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Additional Details
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noshoes54 | 2008 tax rebate checks, do you have to claim it on 2008 tax returns? |
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Richard M
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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. |
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Judy1
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It's not income on the 2008 return, but you will have to report it on next year's return - it's an advance payment on a tax cut that will be in effect next year - if you get the rebate now, you won't benefit from the tax cut next year up to the amount of the rebate you get because you will have already gotten the extra money. |
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burger
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There will be a place to list it but it will not be counted as income. If they sent you too little, it will be refunded to you.
If they sent you too much, they will not penalize you. |
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src50
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No No No No. This is an untrue rumor. |
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just me
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No it is not taxable. The reason for the rebate is due the fact that the tax rate on the first 6,000 of earned income in 2008 has been cut from 10% to 0%. Withholdings are based on the old 10% because the tax cut was just passed . Because the government feels the economy is bad they are giving these checks out now instead of making taxpayers wait until they file their 2008 return (which you do in 2009). They are giving the checks now hoping people will spend the money and help the economy.
Because they are giving the money early it has to be based on your 2007 return because they do not yet know what your earnings would be in 2008. If someone's 2007 tax return does not qualify them to receive the check early they will still be the benefit of the tax cut when they file their 2008 return if that return qualifies them.
For example, your 2007 return qualifed you to receive the rebate. Your neighbor's 2007 return did not qualify them to receive the rebate. In 2008 you and your neighbor have the exact same tax return as each other and both meet the requirements to receive the tax cut. You will get a lesser refund then your neighbor because you already received an advance payment on 2008's return and your neighbor did not. YOU WILL NOT HAVE TO INCLUDE THE REBATE ON YOUR 2008 RETURN AS INCOME. IT WILL BE SHOWN AS AN ADVANCE ON YOUR REFUND
It is a called a rebate because it is actually rebate on the taxes you already paid this year on the first 6,000 of your earnings. You are simply receiving the rebate/refund prior to filing your 2008 return. |
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Cheliebean
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The rebate checks are basically going to be netted with whatever return you may get in 2008. However, if you will get less than your rebate check back in 2008, you will not have to pay the difference. Think of the rebate checks as basically an advance on your 2008 return. |
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Paula at H&R Block
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The tax rebates are actually "advanced payments" of your 2008 refund for next year.
Why is the "tax refund" so important? It gives you access to next year's refund right now.
It will be calculated on your 2008 return, but it is not taxable income since it was an "advanced payment" of your refund. If you're due a higher payment (refund), you'll get the remainder next year when you file. If you received a higher amount as part of the tax rebate (advanced payment of your refund) than you should have, you DO NOT have to pay it back.
For more information about the tax rebate visit www.digits.hrblock.com/esp
There is also a Blog titled Dispelling the Myth that outlines how the "tax rebate" works. You can access the blog directly at www.digits.hrblock.com/esp/myth.php |
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Sharon F
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yes you sure will... |
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