Discussion:2008 Rebate checks?
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Discussion Forum Index --> Tax Questions --> 2008 Rebate checks?
| 31 January 2008 | |
| Does anybody know what year the rebate checks will be based on? | |
TheTinCook (talk|edits) said: | 31 January 2008 |
| TY 2008. Last time I heard, it will be an advance on next years refund. | |
| 31 January 2008 | |
| I think she means how will they know your income and filing status and number of dependents - by looking at the 2007 return? And what about all those who file extensions? | |
| 31 January 2008 | |
| The house bill references 2007. You have to file get it. They will also use 2008 for taxpayer's that don't benefit in 2007 for reasons I am unaware of. | |
| 1 February 2008 | |
| The rebate checks will be based on earned income and AGI's shown on the 2007 return. The 2008 tax credits currently scheduled under the proposed regulations will be reduced by the amount of advance payments (rebates) received by the taxpayer. | |
| 1 February 2008 | |
| wait till the tax bill to finalize before we can file income? | |
| 6 February 2008 | |
| So since this is basically an advance on the 2008 tax credits, will the withholding tables be adjusted for 2008 to account for this? I had a client concerned that she will end up owing taxes in 2009 because of the tax rebate. | |
Bottom Line (talk|edits) said: | 6 February 2008 |
| Good chance she might. Had some that owed because of the prior rebate. Wonder if a new withholding table will be sent out. | |
| 6 February 2008 | |
| Wait a minute... I realize the rebate will be the result of the elimination of the 10% tax bracket for 2008, but I thought I read that they would use the 2006 tax returns as a basis, so as long as you've filed your 2006 return you'd be in good stead. How could they issue checks in May on 2007 tax returns.... what about all those folks with legitimate reasons to extend? | |
| 6 February 2008 | |
| The 2007 tax returns will be used as a basis for the rebate. No rebate will be allowed or made after December 31, 2008. Taxpayers who extend their 2007 returns will be eligible for the rebate. | |
Luvtoclean5 (talk|edits) said: | 6 February 2008 |
| After a little bit of research, I have come to find out that the rebate will not affect the 2008 returns or refunds. Also, the way it's going no one will see a 2008 rebate check until June or so. Of course last I heard it hadn't even passed the Senate yet. But I do know they're getting the money from China. Just something else to get America to rely on China and get more into debt. But hey it's the American Way!!! | |
| 7 February 2008 | |
| Luvtoclean, the rebate will affect the amount of the credit claimed on the 2008 return. In other words, the rate reduction credit in 2008 must be reduced by (but not below zero) the amount of the advance payment (rebate) received in May through December of 2008. | |
| 10 February 2008 | |
| Let me add that as an individual, his income is well above the limit. But as a couple, it (A.G.I.) will fall under the limit set for couples filing jointly. Thanks | |
| 10 February 2008 | |
| Somehow it removed my previous post. My husband is the soul income, but we file jointly. Will he fall under individual or couple? | |
Bottom Line (talk|edits) said: | 10 February 2008 |
| Should be couple since that's how you file. BUT, don't spend your money before you get it. Remember it's about 4 months off. | |
| 10 February 2008 | |
| Discussion:Economic Stimulus Package | |
| 10 February 2008 | |
| Discussion:Get in Line | |
Msmith7305 (talk|edits) said: | 10 February 2008 |
| Blrgcpa-
The ADVANCE payment is based upon the 2007 return. The ACTUAL amount of the credit is based upon the 2008 return. If 2008 shows greater credit than advanced payment received, you get the extra. If 2008 shows a lesser credit than the advance, you get to keep the advance payment received. | |
| 11 February 2008 | |
| I assume that this Rebate will be alot alike the one in the past. Someone correct me if I am wrong. Senario: Married couple with 4 kids and both earn good wages. As I prepare their 2007 income tax return, I may want to consider MFS returns and place all the children on one parents return. The one parent will get the $300 per child based on their separate return. Then when we file their 2008 tax return we will still file MFS only move the children to the other parents return thus creating an overpayment to the first spouse (which the govt does not want back) and the other spouse will get the credit again on the 2008 return.
Questions, do you have to file a return to get the $300? What 1040 line do they look at to determine "Tax Liability" when they decide how much you get? Snooks | |
| 11 February 2008 | |
| Any thoughts about this situation: Divorced spouses alternate exemption for kids. So using the 2007 return, one parent gets the rebate but then they lose the credit on their 2008 return; they have to pay it back. The other parent does not get the rebate but then gets the credit in 2008. Am I looking at this right? | |
| 11 February 2008 | |
| I believe that the child's 300 is purely free and doesn't have to be paid back
For those not required to file (Social Security retirees - [what about our younger clients on SS?] and disabled vets) no requirement to pay back. | |
| 15 February 2008 | |
| Here is the IRS link that answers questions about the rebate checks and what needs to be done for those who don't usually file a return. | |
| 2008-02-15 | |
| there is yet another thread "stimulous economic package" on this site that you may want to search for. | |
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