Stimulus Plan Vows $600-$1,200 Tax Rebates
BNaylor
01-26-2008, 07:27 AM
Maybe coming your way sometime in May. :grinyes:
:popcorn:
Stimulus Plan Vows $600-$1,200 Tax Rebates
Congress, White House Announce Deal On Tax Refunds, Business Breaks To Boost Economy
(CBS/AP) Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement - hammered out in a week of intense negotiations and uncustomary bipartisanship - "at the earliest date, so that those rebate checks can be in the mail."
But even if Congress does act quickly, the IRS will be bogged down in April handling tax returns and probably couldn't begin to process the rebates until early May, reports CBS News correspondent Anthony Mason. Then comes the mailing, which takes eight to 10 weeks, so most people could have the checks by July.
President Bush praised the agreement at the White House, saying it "has the right set of policies and is the right size."
The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Mr. Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates - more than 70 percent, according to an analysis by Congress' Joint Tax Committee - would go to individuals who pay taxes.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates were expected to cost about $100 billion, and the package also includes close to $50 billion in business tax cuts.
http://www.cbsnews.com/stories/2008/01/24/business/main3747508.shtml?source=RSSattr=HOME_3747508
:popcorn:
Stimulus Plan Vows $600-$1,200 Tax Rebates
Congress, White House Announce Deal On Tax Refunds, Business Breaks To Boost Economy
(CBS/AP) Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement - hammered out in a week of intense negotiations and uncustomary bipartisanship - "at the earliest date, so that those rebate checks can be in the mail."
But even if Congress does act quickly, the IRS will be bogged down in April handling tax returns and probably couldn't begin to process the rebates until early May, reports CBS News correspondent Anthony Mason. Then comes the mailing, which takes eight to 10 weeks, so most people could have the checks by July.
President Bush praised the agreement at the White House, saying it "has the right set of policies and is the right size."
The rebates, which would go to about 116 million families, had appeal for both Democrats and Republicans. Pelosi's staff noted that they would include $28 billion in checks to 35 million working families who wouldn't have been helped by Mr. Bush's original proposal. Republicans, for their part, were pleased that the bulk of the rebates - more than 70 percent, according to an analysis by Congress' Joint Tax Committee - would go to individuals who pay taxes.
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates were expected to cost about $100 billion, and the package also includes close to $50 billion in business tax cuts.
http://www.cbsnews.com/stories/2008/01/24/business/main3747508.shtml?source=RSSattr=HOME_3747508
'97ventureowner
01-26-2008, 09:27 AM
I wonder how much of these "rebates" will actually do any good for the economy? Most people I know and many people that were interviewed on various news programs about what they plan to do with their rebates, planned on paying off bills like credit cards. I think the original idea behind these rebates was for people to go out and buy things with the money,( thus helping the economy of China:iceslolan .) I don't know if I like the idea of "borrowing" from next year's income tax rebate to fund this year's rebate. That might leave some taxpayers further in the hole next year.
Bob, I guess you beat me to posting a thread on this topic.:lol: I was considering posting a poll when the announcement was made last week of a rebate, but at that time they were talking about an $800 per person rebate. I was thinking of posting a poll asking members what they plan to do with a rebate from the government just to see where the money would go.
Bob, I guess you beat me to posting a thread on this topic.:lol: I was considering posting a poll when the announcement was made last week of a rebate, but at that time they were talking about an $800 per person rebate. I was thinking of posting a poll asking members what they plan to do with a rebate from the government just to see where the money would go.
BNaylor
01-26-2008, 09:37 AM
Bob, I guess you beat me to posting a thread on this topic.:lol: I was considering posting a poll when the announcement was made last week of a rebate, but at that time they were talking about an $800 per person rebate. I was thinking of posting a poll asking members what they plan to do with a rebate from the government just to see where the money would go.
Hard to say Tom. I'm not a financial or economic wiz. :grinno:
But it would be interesting to see what members plan on doing with their rebate and they can post it right here in this thread.
Supposedly the last rebate program helped pulled the US out of a recession back in 2001 so it may have some effect. :dunno: The way prices have gone up I don't believe many will save the rebate. :grinno:
Since this is an automotive forum I would say towards car service, maintenance and/or repair for one. :wink:
Hard to say Tom. I'm not a financial or economic wiz. :grinno:
But it would be interesting to see what members plan on doing with their rebate and they can post it right here in this thread.
Supposedly the last rebate program helped pulled the US out of a recession back in 2001 so it may have some effect. :dunno: The way prices have gone up I don't believe many will save the rebate. :grinno:
Since this is an automotive forum I would say towards car service, maintenance and/or repair for one. :wink:
'97ventureowner
01-26-2008, 09:55 AM
The way prices have gone up I don't believe many will save the rebate. :grinno:
You got that right brother :lol: Not only has gas prices increased since 2001, just over the past few months I have been shocked at the price of food. I do most of the grocery shopping for the house and just in the past few weeks I've noticed many items have gone up , a lot. For instance I was buying an 18 pack of eggs for .99 cents at this time last year. Last week the price on them was $2.99 :eek: Many other "staple" foods have gone up .25 to .75 cents+, and when you add it up over your total purchase, it really shows the increase.
It seems like January 1st was a good reason for many suppliers and retailers to use as an excuse to raise their prices. I know other factors come into play such as labor, insurances, transportation costs, etc. But wow, I haven't seen prices go up that fast since the '70s and early '80s.
I will probably pay off some debt with our rebate, second option might be to continue remodeling my house where I left off last year when my income tax rebate was exhausted for buying materials.
You got that right brother :lol: Not only has gas prices increased since 2001, just over the past few months I have been shocked at the price of food. I do most of the grocery shopping for the house and just in the past few weeks I've noticed many items have gone up , a lot. For instance I was buying an 18 pack of eggs for .99 cents at this time last year. Last week the price on them was $2.99 :eek: Many other "staple" foods have gone up .25 to .75 cents+, and when you add it up over your total purchase, it really shows the increase.
It seems like January 1st was a good reason for many suppliers and retailers to use as an excuse to raise their prices. I know other factors come into play such as labor, insurances, transportation costs, etc. But wow, I haven't seen prices go up that fast since the '70s and early '80s.
I will probably pay off some debt with our rebate, second option might be to continue remodeling my house where I left off last year when my income tax rebate was exhausted for buying materials.
new2mitsu
01-26-2008, 11:48 AM
I'm not sure how this works. I'm obviously a tax payer, but i'm still claimed by my parents. I'm over 18. So will i get the rebate? i paid over a thousand in taxes this year, and mabe over 15k, but since i don't claim myself, will i be eligible to get this refund?
flyguy123
01-26-2008, 07:46 PM
My wife and I will be spending our rebate on heating oil for the next winter. If it wasnt for our tax return paying off our credit card dept then we would have used it for that. I would say most people will be paying down dept. I would say that the oil refineries and banks will be the ones to mostly benefit. :disappoin
03cavPA
01-27-2008, 06:11 AM
When I first heard of this, I jokingly remarked, "thanks for the loan. We'll just be paying it all back, and then some, next year."
You know what they say, BOHICA.
You know what they say, BOHICA.
ericn1300
01-28-2008, 03:53 PM
When I first heard of this, I jokingly remarked, "thanks for the loan. We'll just be paying it all back, and then some, next year."
You know what they say, BOHICA.
And even worse the feds don't have the cash, guess they'll borrow it from the Chinese so we can spend it on Chinese crap. Win win for the Chinese, but not good news for taxpayers who will have to pay it back eventualy.
You know what they say, BOHICA.
And even worse the feds don't have the cash, guess they'll borrow it from the Chinese so we can spend it on Chinese crap. Win win for the Chinese, but not good news for taxpayers who will have to pay it back eventualy.
Oz
01-28-2008, 04:22 PM
Too little, too late.
YogsVR4
02-05-2008, 02:34 PM
I'm all for taxpayers keeping their own money. In fact, I wish it were a complete refund of all paid taxes regadless of amount.
I'm opposed to 'rebates' being sent to people who didn't pay anything.
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I'm opposed to 'rebates' being sent to people who didn't pay anything.
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BNaylor
02-06-2008, 09:38 AM
Give money away! why didnt anyone else think of that!
durrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
:rolleyes:
It is money being returned to it's rightful owners since we are taxed to death in the U.S.
Whats up with that Car Seat Covers in your signature? :sly:
durrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
:rolleyes:
It is money being returned to it's rightful owners since we are taxed to death in the U.S.
Whats up with that Car Seat Covers in your signature? :sly:
BNaylor
02-07-2008, 11:39 PM
Well, it looks like a done deal. Both the House and Senate approved the plan and it is on it's way to the Prez.
AP
updated 6:48 p.m. MT, Thurs., Feb. 7, 2008
WASHINGTON - Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.
House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments — boosts for an economy battered by a housing downturn and credit crunch.
The Senate’s 81-16 vote capped more than a week of political maneuvering. The stalemate ended when majority Democrats dropped their demand that rescue proposal offer jobless benefits, heating aid for the poor and tax breaks for the home building and energy industries.
http://www.msnbc.msn.com/id/23052292
AP
updated 6:48 p.m. MT, Thurs., Feb. 7, 2008
WASHINGTON - Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.
House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments — boosts for an economy battered by a housing downturn and credit crunch.
The Senate’s 81-16 vote capped more than a week of political maneuvering. The stalemate ended when majority Democrats dropped their demand that rescue proposal offer jobless benefits, heating aid for the poor and tax breaks for the home building and energy industries.
http://www.msnbc.msn.com/id/23052292
72chevelleOhio
02-12-2008, 04:20 AM
.. they'll borrow it from the Chinese so we can spend it on Chinese crap. Win win for the Chinese.. None of the strippers at the club I go to are Chinese.....I mean washing machine, I'm buying a washing machine with my money...:uhoh:
G.A.S.
02-12-2008, 05:54 AM
Illl never see it.
I have a oblagation intersept for my taxes so they should take that too.
My ex went on wellfare 20 years ago in another state.
eight years ago WI. informed me that I had to pay back that money because there were children involved. So I payed her child support all those years plus and now this.
I have a oblagation intersept for my taxes so they should take that too.
My ex went on wellfare 20 years ago in another state.
eight years ago WI. informed me that I had to pay back that money because there were children involved. So I payed her child support all those years plus and now this.
BNaylor
02-12-2008, 10:34 AM
None of the strippers at the club I go to are Chinese.....
Speaking of which I don't recall ever seeing a Chinese stripper but for some guys (including me...:uhoh:) I'm quite the rebate will be spent at a topless or nudey joint. At least part of it. :grinyes:
Speaking of which I don't recall ever seeing a Chinese stripper but for some guys (including me...:uhoh:) I'm quite the rebate will be spent at a topless or nudey joint. At least part of it. :grinyes:
72chevelleOhio
02-12-2008, 12:53 PM
... the rebate will be spent at a topless or nudey joint. At least part of it. :grinyes: SOLD! lets go!, you buy the drinks, I'll buy the dances. then the next one I'll get the drinks, you get dances. :rofl:
J-Ri
02-12-2008, 03:38 PM
Speaking of which I don't recall ever seeing a Chinese stripper
I've seen one... some kind of Asian anyway. Probably the hottest stripper I've ever seen. Not exactly the stereotypical asian build... more like a white chick with a permanent tan and black hair.
Anyway, back on topic. I'll be spending mine on an air locker for one of my differentials. Probably the front because the seals are leaking pretty bad so I need to take it apart anyway. And a case of beer to drink while I'm installing it. And I'll need a 12V compressor to use it... may as well go with one that can power air tools... and a high output alternator once I burn up the 70A one that's in there. Since the pivot bolt pulled the threads out when I had the alternator off last, I'll need to replace the #2 head... may as well go with a high performance one... well, two... and I'll need the high-flow intake to match... and that old carburetor won't look right bolted to a new intake. All that won't be right without a new cam. Did I go over my rebate check yet? :grinyes:
I've seen one... some kind of Asian anyway. Probably the hottest stripper I've ever seen. Not exactly the stereotypical asian build... more like a white chick with a permanent tan and black hair.
Anyway, back on topic. I'll be spending mine on an air locker for one of my differentials. Probably the front because the seals are leaking pretty bad so I need to take it apart anyway. And a case of beer to drink while I'm installing it. And I'll need a 12V compressor to use it... may as well go with one that can power air tools... and a high output alternator once I burn up the 70A one that's in there. Since the pivot bolt pulled the threads out when I had the alternator off last, I'll need to replace the #2 head... may as well go with a high performance one... well, two... and I'll need the high-flow intake to match... and that old carburetor won't look right bolted to a new intake. All that won't be right without a new cam. Did I go over my rebate check yet? :grinyes:
BNaylor
02-14-2008, 07:52 AM
Good news. :grinyes:
The Prez signed the bill into law. For anyone interested here is some important info from the IRS. It outlines the requirements to qualify for the rebate aka stimulus payment. The key is it is based on your filed 2007 federal income tax returns and will be automatic with no further paperwork required. Checks will either be mailed out or direct deposited to the bank account, if any, you listed on the 1040EZ, 1040A or 1040.
IRS Rebate Info (http://www.irs.gov/newsroom/article/0,,id=179095,00.html)
The Prez signed the bill into law. For anyone interested here is some important info from the IRS. It outlines the requirements to qualify for the rebate aka stimulus payment. The key is it is based on your filed 2007 federal income tax returns and will be automatic with no further paperwork required. Checks will either be mailed out or direct deposited to the bank account, if any, you listed on the 1040EZ, 1040A or 1040.
IRS Rebate Info (http://www.irs.gov/newsroom/article/0,,id=179095,00.html)
'97ventureowner
02-14-2008, 09:44 AM
Found this interesting from Bob's link:
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
And second that quote instructs us to save that notice for when we prepare our 2008 taxes. Why? It was my understanding that 1) The government was going to borrow the money from another source and not against our 2008 return( refund) and 2)The refund we receive this year will not be claimed as income or other on next years taxes. It was meant to be a "refund" free and clear of any other filing or claiming in the future. :dunno:
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
And second that quote instructs us to save that notice for when we prepare our 2008 taxes. Why? It was my understanding that 1) The government was going to borrow the money from another source and not against our 2008 return( refund) and 2)The refund we receive this year will not be claimed as income or other on next years taxes. It was meant to be a "refund" free and clear of any other filing or claiming in the future. :dunno:
BNaylor
02-14-2008, 10:13 AM
Good points Tom. The two notices could be consolidated. :dunno:
On the latter issue from my understanding it will not come from or be against our 2008 taxes nor affect the refund, if any, for that future tax year. Although a long ways off it will be interesting to see the new 2008 1040s when they come out. However, there is an interesting note under the "Exclusions" section which may be one reason. See below.
Exclusions
Individuals who file Form 1040NR, 1040PR or 1040SS are not eligible for the stimulus payments. These returns are normally filed by Nonresident Aliens, residents of Puerto Rico and residents of the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI). Residents of U.S. possessions will be receiving their rebates directly from the possessions.
Also ineligible are individuals who can be claimed as dependents on someone else’s return.
Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts).
Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.
In addition, the IRS emphasizes the stimulus payments will not count toward or negatively impact any other income-based government benefits, such as Social Security benefits, food stamps and other programs.
On the latter issue from my understanding it will not come from or be against our 2008 taxes nor affect the refund, if any, for that future tax year. Although a long ways off it will be interesting to see the new 2008 1040s when they come out. However, there is an interesting note under the "Exclusions" section which may be one reason. See below.
Exclusions
Individuals who file Form 1040NR, 1040PR or 1040SS are not eligible for the stimulus payments. These returns are normally filed by Nonresident Aliens, residents of Puerto Rico and residents of the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI). Residents of U.S. possessions will be receiving their rebates directly from the possessions.
Also ineligible are individuals who can be claimed as dependents on someone else’s return.
Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from Individual Retirement Accounts).
Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.
In addition, the IRS emphasizes the stimulus payments will not count toward or negatively impact any other income-based government benefits, such as Social Security benefits, food stamps and other programs.
J-Ri
02-14-2008, 05:32 PM
Found this interesting from Bob's link:
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
That does seem odd... normally the government doesn't do anything that is overly complicated and unnecessary, especially if it involves more paperwork or wastes millions of dollars. :rolleyes: I wish I was supprised, but I'm not. In reality, the seperate mailings are probably so that people who do not recieve the eligibility confirmation know why they are not eligible for the rebate. I agree it seems rediculous. Also, it's not two mailings, it's three. The second one only says "we're sending you a check". Why not send one that says "You get a check, here it is!"?
I think the reason they say to save the notice is because the rebate has to be claimed as income for 2008 taxes.
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
That does seem odd... normally the government doesn't do anything that is overly complicated and unnecessary, especially if it involves more paperwork or wastes millions of dollars. :rolleyes: I wish I was supprised, but I'm not. In reality, the seperate mailings are probably so that people who do not recieve the eligibility confirmation know why they are not eligible for the rebate. I agree it seems rediculous. Also, it's not two mailings, it's three. The second one only says "we're sending you a check". Why not send one that says "You get a check, here it is!"?
I think the reason they say to save the notice is because the rebate has to be claimed as income for 2008 taxes.
xeroinfinity
02-14-2008, 06:47 PM
I'm saving my check, lets see how that helps our economy. :D
I heard in 08 we will have to pay taxes on that check, what a crock! :disappoin
I heard in 08 we will have to pay taxes on that check, what a crock! :disappoin
BNaylor
02-14-2008, 07:04 PM
I heard in 08 we will have to pay taxes on that check, what a crock! :disappoin
Where did you hear that from JC? Any links, newspaper articles or supporting data? Did I miss something.
If that is the case then we should be given the option of refusing the rebate. :rolleyes: My wife contributes enough to the local economy without giving her more to spend needlessly. :uhoh:.......:lol:
Where did you hear that from JC? Any links, newspaper articles or supporting data? Did I miss something.
If that is the case then we should be given the option of refusing the rebate. :rolleyes: My wife contributes enough to the local economy without giving her more to spend needlessly. :uhoh:.......:lol:
xeroinfinity
02-14-2008, 07:10 PM
Sorry Bob no links I know of.
I heard it on a local radio stations news today, then when my wife came home she said people were talking about it at her work too.
Doesnt make sense , giving us money then taxing us on it... :shakehead
I'll see if I can find any links on the web for this.......
I heard it on a local radio stations news today, then when my wife came home she said people were talking about it at her work too.
Doesnt make sense , giving us money then taxing us on it... :shakehead
I'll see if I can find any links on the web for this.......
xeroinfinity
02-14-2008, 07:22 PM
I just done a search and I only found this from Feb, 12 2008.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/12/BUOAV0BJP.DTL
Q: Lynn H. asks, "Will the rebate be taxable income that we need to claim as income for 2008 on our tax returns? Will the checks be in the actual amounts quoted, or will there be taxes deducted?"
A: The rebates are not taxable. You will not have to report them as income for 2008. No taxes will be deducted from the rebates.
Rebates also will not be added to income to determine whether people are eligible for federal or federally subsidized programs such as food stamps or welfare.
Sounds like someones trying to muddy the waters on this..... I guess we'll have to wait and see.
That link also says for people like me with a half dozen kids and a larger income, for every $1000 they take back(reduce) by $50. Always a catch! :lol:
The rebate is reduced by $50 for every $1,000 you earn above the income limit. It disappears at some point which varies depending on your family size.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/12/BUOAV0BJP.DTL
Q: Lynn H. asks, "Will the rebate be taxable income that we need to claim as income for 2008 on our tax returns? Will the checks be in the actual amounts quoted, or will there be taxes deducted?"
A: The rebates are not taxable. You will not have to report them as income for 2008. No taxes will be deducted from the rebates.
Rebates also will not be added to income to determine whether people are eligible for federal or federally subsidized programs such as food stamps or welfare.
Sounds like someones trying to muddy the waters on this..... I guess we'll have to wait and see.
That link also says for people like me with a half dozen kids and a larger income, for every $1000 they take back(reduce) by $50. Always a catch! :lol:
The rebate is reduced by $50 for every $1,000 you earn above the income limit. It disappears at some point which varies depending on your family size.
'97ventureowner
02-14-2008, 10:18 PM
It was my understanding as of a few days ago before Bush even signed it into law that they weren't going to tax it because they weren't borrowing against our future refunds but rather they were borrowing it from some other place ( where :dunno:) Items like this rebate usually aren't counted as income along with other forms of payments like certain SSI benefits to those who qualify for government programs such as food stamps, welfare, etc.
There is a family in our town that has 14 kids. At least 10 of them are under 16 and I think only the father works but their income isn't high. I can imagine the rebate check they will get.
There is a family in our town that has 14 kids. At least 10 of them are under 16 and I think only the father works but their income isn't high. I can imagine the rebate check they will get.
BNaylor
02-18-2008, 08:26 AM
It was my understanding as of a few days ago before Bush even signed it into law that they weren't going to tax it because they weren't borrowing against our future refunds but rather they were borrowing it from some other place ( where :dunno:)
Yeah, it makes you wonder where that other place is. :dunno: I say we should make the oil companies pay for it via all their outrageous windfall profits and from the federal excise tax the government collects on all gasoline and diesel. :grinyes:
In the end who can really complain about the rebate. Money is money. :wink:
Yeah, it makes you wonder where that other place is. :dunno: I say we should make the oil companies pay for it via all their outrageous windfall profits and from the federal excise tax the government collects on all gasoline and diesel. :grinyes:
In the end who can really complain about the rebate. Money is money. :wink:
xeroinfinity
02-18-2008, 09:16 AM
I agree, money is money, and they can give me all they want !! :grinyes:
Thinking I might not save it and buy some headrs for my GA GT. :D
Thinking I might not save it and buy some headrs for my GA GT. :D
BNaylor
02-18-2008, 09:46 AM
I agree, money is money, and they can give me all they want !! :grinyes:
Thinking I might not save it and buy some headers for my GA GT. :D
Hey why not JC. Might as well make good use out of it. Car mods will probably be one area at the top of the spend list for many of us on AF. :grinyes: Speaking of headers we just placed the order last week for these from S&S Headers. For Grand AM or Alero with V6 3400.
http://www.headermania.com/mm5/merchant.mvc?Screen=PROD&Store_Code=H&Product_Code=3400CH&Category_Code=V6HeadersOA
Or other words the rebate has been pre-spent. :lol:
Thinking I might not save it and buy some headers for my GA GT. :D
Hey why not JC. Might as well make good use out of it. Car mods will probably be one area at the top of the spend list for many of us on AF. :grinyes: Speaking of headers we just placed the order last week for these from S&S Headers. For Grand AM or Alero with V6 3400.
http://www.headermania.com/mm5/merchant.mvc?Screen=PROD&Store_Code=H&Product_Code=3400CH&Category_Code=V6HeadersOA
Or other words the rebate has been pre-spent. :lol:
xeroinfinity
02-18-2008, 04:49 PM
Hey why not JC. Might as well make good use out of it. Car mods will probably be one area at the top of the spend list for many of us on AF. :grinyes: Speaking of headers we just placed the order last week for these from S&S Headers. For Grand AM or Alero with V6 3400.
http://www.headermania.com/mm5/merchant.mvc?Screen=PROD&Store_Code=H&Product_Code=3400CH&Category_Code=V6HeadersOA
Or other words the rebate has been pre-spent. :lol:
Yip Bob those be the one's I was lookin at. Not cheap, but at least they throw in the high flo Cat, that's a plus ! :D
I picked up a DHP for the GT a few weeks ago. If I dont hurry up with the install, I'm going to loose my core charge on the return pcm. :crying:
I was just going to buy an adjustable fuel pressure reg. for the SE with that core money, it needs it, been running a little lean of late and that's not good.
http://www.headermania.com/mm5/merchant.mvc?Screen=PROD&Store_Code=H&Product_Code=3400CH&Category_Code=V6HeadersOA
Or other words the rebate has been pre-spent. :lol:
Yip Bob those be the one's I was lookin at. Not cheap, but at least they throw in the high flo Cat, that's a plus ! :D
I picked up a DHP for the GT a few weeks ago. If I dont hurry up with the install, I'm going to loose my core charge on the return pcm. :crying:
I was just going to buy an adjustable fuel pressure reg. for the SE with that core money, it needs it, been running a little lean of late and that's not good.
'97ventureowner
02-22-2008, 12:34 AM
One of our local tv stations had local IRS agents in the studio taking viewers' phone calls during the newscast from 5 to 6:30 pm,( btw they said they received a record number of phone calls during that period, more than any other call-in special they did in the past,) and they summed it up on the 11:00 news with a summary. Here is an excerpt from their website that explains about claiming the refund on your 2008 taxes:
Rebate Check Myths
1) We're hearing from some of you who've heard the rebate check is taxable, that you'll get the money, and then be taxed on it.
Dianne Besunder from the IRS says that’s not true, they’re not taxable.
2) If it's not taxable, then I don't have to report it on my 2008 return.
There will be a place to report it on your 2008 return. If you were actually entitled to more money, you’ll get it added to your refund. But, if you were entitled to less, nothing will be taken back.
3) A lot of people are hearing that this will affect their eligibility for federal benefits like social security or food stamps.
It will not. The stimulus checks will not affect any other federal entitlement payments.
The whole text of the summary can be found here for more info:http://www.9wsyr.com/news/local/story.aspx?content_id=6423675d-f8d3-4a1e-9b48-14ab794f1761 .
So I guess it's possible some may receive more than what they will get this year if they put the amount they received on their 2008 tax form and the IRS deems it that the taxpayer should have received more, then they will add it to any refund they have coming to them.
Rebate Check Myths
1) We're hearing from some of you who've heard the rebate check is taxable, that you'll get the money, and then be taxed on it.
Dianne Besunder from the IRS says that’s not true, they’re not taxable.
2) If it's not taxable, then I don't have to report it on my 2008 return.
There will be a place to report it on your 2008 return. If you were actually entitled to more money, you’ll get it added to your refund. But, if you were entitled to less, nothing will be taken back.
3) A lot of people are hearing that this will affect their eligibility for federal benefits like social security or food stamps.
It will not. The stimulus checks will not affect any other federal entitlement payments.
The whole text of the summary can be found here for more info:http://www.9wsyr.com/news/local/story.aspx?content_id=6423675d-f8d3-4a1e-9b48-14ab794f1761 .
So I guess it's possible some may receive more than what they will get this year if they put the amount they received on their 2008 tax form and the IRS deems it that the taxpayer should have received more, then they will add it to any refund they have coming to them.
'97ventureowner
03-07-2008, 01:43 PM
Found this interesting from Bob's link:
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
And second that quote instructs us to save that notice for when we prepare our 2008 taxes. Why? It was my understanding that 1) The government was going to borrow the money from another source and not against our 2008 return( refund) and 2)The refund we receive this year will not be claimed as income or other on next years taxes. It was meant to be a "refund" free and clear of any other filing or claiming in the future. :dunno:
New info on the extra cost to mail the first notice- $42,000,000 :eek: Well I guess you could consider that a stimulus for the US Postal Service, and for those who work printing and delivering/processing them :lol: http://www.9wsyr.com/news/local/story.aspx?content_id=b5809528-bd96-4f8f-b27c-4585a77ce74f
"Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year."
First off why can't the government save some money and print only ONE notice that contains the explanation of the program AND the confirmation of eligibility, amount, and timetable for payment? Is that too hard to ask of our government? Plus the extra added postage involved in the two mailings. Those costs just add more to the total the government has to borrow to pay us.
And second that quote instructs us to save that notice for when we prepare our 2008 taxes. Why? It was my understanding that 1) The government was going to borrow the money from another source and not against our 2008 return( refund) and 2)The refund we receive this year will not be claimed as income or other on next years taxes. It was meant to be a "refund" free and clear of any other filing or claiming in the future. :dunno:
New info on the extra cost to mail the first notice- $42,000,000 :eek: Well I guess you could consider that a stimulus for the US Postal Service, and for those who work printing and delivering/processing them :lol: http://www.9wsyr.com/news/local/story.aspx?content_id=b5809528-bd96-4f8f-b27c-4585a77ce74f
xeroinfinity
03-07-2008, 07:35 PM
Damn Tom that's a big chunk of change to just mail our refunds. :screwy:
Oh I forgot, our GOV. is the one that pays $15 for a roll of TP' . lol
Oh I forgot, our GOV. is the one that pays $15 for a roll of TP' . lol
'97ventureowner
03-07-2008, 10:18 PM
Damn Tom that's a big chunk of change to just mail our refunds. :screwy:
Oh I forgot, our GOV. is the one that pays $15 for a roll of TP' . lol
That's not the cost to mail out the refunds, that's the cost to mail out notices and info about the refunds themselves. The actual checks won't go out until May at another high cost I'm sure.
Oh I forgot, our GOV. is the one that pays $15 for a roll of TP' . lol
That's not the cost to mail out the refunds, that's the cost to mail out notices and info about the refunds themselves. The actual checks won't go out until May at another high cost I'm sure.
BNaylor
03-12-2008, 08:46 PM
FYI.
Speaking of said notices I just got the first notice from the IRS today in the mail. Entitled " Economic Stimulus Payment Notice".
Speaking of said notices I just got the first notice from the IRS today in the mail. Entitled " Economic Stimulus Payment Notice".
'97ventureowner
03-14-2008, 12:44 PM
Caught a blurb on the local news last evening that it is expected to cost the IRS an additional 300+ million dollars in extra employee pay and lost time from some of their employees that have been pulled off of their regular assignments to answer the flood of calls still coming in about the stimulus checks. The other work is starting to pile up because the employees are stuck handling the phones. There's another extra cost associated with those checks. ( Tried to find a link online to a story about this to get the actual amount but came up empty.)
'97ventureowner
03-17-2008, 07:09 PM
The IRS has released the schedule for the issuing of the rebates:
If you are having the check Direct Deposited:
Last 2 digits of Social Security number are: Should be sent to your
account by:
00-20 May 2
21-75 May 9
76-99 May 16
If you are receiving the check by mail: Expected date to be in
the mail:
00-09 May 16
10-18 May23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
If you are having the check Direct Deposited:
Last 2 digits of Social Security number are: Should be sent to your
account by:
00-20 May 2
21-75 May 9
76-99 May 16
If you are receiving the check by mail: Expected date to be in
the mail:
00-09 May 16
10-18 May23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
BNaylor
03-17-2008, 08:21 PM
The IRS has released the schedule for the issuing of the rebates:
If you are having the check Direct Deposited:
Last 2 digits of Social Security number are: Should be sent to your
account by:
00-20 May 2
21-75 May 9
76-99 May 16
If you are receiving the check by mail: Expected date to be in
the mail:
00-09 May 16
10-18 May23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
Good to know info. Thanks Tom. :thumbsup:
If you are having the check Direct Deposited:
Last 2 digits of Social Security number are: Should be sent to your
account by:
00-20 May 2
21-75 May 9
76-99 May 16
If you are receiving the check by mail: Expected date to be in
the mail:
00-09 May 16
10-18 May23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
Good to know info. Thanks Tom. :thumbsup:
72chevelleOhio
03-18-2008, 04:41 AM
FYI.
Speaking of said notices I just got the first notice from the IRS today in the mail. Entitled " Economic Stimulus Payment Notice". I finally got mine today....it says $300-$600.......or in other words...
two weeks to a month of gasoline.....pffft :rolleyes: :disappoin
Watch them go through all this and then something happens were nobody gets money....or everyone gets about 5 dollars....
Speaking of said notices I just got the first notice from the IRS today in the mail. Entitled " Economic Stimulus Payment Notice". I finally got mine today....it says $300-$600.......or in other words...
two weeks to a month of gasoline.....pffft :rolleyes: :disappoin
Watch them go through all this and then something happens were nobody gets money....or everyone gets about 5 dollars....
03cavPA
03-18-2008, 04:47 AM
Watch them go through all this and then something happens were nobody gets money....or everyone gets about 5 dollars....
I have a feeling that paying out those "rebate" checks is going to be the least of their worries.
If any more banks tank like Bear Stearns, we're all in deep doo doo. I'll be quite happy to trade those checks for a little more economic stability; those sub prime loans are gonna bite us all in the ass.
I have a feeling that paying out those "rebate" checks is going to be the least of their worries.
If any more banks tank like Bear Stearns, we're all in deep doo doo. I'll be quite happy to trade those checks for a little more economic stability; those sub prime loans are gonna bite us all in the ass.
blazee
03-18-2008, 06:09 AM
I have a feeling that paying out those "rebate" checks is going to be the least of their worries.
If any more banks tank like Bear Stearns, we're all in deep doo doo. I'll be quite happy to trade those checks for a little more economic stability; those sub prime loans are gonna bite us all in the ass.I agree. I think the "stimulus" plan is a bad idea, and will do far more harm than good.
I haven't checked back yet (internet has been flakey, and I don't watch much TV), but last I heard the Fed may be getting ready to cut the interest rate again. The last one really screwed me over, because it came when my CDs renewed... locking me in at a lower rate and screwing me out of some interest.
If any more banks tank like Bear Stearns, we're all in deep doo doo. I'll be quite happy to trade those checks for a little more economic stability; those sub prime loans are gonna bite us all in the ass.I agree. I think the "stimulus" plan is a bad idea, and will do far more harm than good.
I haven't checked back yet (internet has been flakey, and I don't watch much TV), but last I heard the Fed may be getting ready to cut the interest rate again. The last one really screwed me over, because it came when my CDs renewed... locking me in at a lower rate and screwing me out of some interest.
YogsVR4
03-18-2008, 02:54 PM
No money coming back to Yogs :disappoin
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'97ventureowner
03-19-2008, 11:07 AM
Here's some more helpful info.
Here is a link to the IRS site that has a calculator that lets you figure out how much your expected rebate should amount to.
http://www.irs.gov/app/espc/
You will need a copy of your 2007 tax return to input figures from it to calculate your rebate.
Here is a link to the IRS site that has a calculator that lets you figure out how much your expected rebate should amount to.
http://www.irs.gov/app/espc/
You will need a copy of your 2007 tax return to input figures from it to calculate your rebate.
'97ventureowner
03-24-2008, 01:41 PM
Here we go again!
Now it's been announced that th total cost to mail out the notices may go higher- beyond $80 million ! The IRS is now going to mail out an 8 page notice to seniors in hopes they can cover a large percentage of the group that may not normally file a tax return. The IRS has stated at this time they are not sure of the costs t mail this particular notice out. I think there are better ways to get the word out to seniors via social workers/case workers that may work with them, notices at senior centers and nursing homes, and other means. One person was interviewed and they said with all of the media attention this has gotten over the past few months, they doubt very few aren't aware of the rebates and how to get one, so this additional mailing is unnecessary. BTW, my mother received a notice the other day about this "senior stimulus check". The letter contained a 1040 tax form for her to complete and mail in. I looked on the outside of the envelope to see how much the postage cost and it was a permit, so I can't really say. Thing is, my mother passed away last April and many governmental agencies are aware of this having been contacted by me, so it should be in "the system". I wonder how many deceased citizens will be receiving notices :shakehead:.
Now it's been announced that th total cost to mail out the notices may go higher- beyond $80 million ! The IRS is now going to mail out an 8 page notice to seniors in hopes they can cover a large percentage of the group that may not normally file a tax return. The IRS has stated at this time they are not sure of the costs t mail this particular notice out. I think there are better ways to get the word out to seniors via social workers/case workers that may work with them, notices at senior centers and nursing homes, and other means. One person was interviewed and they said with all of the media attention this has gotten over the past few months, they doubt very few aren't aware of the rebates and how to get one, so this additional mailing is unnecessary. BTW, my mother received a notice the other day about this "senior stimulus check". The letter contained a 1040 tax form for her to complete and mail in. I looked on the outside of the envelope to see how much the postage cost and it was a permit, so I can't really say. Thing is, my mother passed away last April and many governmental agencies are aware of this having been contacted by me, so it should be in "the system". I wonder how many deceased citizens will be receiving notices :shakehead:.
xeroinfinity
03-25-2008, 05:40 PM
Yeah Tom, I know exactly why its costing so much. Last week I got 4-5 statements from the IRS stating about the last 2 digits of your SS#, per when they will send out checks.
Well today I got 8 items/statements from the IRS(info about Economic Stimulus Payments...) saying who and how to go about getting a rebeat. Must be 5-6 pages, 2-3 being 1040 forums for those who hasnt filed yet.
It is kinda confusing, my wife was going to fill out the 6 tax forums for our kids, when I told her we didnt need to because they were already claimed on our 2007(which is already gone :( ).... :screwy:
Appearently she didnt read the first page of this packet, "Once you have filed a 2007 return, you do not have to do anything more to receive your economic stimulus payment". :lol:
Well today I got 8 items/statements from the IRS(info about Economic Stimulus Payments...) saying who and how to go about getting a rebeat. Must be 5-6 pages, 2-3 being 1040 forums for those who hasnt filed yet.
It is kinda confusing, my wife was going to fill out the 6 tax forums for our kids, when I told her we didnt need to because they were already claimed on our 2007(which is already gone :( ).... :screwy:
Appearently she didnt read the first page of this packet, "Once you have filed a 2007 return, you do not have to do anything more to receive your economic stimulus payment". :lol:
'97ventureowner
04-18-2008, 12:04 AM
Bringing this thread into a new dimension, it's been reported that some retailers plan to have promotions tied into the release of these checks. At the time of this posting, two retailers, Kroger, a supermarket chain, and Sears/KMart plan to convert your stimulus check into a gift card to be used in their stores. Sears ups the ante by adding an additional 10% to the card based on the amount of your check.( $600 check = $660 gift card, $1200 check turns into a $1320 gift card.) I'm sure other retailers will jump on the bandwagon and come up with their own promotion, or something similar.
If you think about it, it's a pretty good idea on the store's part to do this to get additional traffic in their stores and increase sales.
Maybe some of the oil companies will do the same and convert yoyr check into a pre-paid gas card :grinyes:.
If you think about it, it's a pretty good idea on the store's part to do this to get additional traffic in their stores and increase sales.
Maybe some of the oil companies will do the same and convert yoyr check into a pre-paid gas card :grinyes:.
xeroinfinity
04-18-2008, 10:16 AM
Yeah Tom our gov. would love us all to go out and spend it, at Sears or on over priced fuel. :lol:
BNaylor
04-18-2008, 12:30 PM
If our government was really concerned about us and the high fuel costs they should put a moratorium on the federal excise tax we pay for gas and stop diverting what is available to the strategic reserves or at least let some of the reserves go on the market. I think one of the presidential candidates mentioned something about that and it was not Hillary or Obama. :grinno:
It is shame having to spend the rebate on gasoline. :shakehead
It is shame having to spend the rebate on gasoline. :shakehead
xeroinfinity
04-18-2008, 04:09 PM
If our government was really concerned about us and the high fuel costs they should put a moratorium on the federal excise tax we pay for gas and stop diverting what is available to the strategic reserves or at least let some of the reserves go on the market. I think one of the presidential candidates mentioned something about that and it was not Hillary or Obama. :grinno:
It is shame having to spend the rebate on gasoline. :shakehead
:iagree:
No fuel for me, I bought headers and lifters with my check. :lol:
It is shame having to spend the rebate on gasoline. :shakehead
:iagree:
No fuel for me, I bought headers and lifters with my check. :lol:
Damien
04-18-2008, 04:53 PM
^Mine's going to engagement and wedding band. The rest, new camera body! :D
Would be nice to see a gas drop. I'd be happy at $3
Would be nice to see a gas drop. I'd be happy at $3
BNaylor
04-24-2008, 02:30 PM
Anyone get the so called second notice yet from the IRS?
Damien
04-24-2008, 06:58 PM
???
Not until June
Not until June
danielsatur
04-27-2008, 09:18 PM
BUSH can have mine!
1) IF BUSH can make Mexico another State for this Nation.
2) Nomore Illegal aliens
3) No expensive boarder patrol + Wall
4) Move all prisons to mexico,because of expense.
5) Bring our industries back to the Homeland.
6) How many aliens do we have in this country?
7) Terrorism been around for thousnds of years,lets HELP Police it!
8) There's too much loss in WARS!
MCGIVER
1) IF BUSH can make Mexico another State for this Nation.
2) Nomore Illegal aliens
3) No expensive boarder patrol + Wall
4) Move all prisons to mexico,because of expense.
5) Bring our industries back to the Homeland.
6) How many aliens do we have in this country?
7) Terrorism been around for thousnds of years,lets HELP Police it!
8) There's too much loss in WARS!
MCGIVER
BNaylor
04-28-2008, 06:56 PM
Updated rebate news.
By MARTIN CRUTSINGER
THE ASSOCIATED PRESS
WASHINGTON -- The government began depositing tax rebate checks in thousands of bank accounts on Monday as the stimulus program aimed at giving the ailing economy a jump-start got under way early.
The Internal Revenue Service started making the direct deposits on Monday with the goal of completing 800,000 payments each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday.
http://seattlepi.nwsource.com/business/360908_taxrebate29.html
By MARTIN CRUTSINGER
THE ASSOCIATED PRESS
WASHINGTON -- The government began depositing tax rebate checks in thousands of bank accounts on Monday as the stimulus program aimed at giving the ailing economy a jump-start got under way early.
The Internal Revenue Service started making the direct deposits on Monday with the goal of completing 800,000 payments each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday.
http://seattlepi.nwsource.com/business/360908_taxrebate29.html
BNaylor
04-30-2008, 11:27 PM
My sons informed me that they just got their rebate checks in the amount of $600 direct deposited today. Just in time to cover the high cost of gasoline. :rolleyes:
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