Stimulous checks only an advance??

[MaineDem]

I apologize if this has already been discussed. I tried a search but couldn't come up with anything.

I heard a discussion on tv this morning that this check will only be an advance on our 2008 tax returns, much like it was the last time. I thought sure I had read somewhere that it was not going to be.

I know DUers are more informed that the average tv talking head. Is this check deal another sham?

Thanks!

[NYC]

1. I don't think it is engraved in stone yet.

Like you, I heard it would not be an advance.

However, I think that wasn't entirely settled.

[MaineDem]

2. Thanks

I know the idiot-in-chief is about to sign the bill (tomorrow, I think.)

[reformedrethug]

3. From what I heard

yesterday on the radio it is NOT an advance, it is a rebate, gift, handout, whatever you want to call it but not an advance on next years tax refund.

[Iris]

7. that's nice to hear, since mine is not even going to come to me, but go directly

towards paying down the tax bill I owe from 3 years ago. At least their not robbing my Peter to pay my Paul.

[radfringe]

11. just waiting for smirk-boy to sign it - and yes it is an advance

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2850700&mesg_id=2850700

[semillama]

4. It's an advance on a future tax cut, like the first time they bribed us. n/t

[fight4my3sons]

5. My husband is saying...

that the state is going to tax us on the income.

[blondeatlast]

12. They will--we just got dinged for last year's rebate. We had to call

the State to find out what they were dunning us for. The nice lady flat out said "it's for your federal rebate from last year."

[Old Codger]

6. rebate

The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer This doesn't mean you'll have to pay back the rebate amount you get in 2007. It just means that since you got it early (i.e., the summer of 2007), you can't claim it again on your 2008 return.

"Some people might think that's unfair," says Luscombe, "but they got the money, and they got it early."

One thing taxpayers won't have to worry about is giving back any excess if their 2008 taxes show that the advance this year was actually more than they should have received.

"If it turns out that credit on your 2008 return is greater, you get to take that additional amount," says Luscombe. "If it's lesser than what you got in 2007, you don't have to refund that back to government." The law says the IRS can't recover the extra payment by reducing your 2008 refund or adding to your 2008 tax bill.

http://www.bankrate.com/brm/itax/news/taxguide/20080212_tax_rebate_plan_faq_a3.asp?caret=2m

[MaineDem]

8. Thank you but I'm still confused

What did we get in 2007?

[fed-up]

9. great explanation in this article-"How tax rebates work in stimulus package"

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/12/BUOAV0BJP.DTL

How tax rebates work in stimulus package
Kathleen Pender, Chronicle Staff Writer
Tuesday, February 12, 2008

..snip

"The rebates represent a 2008 tax cut. But instead of getting the tax cut next year, when you file your 2008 return, you'll get it this year."

..snip

[MaineDem]

13. Excellent! Thank you

It seems a lot like smoke and mirrors to me. I hope it helps.

[nolabels]

10. They charged up six or eight thousand dollar in your name for war and send you a portion back

To think about it they really do have some gull. Trying bribe people with their own money :shrug:

[radfringe]

14. why not - credit card companies do it with their cash-back offers

and other scams