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2008 Tax Rebate Stimulus Package Explained
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1/15: The Committee on Appropriations just released the an executive summery of the details of the American Recovery and Reinvestment Plan.
This post refers to the first economic stimulus package of 2008. You can read about the second stimulus package here.
Looks like the stimulus payments will be sent out ahead of schedule, with the 800,000 direct deposit payments on Monday April 28th, Tuesday, Wednesday, and a whopping 5 million on Friday (none on Thursday). The schedule of payments will follow the original schedule, just accelerated by a week.
No doubt you’ve heard the “great” news that a deal on a stimulus package has been reached and that checks will be in the mail as early as May. Whether you believe the naysayers that say we’re really just propping up the Chinese economy (or oil rich nations) because we’re borrowing from them to buy their goods or whether you believe the proponents that say this will boost own economy in magical ways the fact of the matter is a deal has been reached – so what is it? Essentially, it’s a removal of the 10% tax bracket for everyone with some modifications. It includes phaseouts that begin past annual incomes of $75,000 and a component that includes those working Americans that don’t earn enough to pay income taxes.
To get a clearer understanding of the rules, let’s walk up the income levels and explain how it works; beginning first with those filing their taxes as singles and then adding in families. How the phaseouts work, from what I can understand, is that you first determine eligibility (if you earned more than $3,000 and paid taxes) and then, if you fall in to the phaseout, start reducing your benefit.
Singles
Determine Eligibility:
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $300.
If you earned more than $3,000 and paid taxes, you get $600.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $75k and end at $87k, at a reduction of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus get nothing regardless of the math.
Couples
Determine Eligibility (appears to be the same as singles):
If you earned less than $3,000 – unfortunately you’d get nothing.
If you earned more than $3,000 but paid no taxes, you’d get $600.
If you earned more than $3,000 and paid taxes, you get $1,200.
If you have children, add $300 per.
Determine Phaseout Reduction:
The phaseout levels begin at $150k and end at $174, at a reduction of 5% per $1,000 over the lower limit. If you earned above $174k, you’re over and thus get nothing regardless of the math.
Some Common Examples
These are taken from a post by Gridking on Tickerform.org:
- An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.
- A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.
- A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.
- A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.
- A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.
- A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.
There were a few other salient details to the bill, including a temporary raising of the individual mortgage ceiling that Fannie Mae and Freddie Mac could purchase (FHA loan limits) – increasing it to a whopping $729,750 (up from $417,000), and business tax breaks for infrastructure investments.
Some Questions & Answers
Here are the answers to many of the questions in the comments below, I wanted to wait until the Senate and House agreed on something before trying to tackle these:
Is this a rebate? What is it a rebate on?
The funds are NOT a rebate on the taxes you will pay next year, they are based on your 2007 tax return. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year. (Correction made, Thanks Phil!)
How do I know what I get?
What you receive in May (or June or July) will be based on the tax return that is due April 15th. It will then be adjusted next year if necessary. So, it is based on your 2007 return, use the math I outlined above or the calculator below to determine what you’ll be getting.
Tax Rebate Calculator
This is a calculator that you can find on Consumerism Commentary and has been vetted by tax professionals, this is NOT tax advice so please consult a professional if you have additional questions:
(Photo: Tracy O)
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I been thinking what was said about disable people that get social security beneifits and not have any taxes taking out of their checks monthly. Well a-hole we have paid tax probley a hell a lot more than you been here on this earth Its really grip my ass to here those saying that we don’t need the rebate because we don’t pay in taxes. How in the hell do you think your childern get those new school new Court Houses New paved roads. It wasn’t because we did’nt work for thirty years paying taxes just like the New generation come up . So screw all of those who think that we do not deserve a rebate. We done without it for years. We don’t need your hand-out.
Does anyone know if the income has to be “earned income”…..My income is taxable but it is “spousal support”??? I will be filing a tax return and paying taxes on my spousal support?
Before Bush was elected Presidnet I was given an opportunity to ask him a question on Health Care that was published in Parenting Magazine. Even then, he passed the buck on the question, and didn’t answer the question. Our health care has continued to get worse while he has been in office. And, he hasn’t done much on the health care issue. God forbid anyone get hurt in the Workman Compensation area because the gov’t will find all kinds of reasons not to pay your claims even through preimums are being paid on your behalf. They allow insurance companies to run over you with their massive attorney’s they use like toliet paper!
I agree that this is a shot in the arm, and is money that they have been holding that is our money anyway. The only difference is that since they have been holding our money, the government now wants to come in and act like the hero and say who gets the rebate. They are not heros saving us, and we will all pay for this later in one way or another. What goes around comes around!
me again. the more i read the comments here,the more i realize what a joke this whole thing is. just another slap in the face by the clown in the white house. remember the so-called surge? i’m sending 30,000 troops home,right after you send me 30000 troops in a”surge”. my god,this idiot must really think we are blind sheep. no wonder he sticks it to us every chance he gets!
well, i proobly won’t get any”rebate”,as i don’t fall into their catagories,and now i have reached the point that i don’t want their hand-out. oh, i could use the money,no doubt, but this whole thing is disgusting. god,send us another franklin roosevelt. if this is the best that administration can come up with, we should all march on washington,tar buckets and chicken feathers in hand, and ride those idiots out of there on a rail. don’t need,don’t want their charity….
Why is CNN burying this in their coverage!!!!
Why are the blogger’s burying this!!!
It clearly states this is an advance in the bill!!!
Outrage!!!
LOUD NOISES!!!
Baba louie, that was funny as hell! You cracked me up, dude!!!!
What a bunch of GREEDY, little DEADBEAT money suckers some of you all are!!
Where’s mine (oink, oink)? I want mine (oink, oink)!
Here’s the deal–
If you’re sucking on the government’s nipple through social security, disability, welfare, unemployment, etc., then NO, DAMMIT you can’t have back something you didn’t pay to begin with. As we say in Texas, KWITCHER BITCHIN!!
And I don’t wanna hear “it’s not fair” or “what about us lazyasses” or “I’m old so you owe me” or “I gots me 8 kids from four different baby-daddies, so where’s my check”.
This is MY money that I paid in last year and I’M receiving back. So, NO, you can’t have some! You sorry good-for-nothings!
To tg:
DO YOU KNOW THE ANSWER TO THIS QUESTION???
What if you are single, have no dependents, and made $45,000 in 2006, $91,000 in 2007 and 48,000 in 2008.
Using the 2007 income, I would not qualify.
But, if this is a “prebate” for 2008 I would.
2008 was an unusual year. I will be probably never make that level of income again.
How do you think the IRS will treat this situation?
To: tg
Thank you for the response.
If you paid taxes and was suppose to receive a refund check but it was applied to child support arrears would you receive a rebate check?
One scenario I have never seen listed is if a single person has an AGI of 12000 and pays only $20.00 in taxes does he get $600 or $300? If he pays no tax he gets $300 but what if he pays $1.00 in tax? Does he then get $600?
you guys rock
Can anyone comment how much I will get?
- I earned $26,000 last year.
- I am filing jointly and my wife is not working.
- I have a kid [born in April 2007]
Hey everyone look at me………Find The Queen!!!! Find The Queen!!!!
Bullshit Shell Game….thats what this is and you all know it.
Let me slide a little from here, to over there, red tape…big words…..
No one is talking about the $290 Million in admin costs that is being taken out of other Gov’t programs and/or added to the Budget…..which we pay for anyway…
Fiscally responsibility is long gone people……
Lets just get through the next 6 months, take our normal tax returns, and put the $290 Mill to good use….like the WAR!!!!!
The best thing we can do in this country is redistribute the wealth to those who don’t make much. Most of those that are selfishly complaining on this site do not realize that the average per person income in this country is $40,000 per year (http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm) That’s $40,000 per every man, woman and child regardless of age. I believe this includes pensions. Still, with fewer than half working or receiving pensions, the average income of those earning an income is $80,000 per year. Why do so few earn this? Because the money is going to the wealthy. We need to increase taxes on the wealthy, increase minimum wage and redistribute the wealth any way we can. Thank you for your time.
my husband and I owe 73.00 dollars to irs from 2006 which we overlooked, would we qualify for the rebate???
Yeah, you just try living the easy “deadbeat” life. I’m disabled and survived on $7500 last year, total! Try getting by when average rent is more than your monthly income, you’re in constant pain, and have absolutely no way of bettering your situation or preparing for the collapse of Soc Sec.
As we say here, _Ignorant Jackass_
“If you’re sucking on the government’s nipple through social security, disability, welfare, unemployment, etc., then NO, DAMMIT you can’t have back something you didn’t pay to begin with. As we say in Texas, KWITCHER BITCHIN!!”
Just some information……My husband makes around $130,000. per year…sounds great huh? We do feel blessed but NOT wealthy. With 6 kids, (4 biologically, 2 adopted) and a wife who stays home to see that all these kids are cared for and educated, that averages out to $16,250.00 (far below the poverty level of $30,000). Because of his income we get very few tax breaks, our oldest son received no federal financial aid for college (with the exception of one very small loan), we get reduced child credits, and no we don’t qualify for child care credits because we give up income to pay for the care of our children instead of paying someone who loves them less then we do to care for them. We’re doing it “the old fashioned way”, work hard, care for ourselves and others, and pay taxes. This “stimulus” is finally a break for us.
I am trying to determine the definition of “owed taxes.” My girlfriend made around $17,000 and had $189 of taxes on her return that were offset by her child care credit. Thus ultimately she did not have to pay any taxes. I have not seen a clear defintion of what is considered to have owed taxes for the year.
Personally I don’t want the rebate. I see how most are acting regarding the disabled and retired and I’m ashamed of you!!
I refer those asking if they will just owe the amount of their rebate in next years tax return back to Paul’s comment a ways back. (which I will admit, he does say is hearsay) Because of the elimination of the 10% tax bracket for the first $6000 in income on next year’s taxes, you may not have to “pay it back”. If I’m correct (and I’m not saying I definitely am!)… the amount you receive when rebates are issued would actually have just been added to next years return, because of the elimination of that tax bracket. So for example…. I am eligible for a $600 rebate. I just yesterday received my 2007 return (thanks e-file!) which was about $550. If for some reason all the numbers crunched exactly the same over the course of THIS year (which of course they don’t, but lets just say they did) then next year I would receive a refund of $1150. Sure that seems like alot, but it is because of the elimination of that tax bracket. So basically, instead of getting $1150 next year, I would receive $600 in May or June and $550 come next year at tax time. So YES, it IS your money, but you won’t really be REPAYING it, because you are getting more in the big picture! It is just being split up.
Anyway… as I said… I could be wrong. This is just my interpretation. What I suggest to anyone that worried about it is to increase the amount you withhold to offset and difference.
I won’t have to pay it back, huh? I made about $140K in ’07 (entitling me to the full amount) and will make about $175K+ ’08 (above the max). If this is a prebate, I’m going to get screwed to the tune of about $2100 in added taxes next year (2+3kids).
It’s like this folks.
Lets say you earn the same amount of money year in and year out.
Every year you get a return of $1000.00 (Federal)
With this rebate you get an additional $600.00
Your rebate for THIS TAX Year would be 1600.00 (normally paid Sring next year after your filing is complete)
You get the 600.00 in advance because THIS TAX YEAR is not over. They are giving you the bonus money early.
Next year you will get your normal $1000.00 but if you didn’t get the bonus money early you would see $1600.00 coming back next spring.
It is simply $600.00 more than the $1000.00 that your used to seeing. Only your getting it eary.
This is a one time tax cut being paid out early.
By the way I used $600.00 as an example. The bonus money is whatever you qualify for.
For most of you people who are worrying/complaining about how much or if you’ll even get anything, I think you could use your time a lot more wisely by spending it working and making money that way, instead of worrying about whether or not you’re going to get “free” money or not in a few months!!
Youre right buddy, but it’s sounds to me like your in the same position I’m in, we still have our jobs! A lot of our brothers and sisters out there are hurting and in a lot of ways it’s not their fault. They could use some help and I’m glad they’re getting it.
all i want to know is how are we to pay back this stimulus package in simple laymens terms. money from my check weekley or money deducked from my 2008 tax return. a question nobody seems to want to answere.
Please clarify two points for me….
I made $18,000 and owed about $400 in taxes but filed as head of household which gave me earned income credit and a substantial refund. Did I pay taxes?
My child is 21 but a full time student. Is she still considered a child for rebate purposes?
Thanks.
The best thing we can do in this country is redistribute the wealth to those who don’t make much. Most of those that are selfishly complaining on this site do not realize that the average per person income in this country is $40,000 per year (http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm) That’s $40,000 per every man, woman and child regardless of age. That is $160,000 for the average family of 4. If your family receives more than this your income is below average. I believe this includes pensions. Still, with fewer than half working or receiving pensions, the average income of those earning an income is $80,000 per year. Why do so few earn this? Because the money is going to the wealthy. We need to increase taxes on the wealthy, increase minimum wage and redistribute the wealth any way we can. Thank you for your time.
The best thing we can do in this country is redistribute the wealth to those who don’t make much. Most of those that are selfishly complaining on this site do not realize that the average per person income in this country is $40,000 per year (http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm) That’s $40,000 per every man, woman and child regardless of age. That is $160,000 for the average family of 4. If your family receives less (corrected from last post) than this your income is below average. I believe this includes pensions. Still, with fewer than half working or receiving pensions, the average income of those earning an income is $80,000 per year. Why do so few earn this? Because the money is going to the wealthy. We need to increase taxes on the wealthy, increase minimum wage and redistribute the wealth any way we can. Thank you for your time.
I owe $2,700 dollars for my 2007 taxes to the Fed, will they take my rebate check an apply it to the outstanding debt?
Rob
Sorry if this has been asked before. Too many posts to try and find it….
When can we expect a the check? I’ve heard May and I’ve heard July. Anyone know for sure? Thanks!!
Summer,
You said, “Try getting by when average rent is more than your monthly income, you’re in constant pain, and have absolutely no way of bettering your situation or preparing for the collapse of Soc Sec.”
Well, clearly you can type and use a computer and even have access to the Internet. Where I come from, that can easily lead to employment, even if you’re a shut in. You’ve got enough time on your hands to spend hours surfing the web to find out whether you’re getting any “free money,” don’t you?
Again, this is money that taxPAYERS are receiving back for what they PAID, or at least it should be.
If I go to a restaurant, pay the bill, and the manager comes up to me and gives me $20 back as I’m leaving, why should YOU who paid nothing get part of MY bill back? But once again, DEADBEATS and LEECHES are lined up for their piece of the pie.
Sorry if this has been asked before. Too many posts to try and find it….
When can we expect a the check? I’ve heard May and I’ve heard July. Anyone know for sure? Thanks!!
ANYONE??
Not comment question? my child turns 18 March 20, would I receive a $300.00 refund on him? when is this all beginning?
I have a few questions… does anyone know exactly HOW this money will be shown on our taxes in 2008? Is this a Prebate -Rebate – (what is the difference anyway??), can anyone explain exactly what this means for our taxes next year….. will it be considered INCOME ? Will we have to pay interest on this amount we get? They did something like this in 2001, is this the same thing? I accually wish we could refuse this–if this is just our own money anyway -that will be LESS for next year–or added to our regular income as addition income? I think it should go to paying our National Debt. I do not feel this will help anything at all. Just making more debt & more bankrupsy for next year for those who wastfully spend their money–which most people do unforunetly, just like our goverment. And I have heard when it comes to kids, some say up to 2 kids total, then on this site, I seen an example of 4 kids x $300 . Which is it? I have 6 kids, I really don’t want this advance on my own money so this will have to be claimed as Income next year. Thank you.
Seamus said: “60% of federal income tax is paid by only 5% of Americans (those earning over $145k)……….in other words, QUIT YOUR BITCHING!!!”
Well, since 5% of the population in this country holds 95% of the wealth, I’d actually think they should be responsible for more than 60% of taxes. Strangely, since Republicans have been in office, it seems to be moving further and further away from reasonable…so right back atcha!!!
BigBob: cry me a river. If you don’t make good money its most likely because you didn’t plan and didn’t work hard. I grew up in a double wide and then spent 14 years of college and racked up a college loan sum that would make you cry. I worked 12 hour days and then went to school afterward so that I could augment my salary. I don’t owe anything to a bunch of lazy punks who sit around with their hand out.
Paul: income tax is not an wealth tax. The name kind of lets you know that instead of being a wealth tax, it is an income tax. Might be a difficult concept to grasp. Simply because someone is a high earner doesn’t mean they are wealthy or even have any wealth whatsoever. High earners pay more than their fair share if income tax.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years.
Attributed to Alexander Fraser Tytler (1747–1813)
WILL A SENIOR WHO PAID TAXES BECAUSE OF A IRA WHICH WAS DEFERRED INCOME RECEIVE HIGHER THAT $300.00??? LIKE $600.00?
WHY IT IT THAT ONE WHO HAS A LARGE FAMILY AND DOES NOT MAKE ENOUGH TO PAY TAXES NOT GET A LARGER REFUND? THEY SURE NEED IT!
J LIZOTTE RETIRED
You get checks in May.
ok,here’s what i got off the internet a few minutes ago. rebate checks should start appearing in may. they are based on 2007 tax returns,due april 15th. pretty much leaves me out,as 2006 was my last year for earned income. i wish “flip” were correct in his info,but it doesn’t look good. good luck to everyone….
If you owe taxes, your check will go to your bill because you have failed to grasp the simple concept of “pay as you go”. Taxes should be paid for through out the year and in full.
Big Bob- we redistribute the friggin wealth very finely thank you very much. Congress has so many give aways in the tax code it is unreal. Every two bit loser that barely made more than a high school baby sitter but has more children than Mother Teresa is crying for their “earned income credit” / child tax credit /
The ATM and phase outs remove credits and benefits from people who actually work for a living so they pay more tax. People that are industrious and work hard are not rewarded in this country.
If you want to just sit on your ass and do nothing… then we toss more money at you than god.
AMERICA IS BECOMING A SAD PLACE TO LIVE IN. EVERYDAY I LOOK AROUND ME AND SEE THINGS THAT JUST AREN’T RIGHT.
FOR ONE, EVERY MONTH THE GOVERNMENT ENCOURAGES PARENTS TO SIT ON THEIR COUCH AND DO NOTHING BECAUSE THEY CAN DEPEND ON THEIR WELFARE WHICH COMES OUT OF EVERYONE’S POCKET. IF YOU DON’T WORK, YOU GET MORE MONEY. THE MORE KIDS YOU HAVE THE MORE MONEY YOU GET. I DON’T THINK PEOPLE SHOULD BE ENCOURAGED TO NOT WORK AND TO HAVE TONS OF KIDS.
NOW, FOR PARENTS WHO DO WORK, BUT ARE YOUNG BUT NEVERTHE LESS PUTTING FORTH EFFORT, THEY GET BARELY ANYTHING FROM WELFARE WHEN THEY SIGN UP FOR IT. DO YOU THINK A JOB THAT BRINGS IN 1,000 IS GOING TO HELP SUPPORT A WHOLE FAMILY OF THREE. ESPECIALLY IF THE MOM IS GOING THROUGH SCHOOL OR SOMETHING LIKE THAT AND SHE DOESN’T HAVE ANY INCOME. THEY’LL HAND THESE YOUNG PARENTS WHO ACTUALLY CARE AND LOVE THEIR KIDS AND PUT EFFORT INTO LIFE A MEASELY $100 DOLLARS A MONTH AND TELL THEM TO GO AWAY.
THIS IS JUST ANOTHER IDIOT MOVE FROM THE GOVERNMENT.
AND BORROWED MONEY FROM CHINA
PRETTY SOON THEY’LL OWN US
AND BUSH WILL TURN AROUND AND SELL US TO CHINA AS SLAVES. THE END IS NEAR.
TO ALL THE PEOPLE WHO ARE COMPLAINING ABOUT IF THEY ARE GOING TO GET THEIR REBATE CHECK OR NOT:
THIS ISN’T FOR YOU ANYWAY. THE GOVERNMENT DOES NOT GIVE A CRAP ABOUT IT’S CITIZENS. IT JUST DOES ENOUGH FOR US TO GET US TO BE QUIET AND MAKE US THINK THAT THEY CARE. THIS REBATE ISN’T FOR YOUR BENEFIT. IT’S FOR THE ECONOMY’S BENEFIT WHICH IS ALL THAT REALLY MATTERS THESE DAYS ANYWAYS.
Dear People,
Everyone is gripping about these rebates, and pinning the worst on people who could really use it . I think as Americans, we have gotta so caught up with the people that do BAD THINGS and are CONSTANTLY making bad decisions, we fail to have compassion for those that work hard, raise respectful children, demand excellent grades, drive their children to a school across town to get a better education, work opposite hours in order not to have the added cost of childcare, shop off the clearance racks and buy only what is needed, they squeeze “Lincoln” (the penny) so tight you can hear him holler. Yet they budget their taxes refunds in order to send a parent /and or child to school to get a higher education. Many, Americans have failed to to be compassionate to these Americans, because all you see is the man that does not work sitting on the porch smoking weed, drinking booze, and making babies simultaneously from each testicle. The hard working poor and middle class have taxes withheld automatically from pay keep regardless if you pay taxes on your 1040 form or not, for these Americans no new flat screen tv’s, maybe a new/refurbished computer to cut down on trips to library, no new 28 inch rims, a tune up and oil change will do, no shopping sprees, but a lot a check writing to pay down debt or double up on some bills to et ahead and just maybe a small trip to the toy store to give the kiddes a little treat .
Those that view all of our indigent as burden should really count their blessing that they are not “rebate” hungry. Be thankful you have a savings to fall on, be thankful you haven’t exhausted your saving because of the sudden or long lasting illness of a child, spouse, parent or even yourself. Be thankful that you still have a job, because many has lost theirs due to outsourcing.
My fellow Americans I ask of you be careful in how you automatic lump all the indigent in one group, because there are people in America that you do not upset or offend but you make them feel degraded because they fight for that American dream in every aspect of their lives, They don’t want recognition for it, that’s what they are suppose to do. All they really want is respect and many of the comments on this blog was very disrespect to the hardworking poor, middle class, single parents,etc.
Keep the rebate and use it to get out of Iraq. It’ll save lives and ~$255 million a day that we could be used to lower taxes which will increase spending. dert ta der!!
The level of hostility being vented out there is interesting. All the chest beating and pontificating. How many of you folks are voters. Have you taken the time out of your busy blogging life to give a crap and vote. Ok I know what you’re thinking. Nothing changes, political back room deals, what can i do. Everyone bitches no one cares enough to be involved. Even in a small way. Starting with your community. Have you done anything to make it better? The reason we are all going to hell in a hand basket is simple. Society encourages you to be selfish and greedy and consume mass amounts of everything. Isn’t it possible to begin the process of change with yourself. How can someone not wish a little good fortune to another. Ok so they didn’t make 100,000 maybe they made 20,000.00. Is that man any less a man because he made less money. These people need that little extra. Does an extra 600.00 really help the guy making 100,000.00? Stop looking down your nose at people that are only trying to make it.
Better watch out, you could have to pay tax on it next year or get your refund reduced by the amount you recieve and if you owe you will have to add the amount to what you owe and pay it back…..
hello well im a mother of one and i work 12 hrs a day and pay for a house and all my bills all alone i was planing to do it with my hubby but he is gone so i heard about this rebate and i have no clue what it was till i began reading weather we pay this back or not isnt a big deal for me but im not some broke a$$ with my hand out i am a hard working mom who is going to school nights after my 12 hr shifts so a lil help wouldnt hurt but i wouldnt want to do any thing illiegal but i would like to know how this affects my next yr tax return do i pay this back or do i personally pay back the government out of my check book