i have been confused by one paragraph in the cnn money story on the proposed tax rebate checks.
tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in income – which can include social security and disability payments – will get $300 rebates per person or $600 per couple.
to me, that sounded like it was talking about not owing anything when you file your tax return. but, my awesome tax attorney dad told me it’s regarding low-income people who don’t pay income taxes.
i feel much better now knowing that we will get the full rebate check, if president bush does, in fact, sign it. i just hope i’m not the only one who was confused by that!
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Thank you for clarifying that! I had heard different interpretations of that as well, and couldn’t figure out why a rebate would matter, given that rebates just have to do with evening out how your taxes were calculated during the year. Now I feel better.
I had the exact same reaction!! When you get a refund, you don’t realize that you’re still paying thousands of dollars of taxes and your refund is just a small percentage of everything you paid in over the year.
you still “owe” income tax, you just already paid it.
i’m just annoyed that i owe more taxes this year (my fault, but man I barely make anything as a student!) and just wish i could use the $600 now to pay the $400 i owe!
That totally confused me too! Thank you for clarifying via your Dad! Wooohooo money!