Your tax rebate!

#1 07-25-2001, 01:08 PM

This is the first year my mom hasn't claimed me as her dependent, so it's great how things are turning out so far.

I'll be getting my $300 sometime in late August. At first I'm like "WOOOOOHOOOOO! I get to buy new clothes for school..." and then the BF set me straight. I then realized that I need to save that $$$ for when we go to California for the holidays to be with his dad.

Corbin Dallas · #2 07-25-2001, 02:16 PM

Quote:

Originally posted by OohTeenyWahine:
This is the first year my mom hasn't claimed me as her dependent, so it's great how things are turning out so far.

I'll be getting my $300 sometime in late August. At first I'm like "WOOOOOHOOOOO! I get to buy new clothes for school..." and then the BF set me straight. I then realized that I need to save that $$$ for when we go to California for the holidays to be with his dad.

You made enough last year to get the full $300? I've heard from a few people I work with that some people they know were only getting portions of the full amount, depending on different factors.

------------------
Steve Corbin
Lambda Chi Alpha
Theta Kappa Chapter
Rose-Hulman Inst. of Tech.

DST Love · #3 07-25-2001, 03:28 PM

Quote:

Originally posted by Corbin Dallas:
You made enough last year to get the full $300? I've heard from a few people I work with that some people they know were only getting portions of the full amount, depending on different factors.

[/B]

I think people don't understand that most are not getting the full $300 or $600 back. You have to read the calculation. Someone just got their rebate check and it was for $16. Yep, $16. So I say don't assume you're getting the full amount.

------------------
#10 Sigma (Clark Atlanta University) Spring 1999
Currently: MAL, Southern Region

SuperXO · #4 07-25-2001, 04:22 PM

Exactly, DST!! That, too! All of which, I think, illustrated to me that this is really just a big PR stunt for Bush, since he is the one that mandated it be done that way...

aephi alum · #5 07-25-2001, 07:30 PM

Makes sense that it's really an advance on your 2001 taxes. It was meant to reflect the fact that there's a new 10% tax bracket. Federal withholding rates dropped effective July 1, so to make up for the first half of the year, we all get the $300 (or whatever) that would not have been withheld out of our paychecks had the rates dropped on January 1 instead. It is misleading, though.

Plus, the people who could most use a few extra bucks (low income families, students, senior citizens) are the ones who aren't getting a dime! Especially students - a lot of whom probably would have gotten something had their parents not claimed them on their tax returns last year. Bad Dubya!!!

Miami1839 · #6 07-25-2001, 08:07 PM

SuperXO,

I got a letter in the mail about the rebate. I was thinking this is got to be a scam. LOL The government wants to give me money. Plus they told me that I dont apply to all three criteria and I most certinally do. I need to call them about it but I just keep forgeting to bring the number to work.

-Kevin

newbie · #7 07-25-2001, 08:20 PM

Quote:

Originally posted by aephi alum:
Bad Dubya!!!

Exactly, just one of his schemes to try and win over voters! Part political, part economical move...

UofISigKap · #8 07-25-2001, 11:15 PM

I am just repeating everyone else's sentiments basically. I was really looking forward to the rebate check, as any college student probably did, and then I find out I'm getting nothing. What a scam of a plan! Those of you who did get a chunk of change though, I am just jealous.

SuperXO · #9 07-26-2001, 12:03 AM

So, do you all have plans on how to spend your tax rebate that's coming for some of us?

I kinda did, too, thought I was a little worried, but now I am really pretty confused...

Check out this article, if you like. Basically it talks about how our tax rebate is really an advance on future tax rebates. So, like if you would have filed your taxes in April and get $400 back, now, you'll only get $100 next year (assuming that you're getting $300 in the next few weeks). Okay so, not bad right? A little misleading maybe...

The bad news is, for those of us who may owe money, this is really just a loan. So, let's say I would've owed $400 next year to the feds. Now, I'll owe $700 instead! That's REALLY misleading.

Just a warning to you all to check it out before you think it's free money. I know I am going to put it in the bank now, just in case, and hey, at least I'll get the free $5 or so in interest it makes over the next 6 months, right?

Here's the link:
http://www.rockymountainnews.com/drm...754516,00.html

Kevlar281 · #10 07-26-2001, 12:09 AM

I was so ready for my refund (I was going to buy a GameCube) until I got a letter from the IRS the other day that pretty much said since my parents still use me as a deductible (dependent) that I wont be getting one.

Corbin Dallas · #11 07-26-2001, 12:13 AM

I think one thing a lot of people don't understand is that it's not free money. it is a rebate, meaning you have to have paid it in already. You can't get a tax break if you hardly pay any taxes to begin with. I hadn't heard what SuperXO said about it being a loan though. That doesn't make sense. I'll have to look at that article. I figured from the get go that dependents wouldn't get the rebate check.

------------------
Steve Corbin
Lambda Chi Alpha
Theta Kappa Chapter
Rose-Hulman Inst. of Tech.

Corbin Dallas · #12 07-26-2001, 12:16 AM

Ok, I just read the article, but it doesn't make sense to me why they would advance on next years refund. I'm even more confused now...

------------------
Steve Corbin
Lambda Chi Alpha
Theta Kappa Chapter
Rose-Hulman Inst. of Tech.

Hootie · #13 07-26-2001, 12:21 AM

I too was excited for my rebate, but found out I wasn't getting one because my parent's claimed me. I'm so ticked. I was going to put that money towards my car insurance which will be due here in another few months. URG. Oh well. I'll get mine in another billion years.
Hootie

sheldric · #14 07-26-2001, 10:24 AM

Yeah, I like others found out that I do not meet the criteria for the rebate, even though I did make enough to get the full $300. My understanding was that the amount is either 5% of your income or $300, which ever is less! Too bad for me!

lifesaver · #15 07-26-2001, 03:29 PM

To make ya'lls day brighter...

For those who are getting a rebate in a state that has a state income tax, you will have to pay state taxes on your rebate.

Dont ya just love the government? Even when he is putting cash back in your pocket, she still manages to rob ya.

for bucutie and purpleturtle, we dont have to worry about those things,

<lifesaver gloating>

Texas doesnt have a state income tax.

(Of course I am only getting about $36 dollars back anyway. Enough for Dinner and a movie on the prez. Thanx GW.

)

[This message has been edited by lifesaver (edited July 26, 2001).]