Tax Returns

[ejb]

woo hoo just got my 310 dollars from my summer job, almost feels like free money.

[Icej]

It isn't, but I got 370.

[MI_Skim]

arent we getting more on top of that from the government in their attempt to restart the economy?

[Dzan]

We get our normal refunds now and then more money later in May, I think $600 per taxpayer and $300 per kid in the family is the figure.

[MI_Skim]

nicey nice

[Icej]

$300 if you don't pay income tax

[MI_Skim]

as long as we get more money than intended im happy

[ejb]

will i get money despite the fact that i dont work full time slash im 17

[fireball]

the goverment giving people money...........boggles my mind

[flskimboarder]

if you make 3000 or less then you get 300...you make more than 3000 you get 600. if you dont pay taxes you dont get shit.

[skimmer-x]

I got $1900 back. frack you kids.

[marcyman]

I have my taxes set so I get more money in my paycheck each week. At the end of the year I get back zero or I owe $100. I want my money's now and don't need the government to hold it for me until tax time.

[narwhal]

Dzan

Does the government "gift" have guidelines for giving. As in are income brackets not getting the check?

[MI_Skim]

are you referring to like your income and not paying taxes?

[narwhal]

Paying taxes, I make very little. (wondering if that disqualaifies me from this "gift")

[shin-n]

i had pay $9.

[MI_Skim]

well if your not paying taxes i would say no? but if you are i dont think it matters what amount of income you made at the end of the year, youll still get the bonus

[ZapBulletRider]

been had that shit. Got 4700 this year.

[hobo]

what if u "pay" income tax from stock? (i.e. my parents make me sign this form that says income tax because i have stock in my college fund)_

[Dzan]

This gift is an advance credit on your 2008 taxes. This credit will not make you owe anything if you have very low income in 08 but you wont get a bigger 08 return.

[ZapBulletRider]

wait, what? I hadn't heard that. I thought it was a no-strings-attached tax-exempt check, I didn't know it had anything to do with next year's returns.

[Dzan]

Its nothing you'll notice, its just how they are accounting for the money. Rather than give you a big tax credit on your 08 return they are giving you the cash now.

[ZapBulletRider]

what do you mean it's nothing I'll notice? If I'm getting 1500 in may does that mean I'm getting 1500 less next January when I file?

[DJ-NJ]

this $600(or less) is only if you are independant correct?

my father was schooliing my [very rich and powerful, thats another story..) uncle last night at dinner and they were talking about it.

i'm 18, i work a full/part time job and make quite a bit of money on the books.
would i not get this because by law i am dependant of my parents still.





they goverment is hoping you take that 600 bucks and piss it away, then boosting the economy

[skimmer-x]

frack the government. God damn hand outs.

[Dzan]

what do you mean it's nothing I'll notice? If I'm getting 1500 in may does that mean I'm getting 1500 less next January when I file?

Its an additional tax credit. Beyond the normal 08 tax credits. Its still extra money, I'm just telling you how the government is accounting for it.

[MI_Skim]

it makes sense, they cant just give away free money and expect the benefits to out weigh the costs so heavily, they will always find a way to bite us in the ass

[ZapBulletRider]

yeah personally I think it's a stupid idea


thanks for explaining that Dzan

[del-a-where?]

will i get money despite the fact that i dont work full time slash im 17

i dont think so; i was wondering that too. i think because you are dependant on your parents (ie live with them and shit) they get x amount for you instead.

[beachbum]

originally i was paying taxes at my old job, then i set it to pay $0 so I got a bigger paycheck each week. I wonder if ill get anything from the $200 or so they took from me in the begining. Im also a dependent on my parents tax shit...

[waddsworth]

This gift is an advance credit on your 2008 taxes. This credit will not make you owe anything if you have very low income in 08 but you wont get a bigger 08 return.

That's wrong. Its not an advance. Its a rebate. It will count as income earned in '08.

[waddsworth]

what do you mean it's nothing I'll notice? If I'm getting 1500 in may does that mean I'm getting 1500 less next January when I file?

It means that for next January, instead of claiming, say, $60,000 as household income, you would claim $61,500.

[waddsworth]

Tax refunds are nice and all, but I'm probably going to stop federal withholding soon. The difference in my paycheck will go into an interest earning product/account. Whatever I owe at year's end will come out of that account, and I'll keep the change. Why should the government hold a decent portion of my money for their use, and not pay me interest on it?

[Dzan]

Tax refunds are nice and all, but I'm probably going to stop federal withholding soon. The difference in my paycheck will go into an interest earning product/account. Whatever I owe at year's end will come out of that account, and I'll keep the change. Why should the government hold a decent portion of my money for their use, and not pay me interest on it?

Very smart move. I don't advise everyone to do this because it takes tremendous willpower. I think we all know that the financial willpower of the average person is next to nothing.

[Dzan]

It means that for next January, instead of claiming, say, $60,000 as household income, you would claim $61,500.

This is wrong, the rebate is not taxable income.

What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.