 Taxes and marriage? |
| My live in boyfriend is disabled and receives about 12K a year in Social Security benefits. I work and make about 35-40K per year. Currently we file our taxes as single and I claim both children ... |
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 When you cash in your Stocks, you have to pay tax? |
| How many %? So it's like a fee, every time you cash in you gotta pay? So it's better to just cash in bulk?... |
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 Why did I only get $300 back from the stimulus package tax rebate? |
| When I got the letter in the mail a month or two ago, based on my W2's, I was going to receive $600. Is it possible that they are breaking the payments up?... |
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 How many people will not get a rebate check because they owe the IRS.? |
| The reason why I'm asking is because if a huge number of people that are suppose to get a rebate check already owe the IRS, then this economic stimulius package does the economy no good. Seeing ... |
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 Can you make corrections to already-submitted taxes? |
| I did my taxes last night using taxact.com - I already received an email confirming that my taxes were received and approved. However, today I received another 1099 form in the mail for some ... |
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 I helped a friend prepare her taxes and she gave false information. Am I responsible? |
| I assisted a friend in preparing her taxes. I was given false information and now I find out that she is being audited and the IRS says that she owes over $9,000 in penalties and taxes. Can I get ... |
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 Tax Question: Single Mother, two children, home owner, and earns approximately $54K.? |
| All of the years I have filed taxes. I have basically received all of my money back. I saw on my paystub that the Federal Government has taken out about $7,900 in taxes and the state (RI) took out ... |
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 Why does the IRS pay people more than they pay in? this is fraud? |
| i believe you should only get back up to the amount you pay in. unemployeds or low income people get back plenty, thousands---while those of us who work everyday pay out of our checks and at tax ... |
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 My husband left me and my son, what do I claim on W4 ? |
| I dont know where my husband is, he walked out on me and my son. We are still married and im going to start working full time ad im unsure of how to fill out my w4. I intend to claim my son for next ... |
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 If you get audited by the IRS and are guilty of a deduction that you can't prove, what happens? |
| Do they just remove that deduction and reconfigure your totals or do you have to pay a penalty for not being able to support your deduction?... |
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 Dose anybody really pay 30% taxes? |
| They say companys pay 30% taxes dose anybody here pay that?... |
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 Why do I have to pay taxes on a house or a land that I owned? It is ridiculous and unfair!? |
| If I own a house then every year I have to pay $3,000 or $4,000 in taxes sometimes more (depend on the house value) then it's the government's house not mine. Why do I have to pay taxes on ... |
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 Can I claim my girlfriend as a dependent on my taxes? and what about her kid? |
My girlfriend has lived with me all of 2007, she had no earnings. I have paid the house payments and all the bills. We are not married.
She has a 2 year old daughter that also lives with ... |
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 Ive been summoned for not paying council tax? |
| I am a student living in Heaton Newcastle and I recently recieved a letter summoning me to court for not paying my tax? I didn't know I had to pay taxes and I'm pretty sure I don't, ... |
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 If I earned $500 in '07, and paid $4,000 in tuition & supplies, can I write them off? |
| In 2007 I wanted a career change and took a certification course at an institution and paid $4000 for tuition & fees. After completion and job hunting I never found suitable employment so I ... |
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drgbg | I read the Tax rebate is deducted from 2009 tax return. Is this true? |
I read an article that said the rebate money is not free money. The MSN article said whatever amount I receive will be deducted from my 2009 tax return or (if the return is not enough to cover the rebate) will actually become a liability.
This is so typical of how politicians think - how will that help me? I'd rather do without a rebate check if I am just going to be given a bill for it next year. Why not call it a tax loan instead of a tax rebate?
Can you clarify how this rebate works? Can I decline the check so I won't have to pay it back in 2009??? |
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Richard M
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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. |
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Amanda H
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NO, you DO NOT PAY IT BACK. Period.
There are speculation about where this money is coming from... people saying we're "taking from out children", whatever.
But no, its not a liability. |
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Otter
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As long as you are diligent about saving money, it should be no problem to get money now to pay it back next year. The problem is that most American's are poor at saving, and this begs the question, of whether or not this type of a plan is even good for America! |
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gotta_have_more_cowbell
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There are still a lot of details that need to be worked out with Treasury, but the basic answer to the question is "yes and no". :) Yes, technically it may be coming from next year's "refund", but actually it suppose to be coming from an additional bonus amount that is being planned for next year's taxes... based on new 2008 tax cuts. So "NO" it will not be eating away at what you would normally be planning on getting back in a refund for next year.
Think of it this way... You normally receive $1000 back as a refund check each year. They are planning for tax adjustments next year (possibly eliminating the 10% tax bracket... applying to the first ~$6000-$16,000 made... don't have the exact numbers with me at this time). So the result is that you will actually be owing less in taxes for the 2008 year. In the case of our example, owing less $ in taxes would result in you getting back $1600 in 2009 for the 2008 tax year. But since the country needs the money right now, they will be giving you the $600 "bonus amount" today. So in 2009, you will still get your $1000 refund that you would have expected in the first place. Does that make sense? The only reason it is not happening for the 2007 tax year, is because it is too late in the tax season to make the cuts for this year.
Like I said, there are still details that need to be worked out, but that is the overall plan that is being developed. Obviously we just have to wait and see how it is all played out, but this is actually "extra" money as it relates to the individual... |
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Adam D
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I have also read that this will be applied towards the 2009 tax refund. It sounds like they are giving us extra money now, only to make you worry about paying it back next year (when you have forgotten about it).
I've been told that I pay my taxes properly. When it comes time to file, I am almost exactly at a break even point...either I owe a very small amount or the government owes me a very small amount. This means that I am paying just about the right amount of taxes throughout the year. Most people who look forward to getting their large tax refunds (I talked to two people yesterday who were getting between $5000 and $9000 back) don't realize that all they are doing is giving the government an interest free loan throughout the year. Why give them that? They certainly won't give you an interest free loan!
Now, with this package, I am starting off the 2008 tax season $1200 in the hole (married couple).
The only thing I can think of doing with the money is throwing it in a high yield savings account (ING, etc) and try to collect a little bit of interest on it before I have to pay it back by 15-Apr-2009.
I don't understand our government sometimes... |
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Brigid
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I read the same thing. It makes absolutely no sense for them to do this. The reason for the tax rebate is for people to spend it to stimulate the economy. Most people are going to have to hold onto this money to pay it back next year. What a great government we have!!!!! |
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Edward B
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When I got the rebates in 2001 and 2003 I had to deduct it from my refund amount.That will probably be the same for the 2008 taxes.
Nothing is ever free especially money. |
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just_the_facts_ma'am
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This is from an article on cnn.com:
The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.
The IRS website refers to the rebate as an "advance payment", confirming that it's intended to be an early refund of taxes.
If you're really concerned about it, you can always turn around after you receive the rebate and make an estimated payment for 2008 |
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