Question about tax rebate?

katcarasella · 03-01-2008, 08:15 PM

If you qualify, you will be paid the rebate regardless of owing taxes or not owing.
They specifically look at the total tax liability of the 2007 year, not taxes or refund due.

KFC

Tink · 03-01-2008, 08:29 PM

Janet, you explained it perfectly.

As long as you've already paid your taxes for this year and fall within the guidelines you mentioned, you should get it. If you end up owing again next year it won't affect that at all. IF you have a refund coming next year, the amount you get in May/June will be deducted from it.

03-01-2008, 08:50 PM

Thanks guys! I really appreciate you taking the time to answer my questions

I have been looking all over the internet because of it, thought maybe someone on the forums would know, lol

03-01-2008, 09:15 PM

Wait a minute-I'm confused. HOW does this affect next year's tax return? Wouldn't it just be that, say, if you get a $1200 rebate this year, you'll have to claim it as income next year, right? But it doesn't actually get DEDUCTED from next years refund, does it?

Let's say, hypothetically, I get a $1000 tax refund this year, AND a $1200 rebate. Then next year, I'll claim the $1200 rebate as income (I guess?). But let's say I should get a $1000 refund again next year. I don't have to take the $1200 that I got this year off of my refund for next year and actually OWE money, do I?!!!

03-01-2008, 09:53 PM

Catlover, I heard that too, but I *think* it's just that you have to claim it as income.

Tink · 03-01-2008, 11:20 PM

No, sadly, as a "rebate" this is simply an advance on your next years tax refund. You don't get a freebie from Uncle Sam... it's simply a way for the current administration to make people feel they're getting a nice bonus now, so next year IF the democrats are sitting in the White house, the republicans can look good in comparison when people realize they're going to be getting that much less back next year.

You WILL lose that $1200 off of next years refund, but if you have only $1000 due to you, that $200 difference is not going to be owed... they will forgive that.

Janet · 03-02-2008, 04:16 AM

See how well our wonderful Tink explains things? I would love to have her elegant way of explaining things so simply. Love ya Tink!!

03-01-2008, 08:15 PM	#1
katcarasella KAT'S KRAZY KORNER Donating Member Join Date: Jan 2008 Location: Chicago Posts: 3,031	If you qualify, you will be paid the rebate regardless of owing taxes or not owing. They specifically look at the total tax liability of the 2007 year, not taxes or refund due. KFC __________________ A friend accepts us as we are yet helps us to be what we should. Kat

03-01-2008, 08:29 PM	#2
Tink Donating 4WT 2000 Club Member Join Date: Sep 2006 Location: Rural Wisconsin Posts: 3,707	Janet, you explained it perfectly. As long as you've already paid your taxes for this year and fall within the guidelines you mentioned, you should get it. If you end up owing again next year it won't affect that at all. IF you have a refund coming next year, the amount you get in May/June will be deducted from it. __________________ 'A simple way to take measure of a country is to look at how many want in.. And how many want out.' England 's Prime Minister Tony Blair'

03-01-2008, 11:20 PM	#6
Tink Donating 4WT 2000 Club Member Join Date: Sep 2006 Location: Rural Wisconsin Posts: 3,707	No, sadly, as a "rebate" this is simply an advance on your next years tax refund. You don't get a freebie from Uncle Sam... it's simply a way for the current administration to make people feel they're getting a nice bonus now, so next year IF the democrats are sitting in the White house, the republicans can look good in comparison when people realize they're going to be getting that much less back next year. You WILL lose that $1200 off of next years refund, but if you have only $1000 due to you, that $200 difference is not going to be owed... they will forgive that. __________________ 'A simple way to take measure of a country is to look at how many want in.. And how many want out.' England 's Prime Minister Tony Blair' Last edited by Tink; 03-01-2008 at 11:23 PM.

03-02-2008, 04:16 AM	#7
Janet Moderator Donating 4WT 18K Club Member Join Date: Sep 2006 Location: INDIANA Posts: 21,625	See how well our wonderful Tink explains things? I would love to have her elegant way of explaining things so simply. Love ya Tink!! __________________ To every thing there is a season, and a time to every purpose under the heaven. ECCLESIASTES 3:1

03-01-2008, 08:50 PM	#3
Gwen Guest Posts: n/a	Thanks guys! I really appreciate you taking the time to answer my questions I have been looking all over the internet because of it, thought maybe someone on the forums would know, lol

03-01-2008, 09:15 PM	#4
catlover Guest Posts: n/a	Wait a minute-I'm confused. HOW does this affect next year's tax return? Wouldn't it just be that, say, if you get a $1200 rebate this year, you'll have to claim it as income next year, right? But it doesn't actually get DEDUCTED from next years refund, does it? Let's say, hypothetically, I get a $1000 tax refund this year, AND a $1200 rebate. Then next year, I'll claim the $1200 rebate as income (I guess?). But let's say I should get a $1000 refund again next year. I don't have to take the $1200 that I got this year off of my refund for next year and actually OWE money, do I?!!!

03-01-2008, 09:53 PM	#5
Gwen Guest Posts: n/a	Catlover, I heard that too, but I think it's just that you have to claim it as income.

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