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2008 Economic Tax Return? 600 or 1200

Started by NewWorldOrder,

83 posts in this topic

Jeffreykli

Jeffreykli

Posted
Posted
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. :foryou:

 

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!!!! lol

 

Translplant is correct. The next year's $600 credit is what you're getting now. So, to be clear, you file your 2007 tax return, and have income of $75,000. Your tax liability (before withholding) is over $600, you the IRS will send you a check for $600 in May.

 

Next year, you file your 2008 return, you'll see a new tax credit for 2008 that wasn't available in 2007, for $600. You claim that credit on your 2008 return, but also have to reduce it by $600 since you received the $600 check in May, 2007.

 

So, all things being equal, if you were to get $1k back from your 2007 return, you'll get back $1600. Then, without this credit, you were to get $1k back from your 2008 return, you'll get $1k, although on the tax return, it'll seem like you're eligible to get back $1600, but you have to offset that by $600.

 

I hope this is clearer, although for me, I only care because I prepare some other people's tax returns. I won't see a dime of this stimulus package.

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NewWorldOrder

NewWorldOrder

Posted
  • Author
Posted
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. :foryou:

 

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!!!! lol

 

Translplant is correct. The next year's $600 credit is what you're getting now. So, to be clear, you file your 2007 tax return, and have income of $75,000. Your tax liability (before withholding) is over $600, you the IRS will send you a check for $600 in May.

 

Next year, you file your 2008 return, you'll see a new tax credit for 2008 that wasn't available in 2007, for $600. You claim that credit on your 2008 return, but also have to reduce it by $600 since you received the $600 check in May, 2007.

 

So, all things being equal, if you were to get $1k back from your 2007 return, you'll get back $1600. Then, without this credit, you were to get $1k back from your 2008 return, you'll get $1k, although on the tax return, it'll seem like you're eligible to get back $1600, but you have to offset that by $600.

 

I hope this is clearer, although for me, I only care because I prepare some other people's tax returns. I won't see a dime of this stimulus package.

 

sounds good to me! thanks!!

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Transplant

Transplant

Posted
Posted
why would the govt GIVE away money? Its good enough they are advncing money. no?
Clearly my work is not done here. They are not advancing you really. They are giving you the money. . . just in advance. :tonofbricks:
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peewee22

peewee22

Posted
Posted
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. :foryou:

 

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!!!! lol

 

Translplant is correct. The next year's $600 credit is what you're getting now. So, to be clear, you file your 2007 tax return, and have income of $75,000. Your tax liability (before withholding) is over $600, you the IRS will send you a check for $600 in May.

 

Next year, you file your 2008 return, you'll see a new tax credit for 2008 that wasn't available in 2007, for $600. You claim that credit on your 2008 return, but also have to reduce it by $600 since you received the $600 check in May, 2007.

 

So, all things being equal, if you were to get $1k back from your 2007 return, you'll get back $1600. Then, without this credit, you were to get $1k back from your 2008 return, you'll get $1k, although on the tax return, it'll seem like you're eligible to get back $1600, but you have to offset that by $600.

 

I hope this is clearer, although for me, I only care because I prepare some other people's tax returns. I won't see a dime of this stimulus package.

 

Plus, if you're in the Bush tax bracket (> $150k Married Filing Jointly), the rebate is reduced 5% for every $1000 over $150k UNTIL it is phased out completely. Meaning you get a goose eggo.

 

So since I got a lump sum severance check in '07, I'm screwed. At least this is my understanding.

 

 

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cd4ever

cd4ever

Posted
Posted
interesting... that wasn't my understanding of it either...

 

I thought we were basically borrowing a ton of cash from China, which would be given to tax payers who could spend it on things like from China or oil from Saudi Arabia...

 

Actually this post sums it up quite nicely.

 

This money will be borrowed from foreign nations, a lot of it from China, which most Americans will use to pay off debt but some will use to buy merchandise, most which is manufactured in foreign nations, probably China.

 

The whole concept is absurd and embarassing.

:sorry:

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OldGuy

OldGuy

Posted
Posted
$75 for dinner

$35 for a movie

 

STD = $110

 

:o

 

$75 for dinner I can understand, but $35 for a movie? For 2?

 

Watcha doin' OG, buying extra tickets so the 2 of you can put your feet up? How many buckets 'o popcorn?

Dang boy, steal the Raisinettes if you have to!

 

;)

 

Rick

 

I like extra butter.............. :gossip: for the fisting.

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Ringfinger

Ringfinger

Posted
Posted
$75 for dinner

$35 for a movie

 

STD = $110

 

:o

 

$75 for dinner I can understand, but $35 for a movie? For 2?

 

Watcha doin' OG, buying extra tickets so the 2 of you can put your feet up? How many buckets 'o popcorn?

Dang boy, steal the Raisinettes if you have to!

 

;)

 

Rick

 

I like extra butter.............. :gossip: for the fisting.

 

 

Eww...

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ShoNuff-migration

ShoNuff-migration

Posted
Posted
Plus, if you're in the Bush tax bracket (> $150k Married Filing Jointly), the rebate is reduced 5% for every $1000 over $150k UNTIL it is phased out completely. Meaning you get a goose eggo.

 

So since I got a lump sum severance check in '07, I'm screwed. At least this is my understanding.

So you're saying as a couple you received over $150k last year?

 

If I wait a few minutes, do you think you could cry me one of those rivers you hear people talking about? :baiting:

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Warlord

Warlord

Posted
Posted
Pros

 

Example your are single and received 600 this may

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

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

 

 

I'm not going to read this entire thread, but I hope someone has made it clear that the interpretation you've posted above is wrong.

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NewWorldOrder

NewWorldOrder

Posted
  • Author
Posted
Pros

 

Example your are single and received 600 this may

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

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

 

 

I'm not going to read this entire thread, but I hope someone has made it clear that the interpretation you've posted above is wrong.

 

I have heard so many different facts on this case, that I am not sure what will happen next year.

 

I talked to my CPA and she said next year you wont get as much back because you are receiving 600.00 this MAY which is an advance of my 2008 Tax Return.

 

so wouldnt my above statement be correct?

 

Please help me out if you know the answer, thanks!

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Zonker

Zonker

Posted
Posted

1- It is a new tax cut directed at wages to be earned in 2008.

 

2-You're getting it early this year rather than having to wait for it.

 

3- Therefore, be happy. (thumbs u

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