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get your $1200 in may .. whoopdeedoo

 
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Aske
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get your $1200 in may .. whoopdeedoo
« on: February 08, 2008, 09:39:40 AM »

http://www.cnn.com/2008/P...nomic.stimulus/index.html

Quote
The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.
SPEND SPEND SPEND!
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Walfredo
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Re: get your $1200 in may .. whoopdeedoo
« Reply #1 on: February 08, 2008, 09:43:26 AM »

WTF that is so stupid.  So I'm getting like a cash advance on next year's refund.  What if I correctly work my deductions throughout the year and don't have a refund.  Do I have to pay this *feces* back?  They are so *goshdarn* stupid.
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For hither not, I am the stallion.
Come fear, come love, I am the stallion.
You know that I am the stallion, mang.
I am, I am the stallion, mang.
You know that I am the stallion, mang.
I live, I walk, I am the stallion, mang.
Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #2 on: February 08, 2008, 09:46:24 AM »

What if I correctly work my deductions throughout the year and don't have a refund.  Do I have to pay this *feces* back? 

 Shhh  and probably with interest
« Last Edit: February 08, 2008, 09:51:45 AM by Aske » Logged Return to Top

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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
stroh
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Re: get your $1200 in may .. whoopdeedoo
« Reply #3 on: February 08, 2008, 09:46:56 AM »

 Angry  If that's what it is, *fudge* it.  I don't want/need it.
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Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #4 on: February 08, 2008, 09:59:19 AM »

Angry  If that's what it is, *fudge* it.  I don't want/need it.

feel free to send it to me
 Cool
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Quote
Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #5 on: February 08, 2008, 10:00:10 AM »

fortunately those tax cuts for the rich aren't just advance loans though
 Devil
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Quote
Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #6 on: February 08, 2008, 10:26:24 AM »

http://www.cnn.com/2008/P...nomic.stimulus/index.html

Quote
The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.
SPEND SPEND SPEND!


wow, they just changed the article and removed that part!
wonder if it was an error, or the 'powers' told em to
 Hide
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Teed
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Re: get your $1200 in may .. whoopdeedoo
« Reply #7 on: February 08, 2008, 10:29:50 AM »

 Tinfoil
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stroh
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Re: get your $1200 in may .. whoopdeedoo
« Reply #8 on: February 08, 2008, 10:36:52 AM »

Tinfoil

Zackley.
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birdymaker
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Re: get your $1200 in may .. whoopdeedoo
« Reply #9 on: February 08, 2008, 10:41:30 AM »

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"The money will go into the hands of lenders rather than retailers," said Mike Niemira, chief economist of the International Council of Shopping Centers.

 Wink
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Clive
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Re: get your $1200 in may .. whoopdeedoo
« Reply #10 on: February 08, 2008, 10:56:04 AM »

http://www.cnn.com/2008/P...nomic.stimulus/index.html

Quote
The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time.
SPEND SPEND SPEND!
wow, they just changed the article and removed that part!
wonder if it was an error, or the 'powers' told em to
 Hide

Quote
H.R.5140
Economic Stimulus Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate)

`SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.

      `(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--

            `(1) net income tax liability, or

            `(2) $600 ($1,200 in the case of a joint return).

      `(b) Special Rules-

            `(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)--

                  `(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and

                  `(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

            `(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer--

                  `(A) has qualifying income of at least $3,000, or

                  `(B) has--

                        `(i) net income tax liability which is greater than zero, and

                        `(ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return).

      `(c) Treatment of Credit- The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.

      `(d) Limitation Based on Adjusted Gross Income- The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer's adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

      `(e) Definitions- For purposes of this section--

            `(1) QUALIFYING INCOME- The term `qualifying income' means--

                  `(A) earned income,

                  `(B) social security benefits (within the meaning of section 86(d)), and

                  `(C) any compensation or pension received under chapter 11, chapter 13, or chapter 15 of title 38, United States Code.

            `(2) NET INCOME TAX LIABILITY- The term `net income tax liability' means the excess of--

                  `(A) the sum of the taxpayer's regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over

                  `(B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1.

            `(3) ELIGIBLE INDIVIDUAL- The term `eligible individual' means any individual other than--

                  `(A) any nonresident alien individual,

                  `(B) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins, and

                  `(C) an estate or trust.

            `(4) EARNED INCOME- The term `earned income' has the meaning set forth in section 32(c)(2) except that--

                  `(A) subclause (II) of subparagraph (B)(vi) thereof shall be applied by substituting `January 1, 2009' for `January 1, 2008', and

                  `(B) such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.

            `(5) BASIC STANDARD DEDUCTION; EXEMPTION AMOUNT- The terms `basic standard deduction' and `exemption amount' shall have the same respective meanings as when used in section 6012(a).

      `(f) Coordination With Advance Refunds of Credit-

            `(1) IN GENERAL- The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (g). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).

            `(2) JOINT RETURNS- In the case of a refund or credit made or allowed under subsection (g) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.

      `(g) Advance Refunds and Credits-

            `(1) IN GENERAL- Each individual who was an eligible individual for such individual's first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.

            `(2) ADVANCE REFUND AMOUNT- For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (f) and this subsection) had applied to such taxable year.

            `(3) TIMING OF PAYMENTS- The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible. No refund or credit shall be made or allowed under this subsection after December 31, 2008.

            `(4) NO INTEREST- No interest shall be allowed on any overpayment attributable to this section.
JOINT BILL

Don't ask me to navigate that labyrinth, bro!
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hobbit
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Re: get your $1200 in may .. whoopdeedoo
« Reply #11 on: February 08, 2008, 11:05:04 AM »

fortunately those tax cuts for the rich aren't just advance loans though
 Devil

Huh?

Is 'tax cuts for the rich' another line with a hook on it for me  Wink , or do you believe it?

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Walfredo
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Re: get your $1200 in may .. whoopdeedoo
« Reply #12 on: February 08, 2008, 11:29:11 AM »

Can someone much smarter than me, explain what the *fudge* that *feces* is saying?  Is it an advance on 08's return or not, meaning it may have to be paid back? 
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For hither not, I am the stallion.
Come fear, come love, I am the stallion.
You know that I am the stallion, mang.
I am, I am the stallion, mang.
You know that I am the stallion, mang.
I live, I walk, I am the stallion, mang.
Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #13 on: February 08, 2008, 11:49:44 AM »

now you know why i'm not a lawyer. wtf can read that *feces*.  gimme differential equations anyday
 Sad
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Quote
Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Aske
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Re: get your $1200 in may .. whoopdeedoo
« Reply #14 on: February 08, 2008, 11:50:09 AM »

fortunately those tax cuts for the rich aren't just advance loans though
 Devil

Huh?

Is 'tax cuts for the rich' another line with a hook on it for me  Wink , or do you believe it?



both
 Smiley
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Quote
Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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