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O/T Does anyone know for sure

Discussion in 'Uncategorized Threads' started by snapthecat, Feb 14, 2008.

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  1. snapthecat

    snapthecat TS Member

    Joined:
    Jan 29, 1998
    Messages:
    200
    Exactly what the requirements are for the $600 Tax Rebate?
     
  2. shot410ga

    shot410ga Well-Known Member

    Joined:
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    Married or single taxpayer. Married--- both get $600 each, single $600. Low income, pay no taxes, you'll get $300.
     
  3. Porcupine

    Porcupine Active Member

    Joined:
    Jan 29, 1998
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    Location:
    South Central Massachusetts
    You must file a 2007 federal income tax return whether or not you owed any taxes; there are also income phase-outs: $75K for MFS, $150K for MFJ. Good luck.

    Porcupine
     
  4. maclellan1911

    maclellan1911 TS Member

    Joined:
    Dec 9, 2006
    Messages:
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    Yes you will be taxed on this rebate for 2008 taxable income, dont spend it all!
     
  5. pendennis

    pendennis Well-Known Member

    Joined:
    Jul 26, 2007
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    1,567
    Location:
    Southeast Michigan - O/S Detroit
    Maclellan1911, a rebate of Federal taxes for 2007 does not raise your income for 2008. You won't owe additional taxes for 2008, unless taxes were under-wittheld for income in the 2008 tax year.

    State income taxes could be a different story, if your state tax return relies on Federal taxes paid. The three states I know of, do not. They start with your adjusted gross income. However, if you get a refund on your Federal tax return, the refund becomes part of your income for the next tax year. The last time we got a rebate, it did not affect state income tax here in Michigan.

    Best,
    Dennis
     
  6. timb99

    timb99 Well-Known Member

    Joined:
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    Location:
    Shawnee, Kansas, USA
    Qualifying single filers (AGI less than $75,000) will get rebates of up to $600. Qualifying couples (AGI less than $150,000) will get rebates of up to $1,200, plus $300 per dependent child, with no maximum on the number of eligible children.

    To get a rebate check, you must file a tax return; either a form 1040 or 1040-EZ federal tax return for tax year 2007.

    Due to amendments made to the bill in the Senate, some 20 million retirees living on Social Security and 250,000 U.S. veterans receiving disability benefits will also get checks.

    Persons who do not normally not file tax returns, like retirees and disabled veterans, will have to file a 2007 tax return in order to get a rebate check.

    The Treasury Department has stated that the IRS will begin mailing the rebate checks starting in early May. The Treasury estimates that it should take about 10 weeks for all the checks to be mailed.

    Persons who fail to file their 2007 tax returns by April 15, 2008 and request a filing extension may not receive rebate checks until as late as December.
     
  7. tomk2

    tomk2 Member

    Joined:
    Jan 29, 1998
    Messages:
    320
    I looked this up on a news site the minute I heard about the scheme. For every $1000 over the income limits mentioned above, your "rebate" is reduced by $50. DINKs making over $174K get zip, Family of four making over $186K get nada. Now you know how much it takes to seperate you from "most" taxpayers.
     
  8. sammyd95

    sammyd95 TS Member

    Joined:
    Nov 22, 2007
    Messages:
    358
    I will trade my tax refund,to anyone who make 75 k a year,for their pay check (paycheck for paycheck)!if that helps out !
     
  9. maclellan1911

    maclellan1911 TS Member

    Joined:
    Dec 9, 2006
    Messages:
    4,226
    Watch this play out, Im sure you will recieve a 1099 with this "rebate" of some sort. Do you really think they are going to give us 600 each, Mind you this is not a rebate of your taxed wages. This is a "gift". Then not tax us on it.
     
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