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Discussion: General Forums / General Discussion - Tax "Rebate" - ok, am I understanding this correctly. This so called "rebate" we will be getting on
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03-17-2008, 05:47 PM #1
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Tax "Rebate"
ok, am I understanding this correctly. This so called "rebate" we will be getting on our taxes is really just a loan? From what I've read and heard the $600 (or however much) we get will actually be due BACK with next year's filings. As in, I will OWE them $600 on top of whatever else I might owe. Is that right? If so, how is that going to help the economy? We everyone money now and make those who DON'T realize what this is poorer next year?
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03-17-2008, 07:18 PM #2
Re: Tax "Rebate"
From what I understand, its an advance on what you would get back next year.
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03-17-2008, 07:20 PM #3
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Re: Tax "Rebate"
Nope, I researched this extensively because I had the same question.
There will be a "special" credit on the 2008 tax forms so basically you get the additional credit early (i.e. this summer). It won't affect your normal refund you would get next year. It's an advance, but it's an advance on the special credit for next year, not an advance against whatever your normal refund is.
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03-17-2008, 09:18 PM #4
Re: Tax "Rebate"
OTOH, your regular "refund" is really just returning you the money you "loaned" the government over the last year. I prefer to tune my withholding to get a zero refund or even slightly owe. That way that money is sitting in my bank account earning me interest instead of Uncle Sam.
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03-17-2008, 09:27 PM #5
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Re: Tax "Rebate"
Exactly. I do the exact same thing. However, my response was mainly to answer the OPs question.
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03-19-2008, 12:10 AM #6
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Re: Tax "Rebate"
CONFUSING as usual when dealing with the IRS!!!!
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