[BonzoHansen]

Originally Posted by usp55

correct me if im wrong but this rebate is not exactly free and clear money; it is to start but come tax season you may end up paying for it.

"While the rebate depends on your 2007 income and tax liability, 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."


depending on your finacial situations and taxes for the previous year it may simply be an advance on you potential refund for 08'.

Originally Posted by BonzoHansen

Where did you get that info??

I'm not seeing that on the IRS site. But I see this:

http://www.irs.gov/newsroom/article/...179181,00.html

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.