alchico Posted May 10, 2008 Share Posted May 10, 2008 I just checked my bank account and i got what i believe to be my stimulus payment. Weird thing is it's for $1103. Where i went to school 600 + 600 =1200. Do they take taxes out of your rebate? Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted May 10, 2008 Share Posted May 10, 2008 (edited) No, there shouldn't be any taxes taken out. I guess it's possible you were above the income threshhold and they start phasing it out at some point... Edited May 10, 2008 by CaP'N GRuNGe Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted May 10, 2008 Share Posted May 10, 2008 No, there shouldn't be any taxes taken out. I guess it's possible you were above the income threshhold and they start phasing it out at some point... Must be it Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted May 10, 2008 Share Posted May 10, 2008 (edited) Maybe you still had owed taxes so they withheld some of it. Edited May 10, 2008 by SuperCharger Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted May 10, 2008 Share Posted May 10, 2008 No, there shouldn't be any taxes taken out. I guess it's possible you were above the income threshhold and they start phasing it out at some point... Or below. I believe you had to pay more than $1200 to get the full amount. Quote Link to comment Share on other sites More sharing options...
alchico Posted May 10, 2008 Author Share Posted May 10, 2008 No, there shouldn't be any taxes taken out. I guess it's possible you were above the income threshhold and they start phasing it out at some point... I doubt that as me and the wife only make about 60k a year Maybe you still had owed taxes so they withheld some of it. This is possible i guess, maybe they found out about my income from side jobs. Or below. I believe you had to pay more than $1200 to get the full amount. I don't think this is true as even people who don't owe anything can get the rebate just by filing a return. Quote Link to comment Share on other sites More sharing options...
General Itals Posted May 10, 2008 Share Posted May 10, 2008 (edited) Or below. I believe you had to pay more than $1200 to get the full amount. This is correct. In order to receive the full $1200 rebate, you would have had to pay in $1200 or more in taxes. It is possible, depending on your tax situation next year, that you will qualify to receive the remaining $97 of rebate after filing your 2008 taxes, though. Edited May 10, 2008 by General Itals Quote Link to comment Share on other sites More sharing options...
alchico Posted May 11, 2008 Author Share Posted May 11, 2008 (edited) This is correct. In order to receive the full $1200 rebate, you would have had to pay in $1200 or more in taxes. It is possible, depending on your tax situation next year, that you will qualify to receive the remaining $97 of rebate after filing your 2008 taxes, though. Wow your right, the $1103 is exactly what my taxes were for this year. I had a ton of deductions (medical and dental) this year and got the biggest refund i've had in quite a few years. Edited May 11, 2008 by alchico Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted May 11, 2008 Share Posted May 11, 2008 Wow your right, the $1103 is exactly what my taxes were for this year. I had a ton of deductions (medical and dental) this year and got the biggest refund i've had in quite a few years. Dude. You'd better be a priest or something. Quote Link to comment Share on other sites More sharing options...
Ziachild007 Posted May 11, 2008 Share Posted May 11, 2008 This is correct. In order to receive the full $1200 rebate, you would have had to pay in $1200 or more in taxes. It is possible, depending on your tax situation next year, that you will qualify to receive the remaining $97 of rebate after filing your 2008 taxes, though. Are you talking about total $1200 owed or $1200 paid in? Quote Link to comment Share on other sites More sharing options...
moneymakers Posted May 11, 2008 Share Posted May 11, 2008 Wow your right, the $1103 is exactly what my taxes were for this year. I had a ton of deductions (medical and dental) this year and got the biggest refund i've had in quite a few years. say thank you George Bush. Quote Link to comment Share on other sites More sharing options...
General Itals Posted May 11, 2008 Share Posted May 11, 2008 Are you talking about total $1200 owed or $1200 paid in? Your income tax total owed to the gubment. Quote Link to comment Share on other sites More sharing options...
jaxfactor Posted May 11, 2008 Share Posted May 11, 2008 Mine got direct deposited for $600 even. Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted May 12, 2008 Share Posted May 12, 2008 Total taxes paid this year was $1708 and I got all $2100 of my stimilus check. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted May 12, 2008 Share Posted May 12, 2008 Total taxes paid this year was $1708 and I got all $2100 of my stimilus check. I beleive you get the full credit for your kids, regardless of what you paid in taxes. For example: if you and your wife had paid $0 in taxes, you still would have received $900 (300+ 300+ 300). Since you paid over $1200 in taxes ($600 each for you and your spouse), you received the full amount. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted May 12, 2008 Share Posted May 12, 2008 I would imagine that the total rebate that you receive will be counted as part of your taxable income for this current year. Not sure about this though. Anyone know for sure? Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted May 12, 2008 Share Posted May 12, 2008 I would imagine that the total rebate that you receive will be counted as part of your taxable income for this current year. Not sure about this though. Anyone know for sure? Nope...you will not pay federal (or state) taxes on your rebate. From the IRS: IRS Stimulus Check Q&A 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. Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received? A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08] 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. Quote Link to comment Share on other sites More sharing options...
Randall Posted May 12, 2008 Share Posted May 12, 2008 No but they take the stimulus back at the gas pump. We will be paying on average $700 more this year than last. Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted May 12, 2008 Share Posted May 12, 2008 No but they take the stimulus back at the gas pump. We will be paying on average $700 more this year than last. I just converted to 75% telecommute and we put our kids on the school bus instead of dropping them off everyday. Big oil can bite me. Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted May 12, 2008 Share Posted May 12, 2008 I beleive you get the full credit for your kids, regardless of what you paid in taxes. For example: if you and your wife had paid $0 in taxes, you still would have received $900 (300+ 300+ 300). Since you paid over $1200 in taxes ($600 each for you and your spouse), you received the full amount. Thank you for the clarification. Makes perfect sense. Quote Link to comment Share on other sites More sharing options...
Randall Posted May 13, 2008 Share Posted May 13, 2008 I just converted to 75% telecommute and we put our kids on the school bus instead of dropping them off everyday. Big oil can bite me. Good for you man. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted May 13, 2008 Share Posted May 13, 2008 Our regular grocery store is doing a cool offer. . .bring your stimulus check in and buy gift cards for the store and they'll add 10% to it. So, since we're going to be buying groceries anyway, there's an extra $120 for free. Sweet. Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted May 13, 2008 Share Posted May 13, 2008 I just checked my bank account and i got what i believe to be my stimulus payment. Weird thing is it's for $1103. Where i went to school 600 + 600 =1200. Do they take taxes out of your rebate? That's what happened to me as well. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted May 13, 2008 Share Posted May 13, 2008 (edited) Our regular grocery store is doing a cool offer. . .bring your stimulus check in and buy gift cards for the store and they'll add 10% to it. So, since we're going to be buying groceries anyway, there's an extra $120 for free. Sweet. Thanx, we shop at ACME & they're doing it as well. They said they will be raising prices across the board 12% next month, though. Edited May 13, 2008 by Ramhock Quote Link to comment Share on other sites More sharing options...
moneymakers Posted May 13, 2008 Share Posted May 13, 2008 No but they take the stimulus back at the gas pump. We will be paying on average $700 more this year than last. cry baby cant you just say thank you? Quote Link to comment Share on other sites More sharing options...
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