Well, what are you going to do with your rebate?

[Sirrahsim]

Is this something different than the IRS refund?

Yes it would technically be a tax credit for our 2008 taxes but they would be giving it to us in advance.
It shouldn't count as income on next year's taxes because it is along the same lines as the earned income tax credit (bless it!) and is calculated AFTER you calculate the tax that you owe.

I don't know how effective it would be as far as jump starting the economy but I know that the end of May is going to be VERY tight financially for us so I will take what I can get

[momoffuzzyfaces]

CNN reported this morning that the ones of us on Social Security won't get one unless the House can get it added to the bill before it passes next week. Good think I really didn't think I'd get one.

[emily_the_spoiled]

Sorry about that. Who knows what this tax rebate will actually end up being (besides a bigger deficit that we will have to pay down)

[ramanth]

So there's nothing extra I have to do, right? No applications or forms. Just do my IRS forms and if I qualify, I'll get an extra check.

[Sirrahsim]

If it passes then they will mail a check to everyone on record with the IRS that qualifies. You just have to watch your mailbox
The only thing that you would have to do is file a change of address with the IRS asap if you moved recently.

[Jessika]

So there's nothing extra I have to do, right? No applications or forms. Just do my IRS forms and if I qualify, I'll get an extra check.

Yes, I'm wondering this as well. I don't want to miss out on "free" money.

Heck I don't even think I've received my W2s yet. =/

[Rachel]

Who knows what this tax rebate will actually end up being (besides a bigger deficit that we will have to pay down)

That was my thinking. I can't see how this will make but a blip of a difference in the economy.

What would have made a difference was keeping a tighter rein on the regulations with which money was lent out by banks. Then there wouldn't be all these foreclosures and drop in the value of houses which has in turn caused the crisis. It was so obvious that lending money with no down payment to people who previously didn't qualify at rates that would soon go up to kazoo was a recipe for disaster.

As for what I do with the money, it won't be any different from what I do with any money I earn, put it in the bank until I need to pay some bill with it. My house is worse than a kid going to college.

[lizbud]

CNN reported this morning that the ones of us on Social Security won't get one unless the House can get it added to the bill before it passes next week. Good think I really didn't think I'd get one.

I am on SS, since I'm retired now too. I still file taxes every year. Taxes are deducted from the SS check and
a pension (retirement acct.) check from the state. I usually get a
small refund every year.


I wish we had more details on this bill. GWB is pushing this
bill through so quickly, I hope we all know what it does cover before it
passes.

[ramanth]

Thanks Missy. Our W2's arrived this week so we're going to file now.

[momoffuzzyfaces]

I am on SS, since I'm retired now too. I still file taxes every year. Taxes are deducted from the SS check and
a pension (retirement acct.) check from the state. I usually get a
small refund every year.


I wish we had more details on this bill. GWB is pushing this
bill through so quickly, I hope we all know what it does cover before it
passes.

You should get one because you file taxes. I think they mean the ones like me who are on Social Security but don't make enough to even file taxes.

The way I understand it: everyone who works will get a refund even if they don't file income tax and everyone who files income tax will get one too.

Of course, the House is going to look the bill over and try and make changes, so who knows?