2008 Economic Tax Return? 600 or 1200

[NewWorldOrder]

So it's basically an advance ...

 

I thought we were getting free money

Without defining "free" here is what the IRS says,

 

"The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).

 

Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income."

 

You are telling us what we already know and I am not talking about 2007.

 

I am talking about 2008 Tax Return after you have gotten you refund in MAY.

 

ITS NOT FREE MONEY

 

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx

 

read this, so I guess I am not stupid huh? smart guy

 

Not stupid, apparently not too friendly, though.

 

Transplant called me stupid in the earlier message for asking about my original post.

 

r u saying I am not friendly or transplant?

[Transplant]

So this will benefit the people who usually get back 100-200 or so back since they dont have to pay the 600 dollars back, I guess they just wont get any money back at all in 09 ..

Stop listening to SoT. You would not have gotten this money in 2008. The gov't could wait til 08 to give it to you but they aren't.

[Transplant]

Transplant called me stupid in the earlier message for asking about my original post.

 

r u saying I am not friendly or transplant?

 

I am not a tax professional, if you rely on my information to your detriment, you are just stupid and I can't help you anyway.

 

Do you see the difference?

[seanfingh]

So it's basically an advance ...

 

I thought we were getting free money

Without defining "free" here is what the IRS says,

 

"The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).

 

Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income."

 

You are telling us what we already know and I am not talking about 2007.

 

I am talking about 2008 Tax Return after you have gotten you refund in MAY.

 

ITS NOT FREE MONEY

 

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx

 

read this, so I guess I am not stupid huh? smart guy

 

Not stupid, apparently not too friendly, though.

 

Transplant called me stupid in the earlier message for asking about my original post.

 

r u saying I am not friendly or transplant?

 

Read what he said. He said "if you rely on information that I give to your detriment you are stupid." It was a tongue in cheek caveat to let everone know he is neither Alan Greenspan nor a CPA. It was not directed at you or anyone.

[OldGuy]

Oh yea?! Well..........well.........you're all stoopid!

 

[NewWorldOrder]

So this will benefit the people who usually get back 100-200 or so back since they dont have to pay the 600 dollars back, I guess they just wont get any money back at all in 09 ..

Stop listening to SoT. You would not have gotten this money in 2008. The gov't could wait til 08 to give it to you but they aren't.

 

Here it is so there is no confusion:

 

2008 in MAY

 

The $168 billion economic stimulus package just passed by Congress will ship checks of up to $600 for individuals and $1,200 for couples starting in May. Most households will get these checks, although individuals with adjusted gross incomes of more than $75,000 and couples making more than $150,000 will see less or nothing at all.

 

Ok......so if you a single person for example gets a check in May for $600.00 then in..........2008 Tax Filing which you do this time next year.......so the year is 2009

if you have that amount (600) deducted from your federal credit return.

 

So if next year you were supposed to receive $1000.00 from the federal government then you only get $400.00.

 

Remeber what you are doing now is your 2007 Tax return not 2008, maybe thats what is confusing you MutantKeys.

[NewWorldOrder]

So it's basically an advance ...

 

I thought we were getting free money

Without defining "free" here is what the IRS says,

 

"The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).

 

Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income."

 

You are telling us what we already know and I am not talking about 2007.

 

I am talking about 2008 Tax Return after you have gotten you refund in MAY.

 

ITS NOT FREE MONEY

 

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx

 

read this, so I guess I am not stupid huh? smart guy

 

Not stupid, apparently not too friendly, though.

 

Transplant called me stupid in the earlier message for asking about my original post.

 

r u saying I am not friendly or transplant?

 

Read what he said. He said "if you rely on information that I give to your detriment you are stupid." It was a tongue in cheek caveat to let everone know he is neither Alan Greenspan nor a CPA. It was not directed at you or anyone.

 

OK

[Stronguy]

Pros

Single and Families get additional 600/1200 this year from the government

Shot in the arm of the economy in the short-term

Extra money to spend. Save, or pay bills

 

Cons

Misleading if you're not paying attention or just stupid

Either amount will be deducted from your 2008 tax return yeah -- that's what an advance is

Hurts the economy 2008 in some way you can't specify

o Most people will not know this fact till next year and will caught be surprise once again, the stupid and uninformed suffer

o Less money= consumer spending with that 2008 Tax Return will suffer

Vacations, TVs, shopping, etc.

Example your are single and received 600 this may

o 2008 tax return you were supposed to get $1000 (federal)

However now you get $1000.00 -600 for a total of $400.00 and you spend the money in 2008 instead of 2009 which is what it's supposed to do

 

YA PREISDENT BUSH, ANOTHER GREAT STRIVE IN THE USA!!!

 

You just cut and past that stuff didn't you. No one with any sense would say some of those things. Please explain how this advance is anything different from people adjusting their W4 and not giving $600 to the government in the first place. Hint: there is none.

[NewWorldOrder]

Nope -- it's an advance on estimated tax refunds. If you end up owing money at the end of the year you will end up owing $600 more.

 

(From the MSN Money Article)

 

This isn't free money -- for most people

To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.

 

Normally, you wouldn’t see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.

 

Smart Spending blog: Rebate? Bonus? One is easier to spend

 

Remember, this is your money you're getting back, and the rebate checks are basically an advance on the credit you'd otherwise get in 2009.

 

If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. If you got too much, you won't have to pay back the excess.

 

But you'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credit and rebate check --- but accounting for the checks on your next return will ensure you don't get the tax credit twice.

 

Still, the rebate checks may cause confusion when people file next year's return. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, "a lot of people were upset to see their (next) refund reduced."

 

[Transplant]

I'm working to find a way for you SoT. Technically, maybe what you said is correct.

 

W/O the stimulus:

2008 you paid in 2000 in taxes.

Your tax return says you get back 1000.

 

W/ Stimulus:

2007: you get 600 check for credit to be applied in 2008.

 

2008 you paid in 2000 in taxes.

Govt credit for 600

- debit for 2007 advance of 600 credit

You get back 1000 (just like you would have anyway).

 

I'm not sure why anyone would think they would get a check for 600 now and be entitled to a credit and another 600 in 2008?

[Transplant]

ITS NOT FREE MONEY

In a sense it is. You would not have gotten it without the stimulus package.

 

In a sense it's not b/c we're just borrowing the money anyway to be paid back by taxpayers later. But, that's what governments are supposed to do in an economic down cycle, spend. If you believe in Keynesian economics.

[NewWorldOrder]

ITS NOT FREE MONEY

In a sense it is. You would not have gotten it without the stimulus package.

 

In a sense it's not b/c we're just borrowing the money anyway to be paid back by taxpayers later. But, that's what governments are supposed to do in an economic down cycle, spend. If you believe in Keynesian economics.

 

I just look at it like I usually average around 700-1000 every year back on my fed tax return, so next year since I do qualify for the 600 bucks that I will be getting my usual refund less 600.00. So my next year spending power that I am used to is going to be alot less.

 

I just feel most Americans wont know this and when next year comes along they are going to be shocked that they are getting less because they got the advance this year, hence less spending power this time next year, which could hurt the economy.

 

does that make sense?

[Transplant]

I just look at it like I usually average around 700-1000 every year back on my fed tax return, so next year since I do qualify for the 600 bucks that I will be getting my usual refund less 600.00. So my next year spending power that I am used to is going to be alot less.

 

does that make sense?

No. B/C next year you will qualify for your normal 700-1000 back + 600 credit - 600 credit = your usual 700-1000. You'll get the same amount you would have anyway. You might even get more if they don't estimate correctly this year BUT YOU WON'T GET LESS.

[NewWorldOrder]

Pros

Single and Families get additional 600/1200 this year from the government

Shot in the arm of the economy in the short-term

Extra money to spend. Save, or pay bills

 

Cons

Misleading if you're not paying attention or just stupid

Either amount will be deducted from your 2008 tax return yeah -- that's what an advance is

Hurts the economy 2008 in some way you can't specify

o Most people will not know this fact till next year and will caught be surprise once again, the stupid and uninformed suffer

o Less money= consumer spending with that 2008 Tax Return will suffer

Vacations, TVs, shopping, etc.

Example your are single and received 600 this may

o 2008 tax return you were supposed to get $1000 (federal)

However now you get $1000.00 -600 for a total of $400.00 and you spend the money in 2008 instead of 2009 which is what it's supposed to do

 

YA PREISDENT BUSH, ANOTHER GREAT STRIVE IN THE USA!!!

 

You just cut and past that stuff didn't you. No one with any sense would say some of those things. Please explain how this advance is anything different from people adjusting their W4 and not giving $600 to the government in the first place. Hint: there is none.

 

Well in 2001 the same thing happened and most Americans did not understand, so if you want to call most Americans "stupid and uniformed" I guess thats your problem.

 

And and rational person would say yes this bill could help the short-term 2008 economy, but will at least hurt it a little bit by having less spending power in 2009.

 

By the way most people do not save their tax return, so that is just a fact, whether you agree with or not I do actualyl understand.

 

 

[NewWorldOrder]

I just look at it like I usually average around 700-1000 every year back on my fed tax return, so next year since I do qualify for the 600 bucks that I will be getting my usual refund less 600.00. So my next year spending power that I am used to is going to be alot less.

 

does that make sense?

No. B/C next year you will qualify for your normal 700-1000 back + 600 credit - 600 credit = your usual 700-1000. You'll get the same amount you would have anyway. You might even get more if they don't estimate correctly this year BUT YOU WON'T GET LESS.

 

where is next years 600 credit coming from?

 

It should only be counted as a debit (-)600 since we got the (+)600 thid year.

 

Why cant they just give us free money and just be nice!!!!

[mar-vell]

it's all a bunch of hooey! Glad this is the last year for George W.!

[NewWorldOrder]

[BlowUpTheMoon]

 

[Aces]

Nothing in life is free, Danny..except STDs (thumbs u

 

$75 for dinner

$35 for a movie

 

STD = $110

 

Fisting... Priceless.

[Excelsior!-migration]

Pros

• Single and Families get additional 600/1200 this year from the government

• Shot in the arm of the economy in the short-term

• Extra money to spend. Save, or pay bills

 

Cons

• Misleading

• Either amount will be deducted from your 2008 tax return

• Hurts the economy 2008

o Most people will not know this fact till next year and will caught be surprise

o Less money= consumer spending with that 2008 Tax Return will suffer

 Vacations, TV’s, shopping, etc.

• Example your are single and received 600 this may

o 2008 tax return you were supposed to get $1000 (federal)

 However now you get $1000.00 -600 for a total of $400.00

 

 

YA PREISDENT BUSH, ANOTHER GREAT STRIVE IN THE USA!!!

 

Yay Dem Congress, this package should improve your all time low approval ratings! Just trying to be fair and balanced in this non-political forum. And I didn't even use my CAPS.