Discussion:Economic stimulus
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Discussion Forum Index --> Basic Tax Questions --> Economic stimulus
Discussion Forum Index --> Tax Questions --> Economic stimulus
| 11 February 2008 | |
| Two Questions;
1- Will the payments be taxable on next years returns? 2- With the children's payments of $300 go to the person who deducts them as a dependent? Thanks | |
| February 11, 2008 | |
| 1 no, it's an advance against next year's taxes, repaid this time next year.
2 don't know. | |
| 12 February 2008 | |
| The $300 rebate goes to the parent who claimed the child tax credit in 2007. The $300 credit goes to the parent who claimed the child tax credit in 2008. Note, these could be different parents. | |
Bottom Line (talk|edits) said: | 12 February 2008 |
Oh boy. I can hear the screams already 
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| February 12, 2008 | |
| Like me, you mean?
ARGHHHHHHHHHHHHHHHHHHHHHHHHHHH! Trying to read an analysis of this thing, and it makes less sense than the bill does. Still trying to figure if this is generally just an advance against 08 taxes which must be repaid. That's how it looks. Granted, many folks won't have to...those with low incomes, those on SS/Vet benefits only. But your usual taxpayer will get the rebate, and then repay it in some fashion next year. Is that how you all read this? Trying to get an update out to my clients asap. | |
| 12 February 2008 | |
| Well, at least it is a genuine tax cut. The 2001 tax rebate was not even a genuine tax cut -- it was simply an acceleration of the benefits from the lowest tax bracket. | |
Bottom Line (talk|edits) said: | 12 February 2008 |
| I was thinking about the divorced people that alternate who can claim the kid. | |
| 12 February 2008 | |
| It is really a 2008 tax cut (makes the 10% bracket 0%) that is being advanced in 2007. It's real money folks! | |
| February 12, 2008 | |
| It is a cut? Crud, back to reading it all over again. How am I missing this? | |
| February 12, 2008 | |
| Ahhh! Why didn't they just say so? Sec. 6428. Which is what that means. This is the 2001 all over again. | |
MDUBIN1441 (talk|edits) said: | 12 February 2008 |
| Does anybody know if the rebate applies to a married couple filing separately whom jointly earned $200,000 however one spouse earned less than $50,000?
Thanks | |
