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Posted by Taxmanhog on May 1, 2008, 6:31 pm
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>"Pye" wrote in message.....
> So I filed my 2007 Federal Taxes. I owed them $70 when I filed but
> had not sent the money. Should I assume that the rebate check will
> come on time ( per the alst two digits of Soc Sec) and that the $70
> owed will be deducted from it?
>
> Does anyone know, having a hard time finding the answer.
The event which causes the credit to generate, is the posting of the 2007
return.
When that occurs, tax module 2007 will reflect the $70 due plus statutory
additions of interest & penalty on the date assessed.
Simultaniously, tax module 2008 will be credited with the appropriat value
credit your entitled to based on the details on your 2007 return: filing
status, exemptions & income levels, etc.
Either in the same or following WEEK an automatic credit transfer of the
amount of needed to settle the balance due on 2007 will generate, along with
a net refund check to you.
Most likely this refund will be by check in the snail mail.
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