Rebates in the mail by June we hope
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kantuckyII
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Orange and Brown
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LICKING COUNTY FAN
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kantuckyII
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orange-n-brown 365
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kantuckyII wrote:I bet those 'Cash Advance' places will have a field day with this!
How is that? actually if people got the extra $$ they could get out of them.
Keep smiling, it makes people wonder what you're up to."
"Remember this, the choices you make in life, make you"
- John Wooden
"Champions never complain, they are too busy getting better."
- unknown
quote
"Remember this, the choices you make in life, make you"
- John Wooden
"Champions never complain, they are too busy getting better."
- unknown
quote
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orange-n-brown 365
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http://biz.yahoo.com/cnnm/080124/012408 ... &.pf=taxes
Don't spend your rebate just yet
Thursday January 24, 3:24 pm ET
By David Goldman, CNNMoney.com staff writer
Washington leaders have agreed on a $150 billion deal to stimulate the economy by giving workers rebates of as much as $600 or more.
But it could be late spring or even early summer before Americans see any real cash.
ADVERTISEMENT
The goal for both Democrats and Republicans is to get the money into the hands of consumers as soon as possible.
First the Internal Revenue Service has to cut the checks. That's the tricky part.
The agency is now in the middle of the 2007 tax-filing season - not a great time to have to send special checks to 116 million people.
"It is remarkable that the world's leading economic power can't get checks out the door faster than that," Peter Corsage, the director of the Congressional Budget Office, told the Senate finance committee on Tuesday. "But it's a reflection of the fact that the IRS's infrastructure is in a state that's under pressure and consumed, again, with the normal tax-filing season."
An IRS spokesman declined to comment.
The Treasury Department, which oversees the IRS, said the department and IRS are already discussing how to cut checks quickly.
Treasury Secretary Henry Paulson said Thursday that the IRS should start sending checks 60 days after a measure is enacted. One caveat: For the first two weeks of April, the agency is consumed by the task of processing regular tax returns.
"Within roughly 60 days, we will be able to begin making payments, some electronic, some by check," Paulson said.
It's not clear when a bill would be enacted.
The last similar tax rebate was issued in 2001. The legislation was passed on May 23, and the checks were delivered less than two months later - as early as July 20 for some taxpayers.
But the 2001 bill was finalized after tax season had already ended, which some experts believe gave the IRS the ability to send the checks out faster than they will be able to in 2008.
"The important thing is to get this [legislation] passed," said Paulson. "Until it is enacted, we can't start working to get this going."
Don't spend your rebate just yet
Thursday January 24, 3:24 pm ET
By David Goldman, CNNMoney.com staff writer
Washington leaders have agreed on a $150 billion deal to stimulate the economy by giving workers rebates of as much as $600 or more.
But it could be late spring or even early summer before Americans see any real cash.
ADVERTISEMENT
The goal for both Democrats and Republicans is to get the money into the hands of consumers as soon as possible.
First the Internal Revenue Service has to cut the checks. That's the tricky part.
The agency is now in the middle of the 2007 tax-filing season - not a great time to have to send special checks to 116 million people.
"It is remarkable that the world's leading economic power can't get checks out the door faster than that," Peter Corsage, the director of the Congressional Budget Office, told the Senate finance committee on Tuesday. "But it's a reflection of the fact that the IRS's infrastructure is in a state that's under pressure and consumed, again, with the normal tax-filing season."
An IRS spokesman declined to comment.
The Treasury Department, which oversees the IRS, said the department and IRS are already discussing how to cut checks quickly.
Treasury Secretary Henry Paulson said Thursday that the IRS should start sending checks 60 days after a measure is enacted. One caveat: For the first two weeks of April, the agency is consumed by the task of processing regular tax returns.
"Within roughly 60 days, we will be able to begin making payments, some electronic, some by check," Paulson said.
It's not clear when a bill would be enacted.
The last similar tax rebate was issued in 2001. The legislation was passed on May 23, and the checks were delivered less than two months later - as early as July 20 for some taxpayers.
But the 2001 bill was finalized after tax season had already ended, which some experts believe gave the IRS the ability to send the checks out faster than they will be able to in 2008.
"The important thing is to get this [legislation] passed," said Paulson. "Until it is enacted, we can't start working to get this going."
Keep smiling, it makes people wonder what you're up to."
"Remember this, the choices you make in life, make you"
- John Wooden
"Champions never complain, they are too busy getting better."
- unknown
quote
"Remember this, the choices you make in life, make you"
- John Wooden
"Champions never complain, they are too busy getting better."
- unknown
quote
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ItownHosscat
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newarkcatholicfan wrote:Do you know why you did not get any thing?ItownHosscat wrote:newarkcatholicfan wrote:I was working full time the last time and did not get anything.The Instructor wrote:They just came in the mail last time.
You didn't have to do anything to get them.
Me either.
Nope,any ideas.
Never Give Up!
I have a question? As you all know, Roger passed away a couple of weeks ago. I had no income last year because I had to care for him and couldn't work. Our taxes are on what he had coming in. He is the one who would have got this rebate not me, so even though I have to pay our taxes this year. Since we filed jointly do you think I will get his or get nothing?
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TheMalteseFalcon
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LICKING COUNTY FAN
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I'm working full time as I was back then.TheMalteseFalcon wrote:newarkcatholicfan wrote:I was working full time the last time and did not get anything.The Instructor wrote:They just came in the mail last time.
You didn't have to do anything to get them.
Does this mean that you are not working or are just working part time now??
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
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
Re: More Answers to Your Questions about Tax Rebates
Tobias wrote:http://abcnews.go.com/WN/Story?id=4197208&page=3How Will This Affect My Tax Refund Next Year?
Question: "Have I understood this wrong? Is the tax rebate in all actuality an advance on our refunds next year? Does it mean that if we spend this money now that we won't get the money back next year?" Colleen in Liberty, Miss.
McPherson: Colleen, it is unclear to me exactly what the impact will be on our 2008 tax returns, but clearly there will be some effect. I can tell the proposal as outlined so far calls for the rebates to result from a cut in 2008 taxes even though the rebates will be based on 2007 tax figures.
The proposal calls for the existing 10 percent tax rate on the first $6,000 in income for a single person and the first $12,000 for couple to be cut to 0 percent for 2008.
In 2001, when there was a similar tax rebate, taxpayers received checks between July and October. If the check received by a taxpayer exceeded the amount of credit a taxpayer qualified for, then the taxpayer was permitted to keep the excess, according to the Congressional Joint Committee on Taxation.
Your check is in the mail no penalty for next year,unless you win the lottery