[cindymat]

My DH was talking to our accountant today about doing our taxes. It turns out that the rebate they are sending out (the $1200 per fam/$300 per kid) is not EXTRA money-its actually just an advancement on your 2008 taxes. So its money you'd be getting anyway-you'll just get it this year instead of next year!!!

I didnt pick up on that at all in all the times I read up on it. Weird. Anyway we werent eligible but I thought I'd let the rest of you gals know!

[crystalclear]

So, Cindy, does that mean they take that amount out of our taxes come next year when we file? I really don't understand how the whole thing works....

[AmyT]

Yeah...I don't understand either...and how were you NOT eligible? I thought EVERYBODY was eligible as long as you file your taxes. Now I'm confused

[stephie1012]

its not an advancement for next year and if you make over a certain amount you arent eligible let me find links

[stephie1012]

from irs website
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 know some people won’t get a stimulus payment. How do I know if I’m one of them?

A: You won’t get a stimulus payment in 2008, if any of the following apply to you:

You don’t file a 2007 tax return.
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
You do not have a valid Social Security Number.
You are a nonresident alien.
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

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

[cindymat]

well now I am thoroughly confused. I know my DH made too much $$$ this year for us to qualify. He had his relocation bonus and some other things on his w2 that counted as income.
However-I am going to have to re-question him because Stephie is exactly right so I am totally confused!!!

[crystalclear]

Ok. According to what I read, and how I understand it, if you make over $75,000 (single) or $150,000 (married) Adjusted Gross Income, then your payments start getting reduced. They take whatever you make over that, multiply it by 5% and then subtract that from the amount that you would normally qualify to receive. And I have no idea what all they add to make it an 'adjusted gross income'. My guess would be stocks, all investment type things, etc.

[AmyT]

I guess we will all find out when the checks come in the mail I have no clue