Anybody get their tax rebate yet?

[frankensooner]

They started direct deposting them today.

http://www.transworldnews.com/NewsStory.aspx?id=44801&cat=8

We should post when we get ours. Mine isn't in my account yet and I should be in the first group! :(

[Frozen Sooner]

I think they start direct deposit on Friday and the first mail-out is today.

And I don't qualify for one anyhow.

[C&CDean]

And I don't qualify for one anyhow.


Bruce?

[frankensooner]

I just did the IRS questionaire and I am getting $2,100. I knew they kids would pay off someday. Will I have to pay this back next year though or are we just using the money we are borrowing from the Chinese as a pure hand out?

[Boomer.....]

You do not have to pay back the money.

[Boomer.....]

I think they start direct deposit on Friday and the first mail-out is today.

And I don't qualify for one anyhow.

People who used direct deposit get their money first. It was supposed to start today.

[mdklatt]

...are we just using the money we are borrowing from the Chinese as a pure hand out?

Yes. Make sure to spend it all on your kids. It's their money.

[JohnnyMack]

Bruce?

Heh.

[olevetonahill]

Heres the dealeo
http://biz.yahoo.com/ap/080428/tax_rebate.html

[the_ouskull]

How do you not qualify, Mike? I thought that all you had to do was file taxes in order to qualify... or be on welfare, from what I have heard, but the filing taxes thing is real.

the_ouskull

[C&CDean]

How do you not qualify, Mike? I thought that all you had to do was file taxes in order to qualify... or be on welfare, from what I have heard, but the filing taxes thing is real.

the_ouskull

Dude, he drives a Mercedes. He's not common like the rest of us.

[Rogue]

It's not a "rebate," but an advance on 2008 taxes. Yup, what you get now will come off of any return you would get filing 2008 taxes.

:les:It's a crock.


Click on "tax rebate info center" near the bottom. (http://www.hrblock.com/)


2. Will the tax rebate be considered income and will I be taxed on it next year on my 2008 return?
No and no. The tax rebate is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return. If you're due a higher payment, you'll get the remainder next year when you file. If you received a higher rebate (payment) than you should have, you DO NOT have to pay it back.

[mdklatt]

It's not a "rebate," but an advance on 2008 taxes. Yup, what you get now will come off of any return you would get filing 2008 taxes.

That's not what the IRS says. At first it was going to be a prebate, but I guess too many people bitched and moaned because they were expecting a gubmint handout.

[Rogue]

Then again, maybe not. (http://www.irs.gov/newsroom/article/0,,id=179181,00.html)


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. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

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.

[mdklatt]

But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Oops.


No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Thanks, China!

[Frozen Sooner]

How do you not qualify, Mike? I thought that all you had to do was file taxes in order to qualify... or be on welfare, from what I have heard, but the filing taxes thing is real.

the_ouskull

I converted a 401(k) to a Roth IRA, which qualified as a taxable distribution. That pushed me over the income limit. Otherwise I would have been golden.

Salts my butt. The income limits should have been on earned income, not retirement distributions.

[StoopTroup]

Yep.

Got it and I am loving it.

[jkjsooner]

I converted a 401(k) to a Roth IRA, which qualified as a taxable distribution. That pushed me over the income limit. Otherwise I would have been golden.

Salts my butt. The income limits should have been on earned income, not retirement distributions.

Same happened with me. My wife and I sold some stocks (one time thing) to help pay for our wedding and she sold some 401k to pay some debt. (I know you're not supposed to do that but whatever...)

These were abnormal circumstances and are not representative of our real income. Any other year and we would have received a rebate.

Ugh!

[jkjsooner]

If I'm really in a self abusive mood I'll go down to Best Buy and watch all the welfare moms line up to buy their flat panel TV's.

[JohnnyMack]

Mine's going to cover an escrow shortage on my mortgage. Whoop. E.

[Sooner24]

Not in there yet but it should be here quick since the last two of my SSN is 07.

[SanJoaquinSooner]

I converted a 401(k) to a Roth IRA, which qualified as a taxable distribution. That pushed me over the income limit. Otherwise I would have been golden.

Salts my butt. The income limits should have been on earned income, not retirement distributions.

then you may qualify for it next year, unless you are again over the limit next year. this rebate is really an advance 2008 rebate.

[Blue]

Will 1099's who still owe on previous years get one? If so I'll send it right back.

[Sooner24]

Nothing this morning.

[Beef]

My cap gains for the year put over the limit, even though my portfolio tanked for the year. Hooray for being allegedly wealthy on paper but being cash poor!!!

[jkjsooner]

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.



Does anyone know exactly what that means?

[r5TPsooner]

Do you get a "rebate" check if you have kids regardless of your income?

[Rhino]

Salts my butt. The income limits should have been on earned income, not retirement distributions. Well, look at it this way - you'll still get your full refund in 2009.

The rest of us will get $600-$1200 less than we thought we were getting.

[mdklatt]

The rest of us will get $600-$1200 less than we thought we were getting.

Nope. (http://www.soonerfans.com/forums/showpost.php?p=2283936&postcount=14)


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.

[Rhino]

Hooray, I'm going to spend it frivolously!

Sorry Froz.

[frankensooner]

I am getting an edger and then pay off some bills. It is still not here. I am an 11. Come on IRS, gimmie my chinese dollars! ;)

[C&CDean]

I'm using mine for spending cash on my trip to Bermuda here in a month or so.

And owning a farm is a wonderful thing. $58K in farm losses = under the limit + 2 qualifying kids = $1800. I got a good accountant.

[Fugue]

Nope. (http://www.soonerfans.com/forums/showpost.php?p=2283936&postcount=14)


We need some clarification on this. And by We I mean I.

It won't reduce the amount of your refund but it's getting advanced to you now and will be taken off the total refund next year right?

Somebody splain this.

:O

[Rhino]

I'm using mine for spending cash on my trip to Bermuda here in a month or so. You'll need it. Those restaurants are expensive.

Hopefully it's warm enough when you go. We went for a week in early May last year and had maybe one day where it wasn't rainy/chilly.

[mdklatt]

It won't reduce the amount of your refund but it's getting advanced to you now and will be taken off the total refund next year right?


No, it's 100% pure government handout. Why pay for next year what you can pass off as debt to your progeny?

[NormanPride]

This whole thing makes me ill. I don't want the government in more debt. :(

[frankensooner]

This whole thing makes me ill. I don't want the government in more debt. :(

Thats the wrong attitude, now go buy some Chinese made products! How about a nice LCD tv? ;)

[RacerX]

The nice LCDs come from South Korea you moron!

[royalfan5]

I think I'm going to get myself a suit when it comes in.

[SoonerInKCMO]

I'm gonna make an extra car payment.

Cuz I'm a freakin' wild man like that.

[Harry Beanbag]

I'm going to pay some taxes with mine. :mad:

[CORNholio]

Yay for government handouts. I'm buying a mason jar and a shovel and burying the rest of it in said mason jar in the back yard. Screw aiding the economy.

[jkjsooner]

We need some clarification on this. And by We I mean I.

It won't reduce the amount of your refund but it's getting advanced to you now and will be taken off the total refund next year right?

Somebody splain this.

:O

I don't know the entire answer. I do know that this is not an advance on next year's return - unlike the stimulus package earlier in this decade.

Others have stated that this is an advance on the 2008 rebate which might actually be calculated by your 2008 tax situation rather than your 2007 situation.

If that's true (and I may just be just be hoping based on my unique situation) getting the rebate now might mean you will not get the rebate later but it has nothing to do with your refund on 2008 taxes.

[jkjsooner]

One more point, if I am correct in my previous post, they may add in a rebate for some who did not qualify into their next tax refund. So in that sense by getting it now you won't get it added to your refund later but your refund will not be lower than it would have been had there been no stimulus package. (I know that last part for a fact.)

[RacerX]

The three hundy for each kid is going in their college accounts.

[jkjsooner]

I got my answer. Mike, maybe this will make you happy as well.

http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/

Do I have to pay the rebate back?

No. And here's why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."



So basically they're giving us a tax credit on our 2008 taxes. Most will get this credit early and next year's tax refund will be exactly what it would be had there never been a stimulus package. For others, if their 2008 situation qualifies for the rebate and 2007 did not, they will get the extra credit which will add to their refund.

The good news is that you get this (one time only) if you qualify in either 2007 or 2008.

Now I just need to make sure my wife puts enough in her 401k to give us the biggest amount possible.

[Rogue]

How are more confused on Page 3 than we were on Page 1?
About the same questions? Different links, same explanations.

[olevetonahill]

So Far Racer an Corn gots the best Idees

[tulsaoilerfan]

Mine will go to pay bills; be glad when it gets here

[RacerX]

So Far Racer an Corn gots the best Idees

And I didn't even mention the other $1200 was for Natty.

[Sooner_Bob]

The three hundy for each kid is going in their college accounts.

Same here . . . heck, we may put most of it in their savings accounts or start them a Roth IRA or something.

[frankensooner]

Still not there, but my paycheck was. I'm off to buy a $43,000 Yukon, call me if I miss anything. ;)

[stoopified]

no

[jkjsooner]

How are more confused on Page 3 than we were on Page 1?
About the same questions? Different links, same explanations.

I beg to differ. You posted a link that said the following:


The tax rebate is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return. If you're due a higher payment, you'll get the remainder next year when you file. If you received a higher rebate (payment) than you should have, you DO NOT have to pay it back.

I still wasn't sure if the credit was derived on 2007 taxable income or 2008 taxable income. My link fully explained that its essentially on whichever one gives you the biggest credit.

I understand you could interpret the text you posted the correct way but it wasn't 100% clear to me.

[frankensooner]

In my account as we speak! :D

[r5TPsooner]

Still not there, but my paycheck was. I'm off to buy a $43,000 Yukon, call me if I miss anything. ;)


Bruce!!!1

BTW, with inflation those are now around 45k.:texan:

[frankensooner]

Good thing I got 2100 from the feds then. Okay, I am off now.

[stoopified]

Just got mine Friday(5-16).Now we can make it til my wife starts bringing in a paycheck next month. Whew I was sweating it.

[Harry Beanbag]

Still waiting...

[Frozen Sooner]

Tell me what your SSN is, Harry, and I'll tell you when it'll be there.

Plus, your account number.

[Harry Beanbag]

445-28-1969

4978521

[leavingthezoo]

Still waiting...

me too. why do rebates hate arizona? :P

[Frozen Sooner]

445-28-1969

4978521

June 31st.

[soonerbrat]

according to that schedule, I don't get mine til July 4

[Harry Beanbag]

According to the schedule, I should have gotten mine last week.

[colleyvillesooner]

445-28-1969

4978521

http://img385.imageshack.us/img385/8853/billandted1ke1.jpg