http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2856666Oh my.
MaineDem (1000+ posts) Wed Feb-13-08 08:38 AM
Original message
Stimulous checks only an advance??
I apologize if this has already been discussed. I tried a search but couldn't come up with anything.
I heard a discussion on tv this morning that this check will only be an advance on our 2008 tax returns, much like it was the last time. I thought sure I had read somewhere that it was not going to be.
I know DUers are more informed that the average tv talking head. Is this check deal another sham?
Thanks!
One has no idea what the dumb Mainer is talking about, in the bold above.
Anyway.
NYC (1000+ posts) Wed Feb-13-08 08:55 AM
Response to Original message
1. I don't think it is engraved in stone yet.
Like you, I heard it would not be an advance.
However, I think that wasn't entirely settled.
MaineDem (1000+ posts) Wed Feb-13-08 09:06 AM
Response to Reply #1
2. Thanks
I know the idiot-in-chief is about to sign the bill (tomorrow, I think.)
reformedrethug (12 posts) Wed Feb-13-08 09:12 AM
Response to Reply #1
3. From what I heard yesterday on the radio it is NOT an advance, it is a rebate, gift, handout, whatever you want to call it but not an advance on next years tax refund.
Iris (1000+ posts) Wed Feb-13-08 09:43 AM
Response to Reply #3
7. that's nice to hear, since mine is not even going to come to me, but go directly towards paying down the tax bill I owe from 3 years ago. At least their not robbing my Peter to pay my Paul.
semillama (1000+ posts) Wed Feb-13-08 09:12 AM
Response to Original message
4. It's an advance on a future tax cut, like the first time they bribed us.
fight4my3sons (894 posts) Wed Feb-13-08 09:36 AM
Response to Original message
5. My husband is saying...that the state is going to tax us on the income.
Probably one of those money-grubbing blue states, right?
George65 (52 posts) Wed Feb-13-08 09:39 AM
Response to Original message
6. rebate
The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer This doesn't mean you'll have to pay back the rebate amount you get in 2007. It just means that since you got it early (i.e., the summer of 2007), you can't claim it again on your 2008 return.
"Some people might think that's unfair," says Luscombe, "but they got the money, and they got it early."
One thing taxpayers won't have to worry about is giving back any excess if their 2008 taxes show that the advance this year was actually more than they should have received.
"If it turns out that credit on your 2008 return is greater, you get to take that additional amount," says Luscombe. "If it's lesser than what you got in 2007, you don't have to refund that back to government." The law says the IRS can't recover the extra payment by reducing your 2008 refund or adding to your 2008 tax bill.
http://www.bankrate.com/brm/itax/news/taxguide/20080212...
MaineDem (1000+ posts) Wed Feb-13-08 09:53 AM
Response to Reply #6
8. Thank you but I'm still confused
What did we get in 2007?
fed-up (1000+ posts) Wed Feb-13-08 11:11 AM
Response to Original message
9. great explanation in this article-"How tax rebates work in stimulus package"
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/0...
How tax rebates work in stimulus package
Kathleen Pender, Chronicle Staff Writer
Tuesday, February 12, 2008
..snip
"The rebates represent a 2008 tax cut. But instead of getting the tax cut next year, when you file your 2008 return, you'll get it this year."
..snip
You know, again I'm greatly confused.
I thought the primitives liked taxes, and so would be happy to pay more, instead of getting rebates and refunds.
I dunno. One can't make sense of the primitive logic.
