Will I get a rebate check even though I might owe money to the IRS?
Answers: If you owe money to the IRS, then depending on how much it is, you'll get whatever's left. If you owe them more then the amount, then you will not get a rebate check.
Good question. Let's hope not.
Those of use that pay our taxes should be rewarded.
No, they'll keep put it towards the money you owe them.
Why would they give you money if you owe them money?
I would think you still would. I can't imagine them checking each and every person to see if they owe first. Plus, people who owe money THIS year . . . . the checks will be going out around the same time money has to be paid.
The whole idea is to get you to buy stuff with the money to stimulate the economy.
Guess you just have to cross your fingers and hope!
Re the bright excise rebate: I don't own any W-2 income, solely 1099s. I money plenty taxes. Will I carry a rebate?
I don't get Social Security. I find a retired Federal Employee pension and enjoy investment income. As a widower, I pay single-taxpayer rates. My total income is underneath the $75K limit, and I remuneration both federal and state income taxes. I can't find a posted article explaining the new tax-rebate legislation that specifically address people within this category; they all refer to Social Security and disabled veterans.Did those in my position "leak through the cracks" or are we actually lumped within with the Social Security recipient? As I get no W-2s showing earn income, I cannot pay into any IRAs, so I'm wondering if that excludes me from the rebate category.Answers: It doesn't matter the source of your income. It matter how much tax you pay packet.
Under the compromise bill passed by the Congress, you would be eligible to receive a rebate of up to $600 if you paid that much contained by Federal Income Tax. If you only salaried $350 in taxes (less than the $600 rebate limit), you solely get put money on $350. If you had earn income of at least $3000, you would gain at least the minimum rebate of $300.
While the rebate depends on your 2007 income, it is in fact a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to nought percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time excise cut for 2008, but you get the rebate in a minute instead of waiting to file your 2008 taxes. Because this is an credit payment on your 2008 taxes, your reimbursement next year could be more (or smaller amount!) depending on your 2008 income.
Use the calculator below to compute your rebate.
As above... It's based on your AGI on your 1040 and not a W-2...
Your investment income and allowance factors into your AGI.
When the links are fund up on runeye.com, click the link below. Its get the most comprenhensive info about the stimulus collection
What if you hold income over 150,000 as a couple for 2007 but surrounded by 2008 will hold income beneath 150,000?
Re: 2008 Tax RebatesAnswers: Hey Tony,
I've posted a great link. Links aren't working right in a minute, but its on the front page of CNN.
You've got a different situation. They are base it on your 2007 income for rebates right very soon, but the credits are actually built into your 2008 return. Even if your don't qualify contained by 2007, but do in 2008... You will receive it as subdivision of your 2008 return.
Per the CNN article,
"It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would hold qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than within 2007 and you should have gotten a lower rebate, you seize to keep the difference.
"If you be supposed to receive a larger payment than you did, you will go and get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalize."
You are officially
SOL.
At lowest possible you won't have to verbs about paying taxes on the excise rebate.
you may still get some rebate - it starts reducing at the 150,000 point - it doesn't disappear totally at that point