2008 Tax Rebate?

I understand that the $1200 (married filing jointly) I will get as a rebate for 2008 is esentially an elimination of the 10% tax bracket. But what about the $300 per child? Is that an %26quot;advance%26quot; on the child tax credit? When I file my taxes in 2009 for TY2008 will my child tax crdeit be reduced by $900 (3 kids)?

2008 Tax Rebate?

Yes, it is an advance on next year%26#039;s taxes.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It%26#039;s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

2008 Tax Rebate?

BAD INFO!!!!! This is off the IRS web site

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. Report It

2008 Tax Rebate?

Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don閳ユ獩 pay taxes would get $300 rebates.

The first rebate payments could begin going out in May, and most people could have them by July, though the IRS will already be overwhelmed processing 2007 tax returns.

The rebate is not taxable at the federal level, and it%26#039;s unlikely the states would tax it, though that%26#039;s not entirely clear at this point.

2008 Tax Rebate?

I believe the answer to your question regarding the child tax credit is No. According to the answers found in %26quot;Stimulus Payments: Answers to Frequently Asked Questions%26quot; on the IRS website (see link below), this tax rebate will be %26quot;free money%26quot; for most eligible individuals since (i) it will not be considered taxable income for 2008 income tax purposes and (ii) it %26quot;will not reduce or increase your refund when you file your 2008 return.%26quot;

In other words, the one time elimination of the 10% federal income tax on the first $6,000 of your income and the rebate check that you will be getting as a result of it will not impact your usual tax filing and (possible) refund or tax credits, including the Child tax credit.