When are the rebate checks from the rule supposed to be given out?
Is it true they will take the money out of subsequent years taxes? Do we have an substitute of not taking the money?
Answers: No, you do not have the risk of not taking the money. It would be silly not to.
The rebate will not effect your 2008 federal tax liability or reimbursement. The law say the IRS can't recover any extra rebate giving by reducing your 2008 refund or calculation to your 2008 tax bill.
The "rebate" is an finance credit against your 2008 tax return (which will be file in 2009). However, it is calculated base on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" base on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results within a smaller rebate, you will not have to repay the difference.
The "rebate" will not increase or shrink any tax reimbursement to which you are entitled. It is an additional repayment.
The rebates are not programmed to START to be issued until May and it will take a couple of months to dispatch them all out. The IRS have not yet announced the decree in which the checks will run out.
Suggested reading: http://www.irs.gov/irs/article/0,,id=177...
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Answers: No, you do not have the risk of not taking the money. It would be silly not to.
The rebate will not effect your 2008 federal tax liability or reimbursement. The law say the IRS can't recover any extra rebate giving by reducing your 2008 refund or calculation to your 2008 tax bill.
The "rebate" is an finance credit against your 2008 tax return (which will be file in 2009). However, it is calculated base on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" base on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results within a smaller rebate, you will not have to repay the difference.
The "rebate" will not increase or shrink any tax reimbursement to which you are entitled. It is an additional repayment.
The rebates are not programmed to START to be issued until May and it will take a couple of months to dispatch them all out. The IRS have not yet announced the decree in which the checks will run out.
Suggested reading: http://www.irs.gov/irs/article/0,,id=177...