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Originally Posted by Deno

My friend was about to receive a same tax rebate last year like a check of $700 he opened his mail when it arrived and there was a check of $1 lol buhahaha

That is so true, one little thing they didn't tell us. It's not a rebate, it's an advance on your fed return. The federal gov doesn't tax your refund, your state might do it. It would be dual taxation, seeing how you already paid taxes on that money.

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Originally Posted by Fitter X

They should drug test benifit reciepients. A positive test means no cash.

I was talking about that with my mother just yesterday. That would be great. My point was. How's the economy going to benefit from giving the unemployed more money? I know for a fact that alot of the monthly checks aren't given back to the economy in the first place. That check would go to the same place the rest of their money goes.

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Originally Posted by daved150

really?..never have. never even heard of that

i did this year...i got a 1099-g from the utah state tax comission, with the amount of my 2006 reund on it, and when i did my taxes on turbo tx it asked if i recieved a refund

Tweetoh, i read up on it, and if you itemize deductions, and deducted state income tax on your deductions, then you are taxed on any overpayment.

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Originally Posted by 6p6

thats normal bro? you have to claim your tax returns the next on the next years taxes as income too!

I don't think so - I've never had to claim any refunds because a refund of a tax overpayment over the course of the year, which stems from excessive withholding and other things, is not considered as income.

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Originally Posted by pigmeat

you do have to claim state refunds

Originally Posted by daved150

really?..never have. never even heard of that

Originally Posted by pigmeat

i did this year...i got a 1099-g from the utah state tax comission, with the amount of my 2006 reund on it, and when i did my taxes on turbo tx it asked if i recieved a refund

Yeah - I had the same question asked by TaxACT - however, since the amount of the refund was as stated as an overpayment refund on my state return from the previous year, the software said that the state refund was not taxable.

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Originally Posted by cyberlegend1994

Yeah - I had the same question asked by TaxACT - however, since the amount of the refund was as stated as an overpayment refund on my state return from the previous year, the software said that the state refund was not taxable.

if you itemized the prior year, yes it is taxable the nextyear...i deducted the whole 15,000 i paid in state tax in 2006, and got back $300 of it back from the state, so according to the feds only $14,700 was deductable in 2006, so they tax me on the refund in 2007...read up on it......of course if you take the standard deduction it doesnt apply

Tweeti like free money as much as the next guy... but we should know exactly what this means.

they are borrowing the money from china, so we are adding to the national deficit. also, the only reason the dems would agree to the plan is if it works as a wealth redistribution plan, not just a rebate on taxes paid. so, people who don't even pay income tax will receive $300.

now this of course pisses me off, because i think the refunds should be on taxes paid. but, you have to see why they have done this- because tier of society is virtually guaranteed to blow the money on stupid crap. very little, if any of this money will go to reducing debt. economists have predicted that the majority of the funds will go straight to walmart, who gets the majority of their goods from where? china.

china is making out like a bandit here, as usual.

this measure does nothing to fix the real issues in our economy. oil/gas are still expensive, the housing market will still continue to tank, and the dollar will continue to lose value. this is all due to a lack of sound fiscal policy both on the part of our government and american citizens.

some people have also mentioned that they have had to report the refund, and that points to another reality of this "refund"- you WILL pay it back. somebody has to, and the govt. sure isn't going to! think of it as a loan.

if you have debt, the best thing you can do is take every penny of this refund and out it to debt relief.

TweetI cant wait I need slicks

Tweetwell...i'll have to look into it (state tax refund claim). my accountant never said a word about it...fuk it, put it on my tab. at 50$ a month, i'll be paying them back forever anyways!

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Originally Posted by alluprbdy

I cant wait I need slicks

nice.. Whatcha puttin 'em on?

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Originally Posted by horsepwr

nice.. Whatcha puttin 'em on?

04 gt with 2.1L kenne bell, and many other goodies 14#'s of boost ready to hopefully go mid 11

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Originally Posted by alluprbdy

04 gt with 2.1L kenne bell, and many other goodies 14#'s of boost ready to hopefully go mid 11

Maybe you can get on into the 11s with slicks. Sounds sweet.