 Tax relief? |
My dad only receives Social Security benefits but has no other income. He hasn't filed taxes for years. Is he still eligible for the new tax rebate thingy?
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Terry K | How much and when are we suppose to get a tax refund? how does it work? Is it per household or what? |
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TaxGurl
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If you have more taxes withheld than you actually owed, the government refunds that money to you when you file your taxes. It's not free money, it's money you should have had in your paycheck all year.
If you are talking about the tax rebate that has been in the news lately: that is only a PROPOSAL. It is not remotely close to being signed into law so don't count on ever seeing that money. Right now, it's just a lot of talk. The proposal is a rebate on actual taxes paid up to a max of about $800. If your tax liability was less than that, you would not get the maximum. |
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justagrandma
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The how much is to be decided, last time we got about $600. I am assuming you are referring to the check Bush is talking about sendind out as he did once before. This isn't a refund, a refund comes when you overpay your taxes.
This is considered to be taxable income for this year, so be prepared to pay taxes on it next April. They send a check and you are supposed to spend it and throw it back into the economy. There is talk of making the check bigger this time because the problem is much bigger. Some sat up to $800 for a single filer, $1600 for married. Again remember that this is taxable income and it will put you into a higher bracket, so put some of it away to cover your increased taxes or you will have nasty surprise come next April.
It will help for a quarter, maybe too.
But its fundamentally irresponsible to ask people to continue to spend what they don't really have when individual debt is in the $8,000 region.
So pay down your debt first.
Then sit tight, consumers aren't the cause of this recession, this slowdown is caused by the fact that there has been no major investment in this country and that the jobs that have been lost were good paying ones, while the jobs that have been created are lower paying ones with fewer benefits.
Until that changes, there will be no increase in the middle class whose disposable income kept us going for so long.
I hope this is the end of that ridiculous 'trickle down theory' with two recessions its shown that it doesn't work. |
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Judy1
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Your refund is determined by your tax liability for the year, and by how much you had withheld. You fill out a tax return form to determine your tax liability, and if you had more than that withheld, the rest is refunded to you.
But if you are talking about the rebate that's been mentioned the last few days, this is a PROPOSAL, not a done deal. Nobody gets anything unless Congress passes a rebate, and if they do, there's no guarantee that it will match what the president talked about in his speech.
As proposed though, it is a REBATE on taxes - so only people who pay taxes would get it. The proposal was to eliminate charging tax on the 10% bracket, the lowest bracket.
If it's passed soon by congress exactly as proposed, estimates are that checks would be send out as early as June. The amount would be up to $800 per individual filer, or $1600 for a married couple filing a joint return, but only if you paid that much in income tax for 2007. |
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chatsplas
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Tax refunds are per return, assuming you overpaid your taxes or had over withholding or received large credits.
IF you're instead asking about this stimulus package they're talking about--so far it's just TALK. ONce Congress passes something we'll know who gets it and how.
Last time they mailed checks to those who had filed taxes. |
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bostonianinmo
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You'll get a tax refund after you file a tax return IF more tax was withheld than you owe. If you owe more than what was withheld or otherwise paid in, you'll have to pay when you file. |
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mom2katben
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You will only receive a tax refund if the amount withheld from your paycheck by your employer is more than the amount of your tax liability from your tax return.
But, if that's your case, when you'll receive it depends on when and how you file your tax return. If you file in January and your tax preparer efiles your return and you choose to have your refund direct deposited, you might get it in as little as 2 weeks. However, if you choose to send in a paper return and wait for a check, it can take as long as 8 weeks.
Wait until January 31, then take all of the forms sent to you by employers, banks, state agencies, etc. to a reputable tax accountant and have them file your tax return for you. They will interview you to find out your situation (dependents, marital status, etc.) and then fill out the forms for you. They will also tell you how much you'll be getting back, if any. |
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Tom K
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You get a tax refund after filing your return for the previous year if you have overpaid your taxes. If you file early, this takes a few weeks and is quicker if you e-file. |
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Laura
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Well... first of all, have you or a spouse worked during 2007? If you have worked, have you had income tax withheld? You can check a pay stub for this information. If you earned income in other ways, you may be eligible for a refund or you may owe taxes.
If you post more information about your situation, I would probably be able to tell you whether or not it would be to your advantage to file. |
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