What are you gonna do with your rebate check? - Page 6 - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


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Old 01-26-2008, 02:07 AM   #51
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Quote from http://articles.moneycentral.msn.com...Be.aspx?page=2 (emphasis added)

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Here'* how the rebates are being figured at this point: The rebates are tied to a reduction of the 10% bracket from 10% to zero for the first $6,000 of taxable income in 2008, Luscombe said. "I guess they need some legal basis to give a rebate check, so that'* what they came up with," he said. "That would be tied to the 2008 return. That'* similar to 2001, so basically you would reflect the rebate check as sort of a prepayment on your 2008 return."
I'm not sure what to make of this. Anyone want to interpret? Not sure what is meant by "prepayment on 2008 return", not sure how getting money can be called a "prepayment".

EDIT: Okay, so if I understand this right, you are getting an advance on your 2008 refund; however, your tax liability for the first $6000 single (or $12000 married) is cut from 10% to 0%. Soo.. hypothetically, if you were presented with the option to take this rebate with your tax return next year, you would get a higher return next year.
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Old 01-26-2008, 06:02 PM   #52
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America and Americans baffle me with their taxes and tax-related whining. You're going to wish you paid the extra $600 a year when the best our compulsory education system can turn out is minimum wage workers with mediocre grammar and reading skills (although that'* probably what it'* turning out right now). Not to mention we keep wanting lower taxes, yet we don't even flinch when we raise the debt ceiling. If you love America, as so many Americans do, why are you unwilling to pay to keep the country alive, or pay for your "freedom" (and not just by dieing on a battlefield). Don't even get me started on other tax issues...I fear I'm already getting too "political."

Anyways, tax refund will probably go to headlights or maintenance, the rest will go towards savings. No debt for me, yet.
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Old 01-26-2008, 09:29 PM   #53
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This is not a done deal yet. Everything you have heard is what the House has proposed. The Senate has not proposed anything yet. The Senate needs to come up with a proposal and then the House and Senate versions have to be reconciled. The House version is a rebate, not a refund. It is thought the Senate version will be a rebate also. You will probably not get your check until mid summer. The House version put the 75,000 single earner and 150,000 married limit on because it is thought that those with that sort of income will probably just save the money. The idea is to put the money in the hands of those that will spend it, thus stimulating the economy. If this was not an election year, neither party would be proposing anything.
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Old 01-27-2008, 12:44 AM   #54
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We get $1800 and i think we will buy some stock.

ROD
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Old 01-27-2008, 01:08 AM   #55
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That is the wisest thing to do. Invest the money for your retirement fund. One step closer to never having to work for someone else again. :P

I don't have any outstanding bills or loans so it'* easier for me to say that.........plus I am just about burned out and ready for retirement.

Mine will be a similar refund and it will just go into the checking account to help pay our $x,xxx Credit card bills that month.
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Old 01-27-2008, 01:30 AM   #56
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Im hoping my parents will give me the $300 they get for me...

I'll probably spend a lot and save a little
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Old 01-28-2008, 12:40 AM   #57
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Quote:
Originally Posted by 1995BvSSE
Quote from http://articles.moneycentral.msn.com...Be.aspx?page=2 (emphasis added)

Quote:
Here'* how the rebates are being figured at this point: The rebates are tied to a reduction of the 10% bracket from 10% to zero for the first $6,000 of taxable income in 2008, Luscombe said. "I guess they need some legal basis to give a rebate check, so that'* what they came up with," he said. "That would be tied to the 2008 return. That'* similar to 2001, so basically you would reflect the rebate check as sort of a prepayment on your 2008 return."
I'm not sure what to make of this. Anyone want to interpret? Not sure what is meant by "prepayment on 2008 return", not sure how getting money can be called a "prepayment".

EDIT: Okay, so if I understand this right, you are getting an advance on your 2008 refund; however, your tax liability for the first $6000 single (or $12000 married) is cut from 10% to 0%. Soo.. hypothetically, if you were presented with the option to take this rebate with your tax return next year, you would get a higher return next year.
Yeah, the way I read it, noone pays taxes on the first $6000 of 2008 income in the form of an early check. Think of it as an interest free tax return loan. Like a payday loan thingy kinda.
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Old 01-28-2008, 12:56 AM   #58
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Well I haven't read into it enough to know if I'm even eligable, obviously I file income taxes but I am a dependent, so I would assume I will not be getting the money and my parents would be. (meaning I wont see a dime) However, if for some reason I do end up getting this money, I would use it to pay bills. Another $300 paid off on my bike would be nice. I know thats where my entire tax return will be going this year. (should be over $1k return, will be a nice chunk of that loan paid off)
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Old 01-28-2008, 02:14 AM   #59
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paint the car. there goes all of it
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Old 02-08-2008, 10:13 PM   #60
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Bringing this back from the dead, here'* some concrete information about the checks...
http://money.cnn.com/2008/02/08/pf/t...ex.htm?cnn=yes
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