Tax Rebate Checks 2008

To further protect your online security, active links from Q&A has been disabled!

Best Answer

You must file your 2007 Federal Income Tax forms to qualify for a rebate, but you do not CLAIM the rebate on your 2007 return. On your 2008 return, there will be some entry for the rebate on the forms. However, the rebate will not effect your 2008 federal tax liability or refund. The law says the IRS can't recover any extra rebate payment by reducing your 2008 refund or adding to your 2008 tax bill. The "rebate" is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" based on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference. The "rebate" will not increase or decrease any tax refund to which you are entitled. It is an additional refund.

Name all thats included , i want to know if i am .

Best Answer

There is a proposal currently being considered by Congress to provide a tax rebate. Under the terms of the tentative agreement between the White House and Congressional Democrats, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement. Families who make at least $3,000 but don't pay taxes would get $300 rebates. Click on the referenced site below for more info. Nothing has passed Congress yet, so everything is subject to change.

Hi! I am hoping that you can answer a question for me, or at least direct me to where I can find the answer. I found out this year that my husband defaulted on a student loan before we were married. I found this out because BOTH my federal and state (CA) tax returns were intercepted by the CA ED Fund even though my husband didn't work in 2007. My question is this- are the checks that are going to be given out subject to be intercepted like a regular tax return? I just want to know if I can plan on getting that check or is that going to be taken as well? Hi! I am hoping that you can answer a question for me, or at least direct me to where I can find the answer. I found out this year that my husband defaulted on a student loan before we were married. I found this out because BOTH my federal and state (CA) tax returns were intercepted by the CA ED Fund even though my husband didn't work in 2007. My question is this- are the checks that are going to be given out subject to be intercepted like a regular tax return? I just want to know if I can plan on getting that check or is that going to be taken as well? I have been told so far that no one knows as the regulations of the tax rebate haven't been confirmed yet. Does anyone know how I can contact the treasury dept.? I have looked all over the website and can not find out how to contact them.

Best Answer

If I were you, I would amend your taxes IMMEDIATELY and attach an Injured Spouse form! If he didn't work, then you should be entitled to your money! Once you file that amended tax return, the IRS will have your Injured spouse form on file. You will be more likely to get your tax rebate check! Plus, you should get the biggest portion of your tax return back.

Basically my wife and i made about 45k last year.... do we get the full rebate? where can i find out?

Best Answer

Under the compromise bill passed by the Senate, couples filing jointly would be eligible to receive a rebate of up to $1200 if they paid that much in Federal Income Tax. If you only paid $750 in taxes (less than the $1200 rebate limit), you only get back $750. Since you had earned income of at least $3000, you would get at least the minimum rebate of $300. While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers. It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

are these checks literally a "hand out" from the government or is this just basically an advance on the rebate you would get from filing 2008 taxes? is there any way to opt out and just get it back next year instead? i'd rather have it then, when my family needs it...

Best Answer

It's an advance on a 2008 credit. Basically the government is cutting your taxes in 2008, but giving you that cut now. So they are, in essence, giving us a "handout".