Can I send back our Rebate Check?

[sarcasmo]

From what I have read on this insane idea, our rebate check is only a loan on next years tax refund. If this is true, may I return to sender the check? If I don't cash it will they still take that total from next years tax return? My wife says they won't take it back, but if I don't cash it, doesn't it void itself in six months?

[Fire Walk With Me]

1. Everyone should donate their tax advance to Dennis Kucinich and to Wexler for Impeachment

:7 :7 :7

[Skink]

2. Sign it over to Obama.

[meegbear]

3. Or to me ...

I don't mind the burden, if it helps this great nation of ours.

[SoonerPride]

7. I posted that exact idea last month

I think people should give some of that money do defeat the republicans

[FalconsRule]

4. Why not just cash it,

Put the money in the bank, earn interest on it, then add it to next year's refund when you get it? That'll give you the same result, with a few extra bucks thrown in.

[sarcasmo]

9. It's the point that they are loaning us our own money. I don't need it now and don't want their loan

What they are doing is misleading.

[FalconsRule]

12. Actually

Looks like we're wrong on that...

[MilesColtrane]

52. Just make sure your bank didn't invest most of it's money in real estate.

[tularetom]

5. I'm gonna buy Euros with mine

or sign it over to the DNC. Just to make sure they get to see what I did with it.

[VP505]

6. Its not true that your

rebate is a loan on next years refund. Sample question from IRS:

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

You can find out the straight story here: http://www.irs.gov/irs/article/0,,id=177937,00.html

[sarcasmo]

11. Read this link, much different than yours.

http://answers.yahoo.com/question/index?qid=20080227140037AAGUfRu

On edit: You actually believe the I.R.S and the President are giving you the straight story. Your link is from the I.R.S

[FalconsRule]

13. Does Parth V

From your link, work in the IRS?

[truedelphi]

17. I do remember that the last time we all got a rebate

There was a line on the 1040 for the next year, and we had to report that rebate as an extra piece of income.

[sarcasmo]

22. I am sure you will have to claim it as income gained.

[FalconsRule]

23. Based on what?

The IRS answers?

[sarcasmo]

24. Based on the fact that it is income.

[FalconsRule]

25. Not according to the IRS...

[sarcasmo]

33. Bookmark this thread and we will find out the truth when the A$$HAT leaves office.

[FalconsRule]

38. That sounds reasonable!

Time will certainly tell in this case!

[sarcasmo]

40. See you in the spring when Bush is hiding in Honduras.

[VP505]

29. Its considered a

tax overpayment for 2007.

[VP505]

20. If your not

getting straight info from the IRS, the people charged with dispensing the money where can you get it? This isn't some IRS worker answering questions over the phone who might not be completely knowledgeable of the law, its straight from the horses mouth or ass depending how you view the IRS. To answer you question, no I don't believe ANYTHING * says but I do believe the IRS in this case.

[Dora]

21. An anonymous answer to an anonymous question is any more reliable?

:rofl:

Thanks, but I'll accept the IRS's explanation of the rebate.

[VP505]

28. Me too,

and here is a link to the letter they will be sending out in March:http://www.irs.gov/pub/irs-utl/economic_stimulus_payment_notice.pdf

[sarcasmo]

34. I guess I am the only one who doesn't believe the I.R.S and the President are telling me the truth.

[Matariki]

36. Oh for fuck's sake

You are provided information from the very place that can give you actual ACCURATE information on this question and you disparage that?

Better to believe angsty, sky is falling, anonymous web posts. Go ahead then, tell the IRS to keep your check.

[sarcasmo]

42. I asked a question and you want to cuss? Go right on ahead and believe everything this country tells

You.

[Matariki]

44. You asked a question and when you got a REAL answer you dismissed it

in favor of gloom and doom and paranoia.

If you really think that the IRS will revise the structure of the rebate, I suggest you bank the money until next year. At least you will have earned some interest in the meantime.

[sarcasmo]

45. Gloom and Doom Paranoia that's me alright.

No common sense here.

[Bill McBlueState]

48. the IRS, or some guy on the internet

I'd trust the IRS to tell me about federal tax law more than some random guy on the internet. I know that "believing the experts" went out of style in about 1994, but I've never been one to keep up with the times.

[Lance_Boyle]

54. for jibbity's sake - yes, the IRS is telling the truth. [e-mail]

probably isn't. Not everything is a grand conspiracy from the dark side. This rebate check is money in your pocket that you would not have otherwise. It is not a bad thing. It does not have to be repaid with your '08 taxes.

Loosen the tinfoil, deposit or cash the check, buy a quarter bag and RELAX.

Skinner - you could make a (dishonest) killing by asking the paranoid delusionals to sign over their rebate checks to your site in "protest."

[rateyes]

8. I think that this time it's a true credit.

Does not effect next year.

[VP505]

10. Its considered as

an overpayment of taxes for 2007. If eligible you'll either get a payment or a credit for taxes you owe.

[sarcasmo]

14. The question is are you going to trust this Government, who lies to us over and over again?

[FalconsRule]

30. Then don't.

Don't cash it.

[VP505]

31. I am going to

trust the IRS on this one, but I sure as hell don't trust anything that comes out of the White House.

[Faux pas]

15. Endorse it over to Katrina victims, that's one way for them to

get some government funds.

[sarcasmo]

16. I am not saying that we can't use the tax refund in the spring. This whole thing seems fishy, our

Government never tells us the truth and you add the I.R.S into the mix, it makes me more nervous. IF I have to it will just go into the savings account and draw interest until next tax season.

[truedelphi]

18. I would definitely cash it.

There is not a simple provision to do what you want to do - although if there were a whole pool of people who wanted to do this, then there might be a way to have the M$M discuss this.

Wait a minute, there were a whole pool of people who wanted Kucinich, and then Edwards, and that never got discussed.

[sarcasmo]

19. If I have to cash it,I will, but I truly believe next tax season when Bush is in Honduras the truth

Will come out about that this rebate really was a loan against 09 taxes.

[AZ Criminal JD]

26. You don't have to cash it. Nobody can force you.

Rip it up if you want. Use it to light a cigar. But you may want to cash it to buy some more tinfoil.

[sarcasmo]

35. Call me names if you want, but when it comes out in the was don't say I told you so.

[Matariki]

41. I'll bet you your rebate check you're wrong

:rofl:

[sarcasmo]

43. I will bet you the Republicans steal this election again.

[Faux pas]

47. I'm sure it will be counted as income. The government is much

better at taking away than giving. I don't trust anything they do and this band aid fix will not stop a recession/depression and will not stimulate the economy. Getting back the jobs that have been outsourced is the only way to fix it.

[uppityperson]

27. Cash it, put it in the bank (or under mattress) and ignore it 'til next yr

From what I've read we get to keep it, it's not a forward on next yr's tax thing like the one yrs back was, but just hold onto it without spending it 'til next yr if you want to make sure.

[Matariki]

32. It's NOT a loan on next year's refund. It's NON taxable. According to IRS website

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

<snip>

Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

[lumberjack_jeff]

37. I'm using mine to pay this years taxes. n/t

[truebrit71]

49. Me too....I can't remember the last time I got money back....

...

[w8liftinglady]

39. hell,i'm getting my plumbing fixed with it

[Hekate]

46. Give it to your local food bank or Second Harvest or homeless shelter. I gave the last one to ...

...several organizations that I figured would have annoyed Bush had he known. Planned Parenthood got part of it. Local and national social justice and civil liberties organizations got part of it.

You can bank it to pay part of your taxes next year if you want to, but sending it back or otherwise refusing it will do no good to any one I am sorry to say. My advice is to give it away to organizations that help people who have been hurt the most by this maladministration.

Hekate

[Bill McBlueState]

50. you can send it to me

I'm broke.

[Golden Raisin]

51. Endorse it to Pelosi,

then send it to her with a note to use it towards the purchase of a table to put impeachment back on.

[iris5426]

53. .

:rofl:

Brilliant!