2008 Tax Rebates

[SnowyTater 0]

One of my professors told me today that apparently there's a clause in the 2008 tax refund bill...thing saying that basically everybody who's getting a tax refund this year will have to pay it back next year.

So if you're single and get a $600 rebate in the spring or summer, then expect $600 less in your tax refund for 2009, basically. This extends to the $300 refunds for kids and for those not making enough for the $600, too, as far as I can tell.

I'm trying to find something that's talking about this. The officially bill is here

But it's pretty huge. They know you can't read it all Am going to try searching for it some more too but so far nothing on Google.

Just wondering if anybody's heard anything about all this or knows anything, or what you guys think? I don't care about me or honestly about most people - a lot of people might not even...notice, but I do worry about my extremely financially irresponsible father who doesn't pay taxes out of his paychecks but all at the beginning of the year instead (who wouldn't have $600 lying around) and also about people on Social Security who wouldn't have it, because aren't they getting $300 refunds?

Seems pretty crappy of the government to 1. do this and most importantly 2. not tell us if this is all true :\

[AnewKINDofFEELIN 0]

One of my professors told me today that apparently there's a clause in the 2008 tax refund bill...thing saying that basically everybody who's getting a tax refund this year will have to pay it back next year.

So if you're single and get a $600 rebate in the spring or summer, then expect $600 less in your tax refund for 2009, basically. This extends to the $300 refunds for kids and for those not making enough for the $600, too, as far as I can tell.

I'm trying to find something that's talking about this. The officially bill is here

But it's pretty huge. They know you can't read it all Am going to try searching for it some more too but so far nothing on Google.

Just wondering if anybody's heard anything about all this or knows anything, or what you guys think? I don't care about me or honestly about most people - a lot of people might not even...notice, but I do worry about my extremely financially irresponsible father who doesn't pay taxes out of his paychecks but all at the beginning of the year instead (who wouldn't have $600 lying around) and also about people on Social Security who wouldn't have it, because aren't they getting $300 refunds?

Seems pretty crappy of the government to 1. do this and most importantly 2. not tell us if this is all true :\

My understanding is that it is included as taxable income. They couldn't possibly expect that people would return the money in a year. Also, I'm sure they realize that the recession may last well over a year.

To clarify, you won't have to repay it next year, but you'll have to pay taxes on it.

Edited February 14, 2008 by AnewKINDofFEELIN

[SnowyTater 0]

Well if it's just that they're gonna tax it, that'd be fine, of course. But my professor's wife apparently called them about it and everything, called...by 'them' I guess the actual federal government or whoever you'd call with this, and they told her what the professor told us. It was like a 'big deal story' so I don't think I just misunderstood it :\ Though maybe THEY misunderstood it.

The professor said something like usually with this sort of thing, when people find out they get all up and arms and mad about it, as you would, and then the government usually backs down, so maybe (hopefully?) that would happen later in the year.

Edit: Just did a new search in google, "Do you have to pay back the 2008 tax rebate?"

Looks like...piled on number of links saying quite blatantly "No."

Sorry I made a post guys xD I put in a bad search before I guess, was all worried and ready to be proactive.

Edited February 14, 2008 by SnowyTater

[AnewKINDofFEELIN 0]

Well if it's just that they're gonna tax it, that'd be fine, of course. But my professor's wife apparently called them about it and everything, called...by 'them' I guess the actual federal government or whoever you'd call with this, and they told her what the professor told us. It was like a 'big deal story' so I don't think I just misunderstood it :\ Though maybe THEY misunderstood it.

The professor said something like usually with this sort of thing, when people find out they get all up and arms and mad about it, as you would, and then the government usually backs down, so maybe (hopefully?) that would happen later in the year.

Edit: Just did a new search in google, "Do you have to pay back the 2008 tax rebate?"

Looks like...piled on number of links saying quite blatantly "No."

Sorry I made a post guys xD I put in a bad search before I guess, was all worried and ready to be proactive.

Jerk!

Nah, it's all good, baby.

[Lansbury 19]

deleted

Edited February 14, 2008 by Lansbury

[Flames9_RN 358]

Nothing in life is FREE!! If its too good to be true, probably is. Am i going to turn down the $$, no. Will just be thrown into long term savings, sorry economy! But then again I'm not foreclosing on my condo as we bought what we could afford and did a bit of research on mortgages, wow th einternet can be used for more than XXX sites,lol