deserve" it.

[1TrackMind]

Originally Posted by 92se-r

Free money? LOL. No wonder our economy is in the dumps and there is this whole credit mess. Most of the populations' Economics IQ is zero.

Sorry I'm a bit bitter. I'm not getting an economic stimulus rebate. I guess I don't "deserve" it.

I'm with you...because I am paying for everyone else's "free money"

[northshore]

Originally Posted by smokedtitan

It is official, we are not getting taxed on this next year. It is free money

Can you provide a link?

[grant]

I'll pay $100 for $6000 of free money, if anybody wants to sell some.
That should be enough for a new ride.

[surlygal]

Originally Posted by northshore

Can you provide a link?

"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."

&

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.

From this link close to the bottom:
http://www.irs.gov/newsroom/article/...179181,00.html

[northshore]

Originally Posted by grant

I'll pay $100 for $6000 of free money, if anybody wants to sell some.
That should be enough for a new ride.

That sounds like what Europeans are doing now when they arrive State side with Euros in hand.

[autoduel]

From what I understand, this stimulus rebate is an advance of a tax credit that some may or may not qualify for in their 2008 tax return.
If it turns out you qualify for more credit than you receive this year(i.e. have a kid in 2008 ), the gov't will make an adjustment(+300) on your 2008 return. On the other hand, if you receive more than you qualify for in your 2008 return, you are not obligated to pay any of it back.

[surlygal]

Originally Posted by autoduel

From what I understand, this stimulus rebate is an advance of a tax credit that some may or may not qualify for in their 2008 tax return.
If it turns out you qualify for more credit than you receive this year(i.e. have a kid in 2008 ), the gov't will make an adjustment(+300) on your 2008 return. On the other hand, if you receive more than you qualify for in your 2008 return, you are not obligated to pay any of it back.

Steve - I hate to correct you but, i'm going to correct you.

4 years ago the credit was an early tax refund/credit. The 2008 check is not the same as 4 years ago!

I repeat:

This is not an early refund - as in previous years

See my above post directly from the IRS website.

BTW: I work at a tax firm

[BobBurnes]

I'm saving it for when gas hits 9.00 a gallon next summer.

[autoduel]

[FONT=TimesNewRomanPS-ItalicMT][SIZE=2]

I keep finding this:

Although determined based on the 2007 tax year, the rebate technically remains a credit against 2008 tax, made in the form of an advance payment.

It is based of of your 2007 taxes, but is it still an advance of a tax cut on your 2008 taxes?

[/SIZE][/FONT]

[surlygal]

Originally Posted by autoduel

[FONT=TimesNewRomanPS-ItalicMT][SIZE=2]

I keep finding this:[/FONT][/SIZE]

[SIZE=2][/SIZE]

[SIZE=2][FONT=TimesNewRomanPS-ItalicMT]It is based of of your 2007 taxes, but is it still an advance of a tax cut on your 2008 taxes?

[/FONT][/SIZE]
[SIZE=2][FONT=TimesNewRomanPS-ItalicMT][/SIZE][/FONT]

Where are getting this?

The IRS has stated clearly that this is not an early refund and not a taxable refund.

My entire day revolves around me trusting what the IRS is telling me - that's the best I can do or say and that's what my clients pay me for

[autoduel]

Here are a few links although I'm not sure how reliable the source is:
http://tax.cchgroup.com/legislation/2008-stimulus-package.pdf

http://www.consumerismcommentary.com/2008/01/28/economic-stimulus-tax-rebate-calculator/

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/12/BUOAV0BJP.DTL

[surlygal]

Originally Posted by autoduel

Here are a few links although I'm not sure how reliable the source is:
http://tax.cchgroup.com/legislation/2008-stimulus-package.pdf

http://www.consumerismcommentary.com/2008/01/28/economic-stimulus-tax-rebate-calculator/

http://www.sfgate.com/cgi-bin/articl.../BUOAV0BJP.DTL

Okay - to clarify these links - what they are sayin is:

To qualify for this tax credit you had to have earned income, it was based on tax year 2007 in order to give the refund but is a tax year 2008 refund. I know it's not clear but that is what it's saying

[richie_rich]

Here is the link for more information straight from the horses mouth...or a$$

http://www.irs.gov/irs/article/0,,id=177937,00.html

Rebate calculator here: http://www.bargaineering.com/article...explained.html

Check this out
Wal-Mart is capitolizing...

April 29, 2008, 8:08AM
Wal-Mart to cash economic stimulus checks for free

© 2008 The Associated Press

BENTONVILLE, Ark. — Wal-Mart says it won't charge a fee to cash customers' economic stimulus checks.

The world's largest retailer said Tuesday that no purchase will be required. Wal-Mart typically charges up to $3 to cash payroll or government checks.

Wal-Mart Stores Inc. says customers can also, without charge, load the stimulus checks onto the company's Wal-Mart MoneyCard, which acts as a prepaid debit card. The company's Sam's Club warehouse stores will also cash the checks at no charge.

The tax rebates are expected to reach 130 million households. The payments range up to $600 for individuals and $1,200 for married couples, plus $300 per child for eligible parents.

[autoduel]

But the IRS website mostly delves into who gets it and how much, etc.
But not the big picture of where the funds are coming from and why some people aren't getting it(aside from income caps).
This is the closest statement 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 can't find anything that substantiates nor discredits the statements I found saying it is an advance of a 2008 tax cut.

[surlygal]

At this point all I can do or say is what I already have.. Using the resources i've provided....Opinions will be formed based on what is percived. I've just tried to provide info to help clarify questions..