Cathy Posted February 8, 2008 Report Share Posted February 8, 2008 http://money.cnn.com/2008/02/07/news/econo...sion=2008020720 Quote Link to comment Share on other sites More sharing options...
Oh Baby! Posted February 8, 2008 Report Share Posted February 8, 2008 One thing that I cannot figure out from all these wonderful press reports (which all say the exact same thing, nothing) is whether low income families with children will get $300 foer each child? does this mean that if a family with 4 children who paid no taxes (income below $65K) will get $1,500 ($300 _+ $300 per child)? or will this family only get $300? Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 8, 2008 Report Share Posted February 8, 2008 And no one seems to state what an idiotic thing this is to do. Not only is it pandering to the lowest common denominator of IQ, but the economy is collapsing under the weight of the deficit. All we need is more debt. Quote Link to comment Share on other sites More sharing options...
Oh Baby! Posted February 8, 2008 Report Share Posted February 8, 2008 Agreed 100%. I've told all my clients that have asked that I am not excited about this silly rebate. None of them seem to get it. Quote Link to comment Share on other sites More sharing options...
Chrisbry Posted February 8, 2008 Report Share Posted February 8, 2008 Agreed 100%. I've told all my clients that have asked that I am not excited about this silly rebate. None of them seem to get it. I've already started to warn my early filers that they they shouldn't expect their large refund this time next year because they will be getting part of it in late spring, early summer. They just look at me with glazed over eyes, and shake their head yes like they understand. The "Deer in Headlight" look. :lol: Quote Link to comment Share on other sites More sharing options...
Bart Posted February 8, 2008 Report Share Posted February 8, 2008 One thing that I cannot figure out from all these wonderful press reports (which all say the exact same thing, nothing) is whether low income families with children will get $300 foer each child? does this mean that if a family with 4 children who paid no taxes (income below $65K) will get $1,500 ($300 _+ $300 per child)? or will this family only get $300? This is what I read: The result was a plan that will deliver tax rebate checks starting in May to anyone earning more than $3,000, with smaller rebates for people with incomes of $75,000 — or $150,000 for a couple — and a $300-per-child bonus. Most taxpayers would get $600 rebates, or $1,200 for couples. Those who earn too little to pay taxes, including senior citizens living off of Social Security or veterans on disability checks, would get rebates of $300 for individuals and $600 for couples. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 8, 2008 Report Share Posted February 8, 2008 My understanding is that a married couple that makes 100K and have two children will get $1,800 ($600 for each filer and $300 for each child). I have 2 questions... 1.- what year will be the base to determine the head count, 2006 or 2007? (So clients that were not required to file should file on the base year so their head counts). 2.- what happens if a family has 6 children and makes $100K? Quote Link to comment Share on other sites More sharing options...
Bart Posted February 8, 2008 Report Share Posted February 8, 2008 My understanding is that a married couple that makes 100K and have two children will get $1,800 ($600 for each filer and $300 for each child). I have 2 questions... 1.- what year will be the base to determine the head count, 2006 or 2007? (So clients that were not required to file should file on the base year so their head counts). 2.- what happens if a family has 6 children and makes $100K? I thought the head count was based on 2007 filing. I have another question. Will this rebate decrease the amount of the taxpayers refund for tax year 2008? Quote Link to comment Share on other sites More sharing options...
MN2V Posted February 8, 2008 Report Share Posted February 8, 2008 I read this morning that it will be using 2007 figures...due this April 15, 2008.....So what about extensions? What a mess! And McCain didn't vote so he wouldn't offend either party! Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 8, 2008 Report Share Posted February 8, 2008 "I have another question. Will this rebate decrease the amount of the taxpayers refund for tax year 2008?" No, the president made it clear that it was in additional refund and recapture was NOT going to happen the following year. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 8, 2008 Report Share Posted February 8, 2008 How can they base it on 2007 when many people will not have filed by then (ie; extensions as mentioned above). How about the people who get a child or children every other year.? IMO, this is totally crazy. I told a client yesterday that this may just be a loan against next year"s Return and she said "Really?" Quote Link to comment Share on other sites More sharing options...
Maura Posted February 8, 2008 Report Share Posted February 8, 2008 Does this mean that senior citizens with no income other then social security will need to file this year in order to get their rebate? I haven't seen how they plan on handling this. Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 8, 2008 Report Share Posted February 8, 2008 I don't see as much of a problem with this as some of you do. What's the big deal? If someone files an extension, they just won't fall in line for the rebate until they do file. That's the way it was handled the last time around and everybody survived (clients, us, the IRS, etc). The only effect I see is that once people realize this, there will be a clamor to file right away and some people won't be as amenable to extensions. I'm going to prepare for that by setting March 12 as my cutoff date - anyone coming in after that date will have to agree to an extension if I need to get one. I usually use March 20 or thereabout, but I'm going to be proactive precisely because of the rebate situation. The legislation says no rebates will be paid after Dec 31, 2008, so I assume Congress anticipated that not everyone would file before the first round of rebates goes out. They seem to understand that people get extensions.... And if any of my clients think it's a silly idea, I'll offer to let them give me their rebate check so they don't have to worry about what to do with that extra money. I might even use their check to buy a wide-screen TV since I'm going to violate the spirit of the rebate by putting my own check in my grandkids' college fund. Finally, there's been a lot of speculation here and on other forums about it being an "advance payment" rather than a straight rebate. I read the legislation and still can't say for sure, but I don't see anything that calls for it to be adjusted out on next year's tax return. It appears to me to be a straight-out payment. In other words, a true rebate. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 8, 2008 Report Share Posted February 8, 2008 I made a mistake on my previous post. I corrected and this is what I mean. "I have another question. Will this rebate decrease the amount of the taxpayers refund for tax year 2008?" No, the president made it clear that it was in additional refund and recapture was NOT going to happen the following year. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 8, 2008 Report Share Posted February 8, 2008 I made a mistake on my previous post. I corrected and this is what I mean. "I have another question. Will this rebate decrease the amount of the taxpayers refund for tax year 2008?" No, the president made it clear that it was in additional refund and recapture was NOT going to happen the following year. I think you are mistaken Pacun, this is an advance on the 2008 child tax credit. That is how the original House version read. It may have been changed at the last moment, but that is how it was advancing through the senate. Make sure your clients know how much they got, you will need that next year. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 8, 2008 Report Share Posted February 8, 2008 How can it be an advance rebate of the CTC if its given to all of us childless folk too? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 8, 2008 Report Share Posted February 8, 2008 We have already had a dozen calls asking: "Do we qualify, and how much will we get?" I have been telling them to ask their senator, congressman, or the IRS. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 8, 2008 Report Share Posted February 8, 2008 We have already had a dozen calls asking: "Do we qualify, and how much will we get?" I have been telling them to ask their senator, congressman, or the IRS. When I get this question, I say... "as soon as you get the check on your hands, you call me and tell me how much you got, in the meantime, just make sure that the IRS has your correct address" Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 8, 2008 Report Share Posted February 8, 2008 How can it be an advance rebate of the CTC if its given to all of us childless folk too? That is why you childless folks aren't going to pay it back. But those of us with bundles of joy still at home are going to pay it back next year. I read the house version of the bill that passed 2 weeks ago. This might not be the same after the senate got through with it. I have not read the text of the new bill that will go to the president. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 8, 2008 Report Share Posted February 8, 2008 So for once I get paid for NOT having kids? Sweet! And your kids get to pay my social security too...and the interest on the 1.68 billion they're handing out to us for 'stimulation'. Is it legal to pay for stimulation? Maybe in Nevada! Quote Link to comment Share on other sites More sharing options...
SUE A. Posted February 9, 2008 Report Share Posted February 9, 2008 DURING A DISCUSION WITH SOME FRIENDS THE OTHER NIGHT, ONE HAD A GOOD IDEA TO MAKE SURE THE REBATE DOES WHAT ITS INTENDED TO DO. INSTEAD OF CHECKS THE IRS SHOULD SEND US ALL WALMART GIFT CARDS. I MIGHT HAVE BEEN TOO TIRED AT THE TIME BUT I THOUGHT THAT WAS HILARIOUS. SUE Quote Link to comment Share on other sites More sharing options...
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