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Subject Author Date
rebate Billy 02-11-2008
---> Re: rebate Phil Marti02-11-2008
Posted by Harlan Lunsford on February 11, 2008, 6:17 pm
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 Phil Marti wrote:
> "Billy" wrote:
>
>> If one person is a disabled Veteran and spouse is working, can they
>> collect the 2 rebates plus the disabled Vet rebate also under new plan?
>
> If they file a joint return it will be based on the joint return
> information. There's no need that both spouses have taxable income in order
> to receive the full amount.
>
But it IS necessary that they have "qualified income." And that is the
usual income items on a tax return, plus untaxed social security and VA
benefits which don't even appear on the tax return.

Just how IRS is going to administer this is tricky though.

Presumably in a case like this they will issue the rebate based on
return data and then (after October 15th -youknowwhatthatis) will adjust
with reference to the VA database.

That's the way the law is written, that qualified income includes VA
benefits.

But.... we'll see.

ChEAr$,
Harlan Lunsford, EA n LA

--
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Posted by Billy on February 11, 2008, 7:55 pm
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> Phil Marti wrote:
>> "Billy" wrote:
>>
>>> If one person is a disabled Veteran and spouse is working, can they
>>> collect the 2 rebates plus the disabled Vet rebate also under new plan?
>>
>> If they file a joint return it will be based on the joint return
>> information. There's no need that both spouses have taxable income in
>> order to receive the full amount.
>>
> But it IS necessary that they have "qualified income." And that is the
> usual income items on a tax return, plus untaxed social security and VA
> benefits which don't even appear on the tax return.
>
> Just how IRS is going to administer this is tricky though.
>
> Presumably in a case like this they will issue the rebate based on return
> data and then (after October 15th -youknowwhatthatis) will adjust
> with reference to the VA database.
>
> That's the way the law is written, that qualified income includes VA
> benefits.
>
> But.... we'll see.
>
> ChEAr$,
> Harlan Lunsford, EA n LA
>
>That was my point, VA disability income isn't reportable, so the IRS will
>send recipients checks based on VA status and want to know if that makes a
>3rd check for the married couple without children?

Time will tell.

bill

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Condor on February 12, 2008, 2:00 am
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> Time will tell.
>
> bill

See CNNMoney.com Rebates: What you need to know

http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?postversion=2008020817


Condor

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Phil Marti on February 12, 2008, 3:07 am
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"Condor" wrote:

> See CNNMoney.com Rebates: What you need to know

And one significant piece of misinformation. CNN says that to get a rebate
check you MUST file a 2007 tax return. I've seen nothing official that
confirms that.

I'm still waiting to hear something official about how people who qualify
for a check but are not required to file a 2007 return will be identified.
My thought is that FMS should do it since they know who's getting SS and
Veterans' benefits.

I've seen something in the press about SSA and VA sending out a form for
people to file with IRS, which makes no sense, which may be why that's the
way they'll go. A double benefit of this approach is that it would open the
door for phishers to send "official" notices requesting information,
including the bank account information that our super-efficient current
administration wants since it's pushing the idea of direct deposit of the
checks, again according to press reports.

I've been in Washington too long to believe anyone will really think this
through, especially with Congress pounding at the gates to get the cash to
the people in time for the election.

In any case, people who are not required to file a 2007 return should hold
tight and await further developments. And they should be extra careful who
they send any kind of information to, stopping to think, "Wait a minute.
Don't they already have this information?"

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Alan on February 12, 2008, 1:22 pm
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Phil Marti wrote:
> "Condor" wrote:
>
>> See CNNMoney.com Rebates: What you need to know
>
> And one significant piece of misinformation. CNN says that to get a rebate
> check you MUST file a 2007 tax return. I've seen nothing official that
> confirms that.
>
> I'm still waiting to hear something official about how people who qualify
> for a check but are not required to file a 2007 return will be identified.
> My thought is that FMS should do it since they know who's getting SS and
> Veterans' benefits.
>
> I've seen something in the press about SSA and VA sending out a form for
> people to file with IRS, which makes no sense, which may be why that's the
> way they'll go. A double benefit of this approach is that it would open the
> door for phishers to send "official" notices requesting information,
> including the bank account information that our super-efficient current
> administration wants since it's pushing the idea of direct deposit of the
> checks, again according to press reports.
>
> I've been in Washington too long to believe anyone will really think this
> through, especially with Congress pounding at the gates to get the cash to
> the people in time for the election.
>
> In any case, people who are not required to file a 2007 return should hold
> tight and await further developments. And they should be extra careful who
> they send any kind of information to, stopping to think, "Wait a minute.
> Don't they already have this information?"
>

If you start to think this through you quickly come to a
conclusion that it is a mess that requires careful thought and
the ability for various computer systems to communicate with each
other. For example, many people who receive SSA & VA benefits
have other income and file tax returns. The rebate based on a
filed tax return could be larger than the $300 rebate under the
qualified income rule. Some of these people are dependents on
another taxpayer's return. Dependents are not eligible for a rebate.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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