2008 tax rebate - help!?
My husband and I have discussed this a few times and it ends in an argument every time. His understanding is that every taxpayer will get $800 - $1600 for married filing joint, plus $300 for each child. I'm pretty sure that I read it's only $300 per taxpayer if you didn't pay any taxes and $600 if you paid at least that much in taxes. So here's where i need the help. Our income: $44269 Standard deduction: $10700 personal exemptions: $20400 Taxable income: $13169 And this is where I get confused. Our total taxes were $1318 but after the child tax credit we didn't owe anything so than our tax liability is $0 and we would only get $300/taxpayer? Plus we have four kids so that's another $1200. I'm fairly certain that I have it right b/c we got all our taxes back and then some. I just want to make sure. Thanks! I'm fairly certain that while trying to research this topic I had read that this "rebate" is NOT a prebate and therefore will have no effect on next year's taxes. Just wondering if anyone else has heard this or can confirm it. Now that I want to find the article I read it in, it has evaded me. But I did find a great quote from President Bush: In a statement on the economy delivered Friday morning, President Bush said any plan should feature "direct and rapid income tax relief" to boost consumer spending. "Letting Americans keep more of their own money should increase consumer spending, and lift our economy at a time when people otherwise might spend less," he said. The above paragraph just seems so wrong...letting Americans keep MORE of their OWN money?
Public Comments
- nobody knows the correct answers yet because the bill hasn't been signed yet. in yesterday's local new jersey paper said people who do not make enough to pay taxes but had at least $3,000 in earned income would get $300. those earning less than that WOULD BE DISQUALIFIED, as would the wealthiest. older people living solely off social security checks WOULD NOT GET THE REBATE. it says most taxpayers could expect a rebate of up to $600 starting in may. this has really nothing to do with this years income taxes except to show that you did have an earned income. your right about the $300. per child but for the adults i never once read any thing about $800. remember it UP TO certain amounts not specifically $300 or $600. supposed to start in may and run for ten weeks or less, so they say. i know that didn't answer your question but thought i'd muddle it up a little more. good luck to ya.
- While the proposed tax rebate depends on your 2007 income, it is actually a rebate off your 2008 taxes. In 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers and the first $12,000 of taxable income for couples. Taxpayers could receive rebates of up to $600 for individuals and $1,200 for couples. Since you have no taxable income in 2007, you do not qualify for a rebate based on taxable income. However, a minimum of $300 per person and $600 per couple would be rebated to those with at least $3,000 of earned income. Also, everyone eligible for this relief would also receive an additional $300 per child. So you get the $600 rebate plus $1200 for the 4 kids for a total of $1800. Nothing has passed Congress yet, so all details are subject to change.
- The first proposal from the Bush administration was 800-1600 but once they met with congress it became 600-1200. I am in the same boat you are, I paid 0 taxes because of child tax credit. Hoping I still get the full amount but dont know how they are going to calculate. This is the first year I paid 0 taxes.
