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Originally Posted by Derwood
it's not a rebate from last year's taxes
it's a rebate on THIS year's taxes
in other words, a family of four will be getting $1600 NOW, but $1600 less next year.
most people don't know this, and will be fucked come April 2009
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I think Derwood had it right.
It is not rebate on 07 taxes....its more like a "prebate" on '08 taxes, but based on your '07 tax return. And there will be another form to attach to your 1040 next year.
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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.
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The IRS faq cited above is a bit misleading...its correct that it wont reduce the overall refund you receive in 08...it just pays a portion of it a year in advance.
But maybe I have it wrong. In any case, I'm not getting a check...so I have no stake in it.