Taxes Question?

[RustShack]

Does everyone who filed taxes get the $600 on top of that in May? Or are there some qualifications? There was a thread about it earlyer but I could't find it, and I was hopeing someone could put it into simple terms for me too. Thank You!

[Hoover]

Does everyone who filed taxes get the $600 on top of that in May? Or are there some qualifications? There was a thread about it earlyer but I could't find it, and I was hopeing someone could put it into simple terms for me too. Thank You!

No you will get that in addition to any refund.

You only get the refund in May if you file your taxes on line.

Just don't get to excited, this is YOUR money anyway.

[chief52]

No you will get that in addition to any refund.

You only get the refund in May if you file your taxes on line.

Just don't get to excited, this is YOUR money anyway.

Anyone understand the restrictions? If you make over $X you get zip? Or is that incorrect?

[RustShack]

I filled my taxes and I know how much I'm getting back from that, but don't I get like another $600 on top of that in May to help out with the economy or whatever? If I do 50 inch 1080P LCD TV here I come!

[RustShack]

Anyone understand the restrictions? If you make over $X you get zip? Or is that incorrect?


Anyone know what the restrictions are if any?

[tyton75]

As I understand it you have to have earned over $3000 in 2007 to qualify for the refund..

not saying thats hard to qualify for, but thats the only restriction that I heard; and I might still be wrong

[kepp]

As I understand it you have to have earned over $3000 in 2007 to qualify for the refund..

not saying thats hard to qualify for, but thats the only restriction that I heard; and I might still be wrong

There is a upper limit as well - $75K ($150K per person).

[RustShack]

Hopefully thats right then!

[penguinz]

Also remember this is not free money. It is a credit for your 2008 tax filing.

[Deberg_1990]

Also remember this is not free money. It is a credit for your 2008 tax filing.

What if you dont want the money now then? Do you have a choice to reject it?

Just curious...

[MTG#10]

Heres all the information you need.

http://turbotax.intuit.com/tax-tools/tax-rebate/tax-article?ven=gg&kw=economic%20stimulus%20plan&cid=ppc_gg_nb_stan_ac_ff_ecnmc+stmls&priorityCode=4479500000

[jjchieffan]

There is a upper limit as well - $75K ($150K per person).

Actually, that is the limit to get the max. The amount is prorated after that.

[RustShack]

How does this effect my next years return?

[kepp]

Actually, that is the limit to get the max. The amount is prorated after that.
Ah, okay...didn't know that.

[Coach]

Also remember this is not free money. It is a credit for your 2008 tax filing.

Uh, I believe it is not taxable.

[Coach]

How does this effect my next years return?

I believe it is not taxable.

[RustShack]

Yeah I didn't think it was taxable or taken out of next years, but after he said something about next years I was wondering.

[mikeyis4dcats.]

Also remember this is not free money. It is a credit for your 2008 tax filing.

I don't believe that is true. That was the case with the last rebate, but IIRC this time it is really "free" money.

[Chief Wiggum]

Actually, that is the limit to get the max. The amount is prorated after that.

Right, but if you make 87k+ (or 174k+ as a couple) I don't think you are eligible for the rebate. So if I understand it correctly, if you make 75k you should get 6 bones back, if you make slightly more but under 87k, you will get some money back, but not quite $600 (Double everything if you are married.)

[jjchieffan]

From the link posted above by MGD

How Will the Rebates Work?
The rebates are based on your income, how many children you have and whether you receive Social Security or disabled veterans' benefits.

Most individual taxpayers will get $600 and most married couples will receive $1,200.
Lower-income earners who make at least $3,000 but pay no taxes will get at least $300 per person or $600 per couple.
Social Security recipients and disabled veterans, even if they pay no income taxes, will receive at least $300 each, or $600 for couples.
In addition to the tax rebates above, households will receive $300 per child under age 17.
Higher-income earners would be excluded, with tax rebates reduced by $50 for every $1,000 of adjusted gross income above $75,000 for single taxpayers and $150,000 for couples. The rebates phase out completely at $87,000 in adjusted gross income for single taxpayers and $174,000 for couples.
To receive the rebate, you must file a 2007 tax return—even if you normally aren't required to file based on low income or your status as a Social Security recipient or disabled veteran.

When Will I Get My Tax Rebate?
You could get your rebate by mail as early as May or June. The IRS will begin sending the tax rebates in May to eligible people who filed their 2007 taxes by April 15, 2008.

To get your rebate as early as possible, file your taxes now. Try TurboTax Online to make doing your taxes easy.

Will the Tax Rebate Affect My 2007 Tax Return?
The rebate will not affect the 2007 taxes you owe. Do your 2007 federal taxes as usual.

Even if you are not usually required to file, but are eligible to receive a tax rebate, you must file a 2007 return to get your rebate. That way, the IRS can see that you qualify and send you a check

[Chief Wiggum]

I don't believe that is true. That was the case with the last rebate, but IIRC this time it is really "free" money.

I agree. I don't think this can be directly applied as a credit to your '08 return even if you wanted it to be.

It won't be taxed in '08, but you will need to claim it in your '08 return - so when they send you your confirmation in the mail, save it as you will need to fill in some of the info on the '08 return.

[afchiefs]

Also remember this is not free money. It is a credit for your 2008 tax filing.

I believe you have to claim it as income on your 08 taxes, but paying tax on $600 is better than not getting $600!

[jjchieffan]

Right, but if you make 87k+ (or 174k+ as a couple) I don't think you are eligible for the rebate. So if I understand it correctly, if you make 75k you should get 6 bones back, if you make slightly more but under 87k, you will get some money back, but not quite $600 (Double everything if you are married.)

Right. That is what I meant when I said it was pro rated. You made it more clear. thanks.

[blueballs]

You might have it by the end of training camp

[bkkcoh]

Will you get the $300 per each kid or $300 for each kid that is listed as a dependent?

[Chief Wiggum]

Will you get the $300 per each kid or $300 for each kid that is listed as a dependent?

Should be only dependents. They have to be under 18 and claimed on your '07 return. I not positive though - I don't have kids.

[bkkcoh]

Should be only dependents. They have to be under 18 and claimed on your '07 return. I not positive though - I don't have kids.


I know after a certain age, you lose them as a child tax credit, but not a deduction.

[jjchieffan]

Just imagine the rebate check Travis Henry could get if he didn't make so much money. :ROFL:

[Chief Wiggum]

Just imagine the rebate check Travis Henry could get if he didn't make so much money. :ROFL:

Shawn Kemp would be up there too if all of his weren't illegitament. :thumb:

[jjchieffan]

Now here is a family that will get a big rebate.

Arkansas couple have their 17th child, say they want more
The Associated PressPublished: August 2, 2007

E-Mail Article

Listen to Article

Printer-Friendly

3-Column Format

Translate

Share Article

Text Size

LITTLE ROCK: An Arkansas couple had a baby daughter Thursday — their 17th child and seventh girl — and the pair say they're still not ready to give it a rest.

Jennifer Danielle was born at 10:01 a.m. at a hospital in Rogers, Arkansas, Jim Bob and Michelle Duggar said in an interview.

"We'd love to have more," Michelle said, referring to baby girls. "We love the ruffles and lace."

Jennifer joins the fast-growing Duggar brood, who live in a 7,000-square-foot (650-square-meter) home in Tontitown. All the children — whose names start with the letter J — are taught at home.

The oldest is 19 and the youngest, before Jennifer, is almost 2 years old.

Today in Americas
For McCain, self-confidence on ethics poses its own riskU.S. missile interceptor hits spy satelliteU.S. takes Northern Rockies gray wolves off endangered list"We are just so grateful to God for another gift from him," said Jim Bob Duggar, a former state representative. "We are just so thankful to him that everything went just very well."

Jennifer joins siblings: Joshua, 19; John David, 17; Janna, 17; Jill, 16; Jessa, 14; Jinger, 13; Joseph, 12; Josiah, 11; Joy-Anna, 9; Jedidiah, 8; Jeremiah, 8; Jason 7; James 6; Justin, 4; Jackson, 3; Johannah, almost 2.

Michelle Duggar said she started feeling contractions Wednesday night and went to the hospital at about 5 a.m. Thursday.

"It actually went fast," she said. "I guess once I started progressing, it went within 30 minutes."

The Duggars have been featured on several programs on cable television's Discovery Health Network. The next special, the Duggar Family Album, is scheduled to air next month, Jim Bob Duggar said.

Among the "fun facts" listed on Discovery Health's Web page devoted to the Duggars: A baby has been born in every month except June; the Duggars have gone through an estimated 90,000 diapers, and Michelle has been pregnant for 126 months — or 10.5 years — of her life.

http://www.iht.com/articles/ap/2007/08/02/america/NA-ODD-US-Seventeen-Children.php

[Chief Wiggum]

Among the "fun facts" listed on Discovery Health's Web page devoted to the Duggars: A baby has been born in every month except June

Apparently Mr Duggar isn't getting any in October - you know it's not a fertility thing 'cause it's like Yahtzee with that woman...

In all seriousness though, that woman deserves a friggin' medal.

[penguinz]

Apparently Mr Duggar isn't getting any in October - you know it's not a fertility thing 'cause it's like Yahtzee with that woman...

In all seriousness though, that woman deserves a friggin' medal.You need to go back to sex ed. Gestation is 10 months not 9. So it is September she is not getting any. ;)

[Rain Man]

I never understood why some parents give their kids names that all start with the same letter. Is the gimmick really worth not picking your favorite name? Does it promote some sort of family love that I just don't understand?

Now, those people have 17 kids whose names all start with the letter J. Setting aside for the moment that "Jennifer" got passed over until the 17th kid, at what point do they simply run out of names? What's the 20th kid's name? Jimbo? Jojo? What about the 30th? JarJar? Jambalaya? The 50th will be just j's - Jjjjjjjjjj? Where does it end?

[chasedude]

You need to go back to sex ed. Gestation is 10 months not 9. So it is September she is not getting any. ;)

You need to check your sources... 38 weeks = 9 months

http://en.wikipedia.org/wiki/Gestation

[DaFace]

1. This is in no way an advance on next years' return.
2. You don't pay taxes on it now, nor will you next year. It's tax free.
3. All you have to do to get it is file your taxes this year. If you don't get it for some reason, but you should have qualified, you can claim it in 2008 and it will be added to your refund next year.
4. Couples get $1,200. Singles get $600. $300 per dependent gets added on.
5. The cutoffs are $75,000 for singles and $150,000 per couple. If you make more than that, subtract $50 per thousand you make over the cutoff and that's your rebate.

I'm just gonna start copying and pasting this every time this topic comes up.

[Chief Pote]

1. This is in no way an advance on next years' return.
2. You don't pay taxes on it now, nor will you next year. It's tax free.
3. All you have to do to get it is file your taxes this year. If you don't get it for some reason, but you should have qualified, you can claim it in 2008 and it will be added to your refund next year.
4. Couples get $1,200. Singles get $600. $300 per dependent gets added on.
5. The cutoffs are $75,000 for singles and $150,000 per couple. If you make more than that, subtract $50 per thousand you make over the cutoff and that's your rebate.

I'm just gonna start copying and pasting this every time this topic comes up.

People helping people......you're like a "Super Daface".