Federal Tax Return

[amor587]

Probably new brakes for the van and street bike, hopefully a bit for home improvements. It turns out that this federal tax return is not so fun after all... LOL

[surlygal]

Originally Posted by KeepsWhatHappens

I see your point but you shouldn't mistake making over $75k with being financially stable. They don't necessarily go hand-in-hand.

Hey i'm confused???Even if you make over 75k you still qualify just not as much...And or if you owed and haven't paid it all. They'll gladly keep your check as a form of payment, but still charge you penalty & interest

Kiplinger Newsletter Published Feb 2008
"The rebate amount starts to phase out for single filers whose adjusted gross income is more than $75,000, or more than $150,000 for married couples filing jointly.
For people who earn more than that, the rebate is reduced by $50 for every $1,000 above the income limit. So the credit would phase out entirely at $87,000 for a single filer without children; or $174,000 for joint filers without children. The upper limits of the phase-out zones rise with the number of children you have. "

[northshore]

Originally Posted by surlygal

Hey i'm confused???Even if you make over 75k you still qualify just not as much...And or if you owed and haven't pait it all. They'll gladly keep your check as a form of payment, but still charge you penalty & interest

Kiplinger Newsletter Published Feb 2008
"The rebate amount starts to phase out for single filers whose adjusted gross income is more than $75,000, or more than $150,000 for married couples filing jointly.
For people who earn more than that, the rebate is reduced by $50 for every $1,000 above the income limit. So the credit would phase out entirely at $87,000 for a single filer without children; or $174,000 for joint filers without children. The upper limits of the phase-out zones rise with the number of children you have. "

It's the American taxation way. The more you make, the more you get screwed.

[wirk242]

The Economic Stimulus Check is not a really a "rebate".. correct?

It's a 'prebate', you just get back 600 dollars less (or pay more) next year. Or at least thats how I thought it worked.

It's not supposed to be free money, the government is essentially giving you a fake 'interest free' loan.

[surlygal]

Originally Posted by wirk242

The Economic Stimulus Check is not a really a "rebate".. correct?

It's a 'prebate', you just get back 600 dollars less (or pay more) next year. Or at least thats how I thought it worked.

It's not supposed to be free money, the government is essentially giving you a fake 'interest free' loan.

In previous years that has been the case, This is different.

I just posted this on the other thread so i'll post it here too.

"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

[autoduel]

Originally Posted by Zonacat

So you accept the act of taking from one and giving to another.

Okay, let's call it legalized theft and be done with it.

On a side note, the whole idea of this tax rebate is nothing more than a political bandaid, which is only going to further hasten the implosion of our economy.

Politcal and economical folly.

Hugs!!

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. Before you complain that this is stealing from others, how is this different from any other tax credit/deduction you can or cannot take when doing your taxes. I don't bitch and moan when I don't qualify for Earned Income Credit because the government says I make too much money.

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.

[wirk242]

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. Before you complain that this is stealing from others, how is this different from any other tax credit/deduction you can or cannot take when doing your taxes. I don't bitch and moan when I don't qualify for Earned Income Credit because the government says I make too much money.

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.

Thanks! That makes more sense to me.

[chupacabra]

Originally Posted by Zonacat

.
People in the $10 seats will get back $15. After all, they have less money to spend on tickets to begin with. Call it an "Earned Income Ticket Credit." Persons "earn" it by having few skills, poor work habits, and low ambition, thus keeping them at entry-level wages.

So the people that don't make much money are "unskilled" and "have poor work habits" and "low ambition"?

If you've worked with many low income earners, many are hard workers. Work harder than I do. It seems pretty self-flattering to say they are all of these. Some may be one or more, but all????? Come on.

[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. Before you complain that this is stealing from others, how is this different from any other tax credit/deduction you can or cannot take when doing your taxes. I don't bitch and moan when I don't qualify for Earned Income Credit because the government says I make too much money.

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.

Man I can't belive i'm goin back and forth from thread to thread to clarify these incorrect statements


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

4 years ago the check was an early tax credit/refund. 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

[Zonacat]

Originally Posted by chumbacabra

So the people that don't make much money are "unskilled" and "have poor work habits" and "low ambition"?

If you've worked with many low income earners, many are hard workers. Work harder than I do. It seems pretty self-flattering to say they are all of these. Some may be one or more, but all????? Come on.

This is just a humorous story I posted about the tax system. I did not write it.

Yes, I am very aware that some people who don't earn very much money work very hard for the little they do make.

I do not agree wholeheartedly with the story I posted, but do agree with the silliness of our tax system, as mocked in this snippet.

Hugs!

[FoShizzle]

Originally Posted by chumbacabra

So the people that don't make much money are "unskilled" and "have poor work habits" and "low ambition"?

If you've worked with many low income earners, many are hard workers. Work harder than I do. It seems pretty self-flattering to say they are all of these. Some may be one or more, but all????? Come on.

indeed..."some" people around here are sounding a bit pretentious for sure

so if somebody intentionally opts for a career where they are not some sort of whore they are lesser for some reason? Nothing is more annoying than whining about things not being fair.

i dont give an eff if somebody gets a refund and I dont...gimme a friggin brake. bunch of tree hugging hemp t-shirt wearing political wannabee yuppies who make what, $75,001 and think their sh!t dont stink?

[DeeZee]

Originally Posted by FoShizzle

indeed..."some" people around here are sounding a bit pretentious for sure

so if somebody intentionally opts for a career where they are not some sort of whore they are lesser for some reason? Nothing is more annoying than whining about things not being fair.

i dont give an eff if somebody gets a refund and I dont...gimme a friggin brake. bunch of tree hugging hemp t-shirt wearing political wannabee yuppies who make what, $75,001 and think their sh!t dont stink?

U are a lunatic but I agree with this post.

There are worse things than not having money. How would you like to be this guy!

[Zonacat]

Originally Posted by FoShizzle

bunch of tree hugging hemp t-shirt wearing political wannabee yuppies who make what, $75,001 and think their sh!t dont stink?

Wear hemp? I only burn it and add to my carbon footprint.

...and I've been told my arse smells like roses.

[FoShizzle]

Originally Posted by DeeZee

U are a lunatic but I agree with this post.

There are worse things than not having money. How would you like to be this guy!

i hate you

[FoShizzle]

Originally Posted by Zonacat

Wear hemp? I only burn it and add to my carbon footprint.

...and I've been told my arse smells like roses.

nice! hemp is for poseurs anyway

[gregOREO]

Originally Posted by foofighter

the irony to this stimulus package is that it's designed to promote spending but most of us will be saving

people wont save, they will spend than money on gas if they keep prices up

and my return goes to my wife so consider the money gonelol

[DeeZee]

Originally Posted by gregOREO

people wont save, they will spend than money on gas if they keep prices up

and my return goes to my wife so consider the money gonelol

I never see my returns and we are a single income household. At least this year she told me when we got it


ps. I hope FYM doesn't read this

[FoShizzle]

Originally Posted by DeeZee

I never see my returns and we are a single income household. At least this year she told me when we got it


ps. I hope FYM doesn't read this

i have not seen a refund, bonus, or anything in the past 12 years (spent before it arrives in account)...its almost painful when i learn i am getting a bonus and/or a refund since i then imagine would i would get if i was not pretending to be such a responsible person...responsibility is ghey

[KONAgrooveNEWPORT]

Originally Posted by DownHillPhil

"Deliver us from THE PATH, and lead us not into temptation..."

Those of you with plans for the money...what are you buying?

Hahahaha...Got my check yesterday, ordered my Lyrik U-Turn FROM THE PATH THIS MORNING!!!!!

are you psychic?