What are you gonna do with your rebate check? - Page 7 - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


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Old 02-08-2008, 11:06 PM   #61
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I knew this was how it was going to go down


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Do I have to pay the rebate back?

No. And here'* why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It'* based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
So everyone should change their taxes on their paychecks so they don't pay enough that way you don't have to pay it back.
I like how they say you don't have to pay it back but it will be deducted from your overpayment return
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Old 02-08-2008, 11:13 PM   #62
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It wouldn't make any difference either way. Yes, this is an advance on your 2008 return. BUT... your 2008 tax liability just got cut by the amount of the rebate. So, your return in '09 theoretically won't change at all.

The money you get to "keep" is that if they miscalculated the rebate and you end up having even less tax liability than the government envisioned, you won't be held accountable for paying that amount back.
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Old 02-09-2008, 12:10 AM   #63
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To me this is all about getting reelected. After all it is an election year and as a nation we have such a short memory. Congress passed this bill by a vote of 380 to 34. Seems 34 members do not want to be reelected.

I will place the money in our IRA accounts for retirement.
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Old 02-09-2008, 01:16 AM   #64
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Quote:
Originally Posted by whitecrystal1
I knew this was how it was going to go down
How do you mean? You get your 2008 taxes reduced by 600 bucks, and get it almost a year early. No catches. I don't see the downside.
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Old 02-09-2008, 01:18 AM   #65
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$300 here I come (FWI if INTENSE will sell the 3 inch tubing by then...)
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Old 02-09-2008, 01:23 AM   #66
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my f'ing W2'* are back home i want my money now
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Old 02-09-2008, 01:30 AM   #67
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Quote:
Originally Posted by J Wikoff
Quote:
Originally Posted by whitecrystal1
I knew this was how it was going to go down
How do you mean? You get your 2008 taxes reduced by 600 bucks, and get it almost a year early. No catches. I don't see the downside.
Why do they call it a rebate? Why not just call it an early advancement?

You know the last time Bush did this I didn't understand this was how it worked, untill the IRS reduced my refund because I had received that money earlier.
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Old 02-09-2008, 02:02 AM   #68
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Tuition and books WOOOOOO....

or rims and tires....maybe an ipod touch
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Old 02-09-2008, 01:15 PM   #69
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Quote:
Originally Posted by whitecrystal1
Why do they call it a rebate? Why not just call it an early advancement?

You know the last time Bush did this I didn't understand this was how it worked, untill the IRS reduced my refund because I had received that money earlier.
Why worry about what it'* called? Call it a pre-rebate if you want. It'* up to 600 bucks each no matter how you look at it. No need to ever pay it back.
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Old 02-09-2008, 01:16 PM   #70
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Mine'* (well, our'*) going to property taxes.
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