Rebate Check from President Bush...
07-19-2001, 07:26 PM
#1
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Rebate Check from President Bush...
So-
I am getting $300 back. I guess I'll have to put that $$$ towards Comptech springs. I wish it was a G-note so I could put some nice 18's on my shit......
I am getting $300 back. I guess I'll have to put that $$$ towards Comptech springs. I wish it was a G-note so I could put some nice 18's on my shit......
07-19-2001, 07:31 PM
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Here ppl this may be of use to u... It's got info on who will get what and when. <a href="http://www.irs.gov/ind_info/apinfo/index.html#WhenGetAdvPmt">Tax refund schedule</a>
07-19-2001, 07:42 PM
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Hate to dissapoint you, but there was some bruhaha over the letter. It seems that they omitted "up to" in the front, which is to say that you might receive less than $300.
Look in the back for proper details. You will be paid the lesser of:
- $300
- 5% of your taxable income, or
- your income tax liability (which is to say how much income you're responsible for)
What gets me steamed is the blatant use of public agencies (the IRS and Postal Service) for a political end, which is the publicizing of G.W. Bush's tax cut. This is not Publisher's Clearinghouse. We don't need to be told in one letter "you're going to get another letter which is going to have a check in it." If for some stupid reason this had to be done, why couldn't they be fair and send one when George Sr. raised taxes? Or send one when George Jr. cuts funding to some important program?
Look in the back for proper details. You will be paid the lesser of:
- $300
- 5% of your taxable income, or
- your income tax liability (which is to say how much income you're responsible for)
What gets me steamed is the blatant use of public agencies (the IRS and Postal Service) for a political end, which is the publicizing of G.W. Bush's tax cut. This is not Publisher's Clearinghouse. We don't need to be told in one letter "you're going to get another letter which is going to have a check in it." If for some stupid reason this had to be done, why couldn't they be fair and send one when George Sr. raised taxes? Or send one when George Jr. cuts funding to some important program?
07-19-2001, 07:54 PM
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Dtew, the taxable income is the amount after you deduct, if you are single... 7200 dollars from.... and most ppl making a normal salary are making more than enough where 300 dollars is more than 5% of their taxable income. If you only made more than 6000 last year, then your taxable income is greater than 300 and you should get the full 300. Figure that 300 is 5% of $6000.
07-19-2001, 08:07 PM
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Exaclty, but I think the point is that the langauge "up to 300 for a single filer" was thrown in as to not confuse everyone as to thinking they would get 300. U know, so that ppl who only made 300 last year as taxable income shouldn't expect to see 300 dollars in a refund check from the governement.
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07-19-2001, 10:37 PM
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Originally posted by Shawn S:
<STRONG>600 buck-a-roonies coming my way in September.
Sometimes it’s a good thing to have that ring on your finger.
Shawn S</STRONG>
<STRONG>600 buck-a-roonies coming my way in September.
Sometimes it’s a good thing to have that ring on your finger.
Shawn S</STRONG>
07-19-2001, 10:52 PM
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Originally posted by thholr:
<STRONG>the IRS screwed up a bunch of the letters and a lot fo people will be getting an amount different than stated in the letter.</STRONG>
<STRONG>the IRS screwed up a bunch of the letters and a lot fo people will be getting an amount different than stated in the letter.</STRONG>
Shawn S
07-20-2001, 06:37 AM
#11
Suzuka Master
Originally posted by JRock:
<STRONG>Well my parents have the $600 paper on their desk. That would mean they just got the $600 and just have to cash the check, no?
-J</STRONG>
<STRONG>Well my parents have the $600 paper on their desk. That would mean they just got the $600 and just have to cash the check, no?
-J</STRONG>
[ 07-20-2001: Message edited by: EricL ]
07-20-2001, 08:44 AM
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Originally posted by JRock:
<STRONG>Well my parents have the $600 paper on their desk. That would mean they just got the $600 and just have to cash the check, no?
-J</STRONG>
<STRONG>Well my parents have the $600 paper on their desk. That would mean they just got the $600 and just have to cash the check, no?
-J</STRONG>
07-21-2001, 03:18 PM
#15
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Originally posted by kensteele:
<STRONG>In some states, this IRS refund is taxable income that you'll need to report for 2001.
</STRONG>
<STRONG>In some states, this IRS refund is taxable income that you'll need to report for 2001.
</STRONG>
Isn't this supposed to be a refund for overpayment? How can they tax that?
Then the part they tax is an overpayment and
you'd just get a refund for it. (which you'd get taxed for.
)
07-21-2001, 03:27 PM
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Chod, there was an article in the Wall St. Journal about this a week or two ago - basically, there are some states that allow you to deduct your Federal tax liablility from your total income, thus reducing your Adjusted Gross Income - same way you can deduct your State tax payments from your Federal.
Anyway, in those states there was a big debate raging as to whether they should tax the refund, since if you hadn't overpaid, you would've been able to deduct LESS from your total income, and thus your AGI would be higher.
Well, naturally it was a very unpopular idea, so it sounded like most of the states were going to back off and not tax the rebate, but who knows.
MA doesn't allow this, so it's not an issue for me.
Hope it isn't an issue for anyone, those bastards take way too much of our money as it is.
:o
Anyway, in those states there was a big debate raging as to whether they should tax the refund, since if you hadn't overpaid, you would've been able to deduct LESS from your total income, and thus your AGI would be higher.
Well, naturally it was a very unpopular idea, so it sounded like most of the states were going to back off and not tax the rebate, but who knows.
MA doesn't allow this, so it's not an issue for me.
Hope it isn't an issue for anyone, those bastards take way too much of our money as it is.
:o
07-21-2001, 03:31 PM
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Originally posted by ChodTheWacko:
<STRONG>
Where did you read this and what states?
Isn't this supposed to be a refund for overpayment? How can they tax that?
Then the part they tax is an overpayment and
you'd just get a refund for it. (which you'd get taxed for. )</STRONG>
<STRONG>
Where did you read this and what states?
Isn't this supposed to be a refund for overpayment? How can they tax that?
Then the part they tax is an overpayment and
you'd just get a refund for it. (which you'd get taxed for.
)</STRONG>
Missouri is 5 miles from my house so I have a few co-workers who are confused about what to do.
07-21-2001, 05:03 PM
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Originally posted by ChodTheWacko:
<STRONG>
Where did you read this and what states?
Isn't this supposed to be a refund for overpayment? How can they tax that?
Then the part they tax is an overpayment and
you'd just get a refund for it. (which you'd get taxed for. )</STRONG>
<STRONG>
Where did you read this and what states?
Isn't this supposed to be a refund for overpayment? How can they tax that?
Then the part they tax is an overpayment and
you'd just get a refund for it. (which you'd get taxed for.
)</STRONG>
<a href="http://www.irs.gov/ind_info/apinfo/index.html#WhenGetAdvPmt">IRS refund site</a>
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