Government Rebate.

[Umfriend]

That'll teach you submitting jokes that have a truthfull message
Seriously, the joke was great.

[cjolley]

And all I wanted was to buy some beer........

Can't even throw a joke in here without turning it into something.......


.

Hey, cheer up. You bring the beer and we'll watch my new hdtv.

[ND66]

Hey, cheer up. You bring the beer and we'll watch my new hdtv.

Now you're talking, and I'll call the ....


.

[Jessterw]

It is worth noting that this isn't necessarily 'free' money. The money those who qualify will be receiving as part of the stimulus package is essentially an advance on next year's estimated tax return (using this past year's filings as a basis).

If come next year you're due more in returns than what you received as part of the package, you'll get the difference; otherwise, if you receive more as part of it than what you're owed next year, you will not owe the difference.

This is something that the government and mainstream press has - at times - been lax to place any emphasis on, but that everyone needs to be aware of.

Nothing to see here people... Please move on...

[Claymonkey]

Actually they made sure to point out that it is NOT an advance when i was listening to NPR today JW. It seems that rumor came because that WAS how the rebate in 2001 worked. This time it is not so.

[Dr Mordrid]

As for Doc's comment, the right practically lives on the snappy headline, backed up by as cursory a glance at the facts as is possible.
I'm surprised you bothered Xortam.

After I go to the trouble to point out this was a bipartisan boondoggle you go and hit me with that fish? I quote;

It's not just the administration but both parties in Congress who voted in the tax rebate/giveaway/"stimulus package".

If anything you're the one being partisan on this topic sir.

[cjolley]

Doc, while "the right" and the Republican Party are certainly associated with each other, they are not the same thing.
You yourself are something of an example of this distinction.
So no partisanship was intended or implied.

[Jessterw]

Actually they made sure to point out that it is NOT an advance when i was listening to NPR today JW. It seems that rumor came because that WAS how the rebate in 2001 worked. This time it is not so.

Interesting. I'd read and heard from several places that it did (not places of rumor mind you) and the original wording on the IRS site even seemed to indicate that it would. Just checked the IRS site again and near the bottom of their FAQ it definitely says it will not. Maybe I should be listening to NPR.

Of note though - there is a possibility that you can receive an additional amount when you file next year if you fall under a certain circumstance.

A few points related:

Q. Is my Stimulus Payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [Added 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?

A. Yes. For this purpose, the Stimulus Payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support.

Thanks for the clarification D. Sorry for further making this thread too serious ND66.