Are you getting a tax rebate?

[AKA2D '91]

check out the discussion over at DST Blvd.

Thanks Uncle Sam! (it's about time!)
www.greekchat.com/forums/ubb/Forum53/HTML/001142.html



[This message has been edited by AKA2D '91 (edited June 07, 2001).]

[ENDROAD]

I BETTA BE OR I WILL SIT ON BUSH'S WHITE HOUSE STEPS FOR THE 5 SECONDS THEY LET ME SIT THERE

[DST Love]

I think a lot of people were excited about this "tax rebate" but if you either didn't owe or received a refund from the government, you will not be getting a check.


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

[This message has been edited by DST Love (edited June 07, 2001).]

[AKA2D '91]

Originally posted by DST Love:
I think a lot of people were excited about this "tax rebate" but if you either didn't owe or received a refund from the government, you will not be getting a check.

I OWED BIG TIME! I BETTA GET MY CHECK!

[CrimsonTide4]

Originally posted by AKA2D '91:
check out the discussion over at DST Blvd.

Heeeeeeey, you remembered

[MSLADYAKA]

DST LOVE that wasn't my understanding of the rebate. I went to www.click10.com and they gave the complete details of the refund all the way down to the tax forms and the line # on the forms to determine the amount you would receive and the date your check would be mailed out. You can also check out this link: http://www.cnn.com/2001/allpolitics/06/07/tax.primer/

[AKA2D '91]

Okay, if folks already got these MAJOR A$$ checks back in February and March, why in the world would they GET MORE $$$ from the government? That pisses me off! (No offense to those who get hella $$ back from the guh'ment.)

I'm just tired of not making any REAL money and can't get a break at all!

I understood it the way DSTLOVE understood it.

I looked at that Click10 link, regardless, I's still waiting for my check. At DST Blvd it says the checks will come July 27, at Click10 it says July 30. I don't care, I'll still be waiting, I don't care if it's $20, IT'S MINE!

[This message has been edited by AKA2D '91 (edited June 07, 2001).]

[DST Love]

Originally posted by MSLADYAKA:
DST LOVE that wasn't my understanding of the rebate. I went to www.click10.com and they gave the complete details of the refund all the way down to the tax forms and the line # on the forms to determine the amount you would receive and the date your check would be mailed out. You can also check out this link: http://www.cnn.com/2001/allpolitics/06/07/tax.primer/

I've heard it on a bunch of different news and radio stations. If you owed nothing or got a refund, you will not get a tax rebate check. Also if you are a student, regardless if you worked and owed something to the gov't, if your parents claim you as a dependent, you will not be getting a check.


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

[Ideal08]

Yeah, I understood it the same way, too. But I don't care that I got a refund. I should still get a rebate for money that they took out. It's not fair to me that only people who ended up owing get a rebate. Uncle Sam still took the same percentage out of my check as everyone else in my tax bracket, and I want some cheese back. Only because it's being given out.

On the other hand, I'm not sure I like this whole thing. It's going to increase our deficit that Mr. Bill worked so hard to keep down. Yeah, we get some loot, but is it really worth it in the long run, as far as our economy goes? Things just aren't looking good right now. Wall Street all jacked up. Companies laying off THOUSANDS of people left and right. This whole thing just doesn't sit well with me. I'm tellin' you, though, I'd feel a whole lot better if I was getting a rebate check, LOL!!


[This message has been edited by Ideal08 (edited June 08, 2001).]

[MSLADYAKA]

The rebate is not based on whether or not you received a refund or had to pay money back on your 2000 tax return. It is a tax cut that is retroactive based on your 2000 taxable income. The government had been taxing everyone 15% in the year 2000 . The new bill reduces the the tax rate to 10% . The bottom line is we were just over taxed. Which means your rebate is 5% of your 2000 taxable income. If your tax liability (the tax amount that you paid in 2000) is zero your rebate is zero. This means you didn't have to pay any taxes at all; you got every penny from Uncle Sam that you paid in 2000 refunded to you. Nothing from nothing leaves nothing .

[DST Love]

Originally posted by Ideal08:
Yeah, I understood it the same way, too. But I don't care that I got a refund. I should still get a rebate for money that they took out. It's not fair to me that only people who ended up owing get a rebate. Uncle Sam still took the same percentage out of my check as everyone else in my tax bracket, and I want some cheese back. Only because it's being given out.

I'm with you on that !!

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

[Kimmie1913]

You can also find information on the rebate on the IRS website, www.irs.gov. It is the official source for IRS info anyway.

They also direct you to the appropriate lines on your tax return form to determine what your rebate will be.
Thier site says this:

If you filed single or married filing seperately and made less than $6,000, your rebate will be 5% of your taxable income. If you paid less to the government than what 5% of your taxable income equals, you will get back all you paid but not more than you paid.

If you filed single or married filing seperately, made $6,000 and up your refund will be $300 as long as you paid more than $300 in taxes. If you paid less than $300, you will get back all you paid but not more.

If you filed head of household and made less than $10,000 than you will receive back 5% of your taxable income up to %500 as long as you paid $500 or more in taxes. If you paid less than $500, you will receive back all you paid. If your taxable income was more than $10,000 you will receive $500 as long as you paid more than $500 in taxes.

For people filing married, the taxable income thrshold is $12,000 in taxable income. Less than $12,000 the refund is 5% and above $12,000, the refund is $600. Again, this is all bound by how much you paid in taxes.

For everyone, if you paid less than your calculated refund, you will only get back what you paid. (ex. I would get $250 based on 5% of my income but only paid $200 in taxes. I can only get the $200 back, not more) Also, if you get back less than the $300, $500 or $600 max. you could have qualified for, you can get a credit on your 2001 taxes for what ever you did not get this year. (Example- if I only get $200 of my possible max of $300 this year, I get a $100 credit next year.) Also, if you did not pay taxes this year, you can apply your credit to your taxes in 2001.

I hope that was clear. Let me know if it was not and I will edit for clarity. Also, the irs site is very good at breaking this down.

Just trying to help my sisters out!

#3 Baltimore Metropolitan Alumnae Sp 99

[Ideal08]

Originally posted by MSLADYAKA:
The rebate is not based on whether or not you received a refund or had to pay money back on your 2000 tax return. It is a tax cut that is retroactive based on your 2000 taxable income. The government had been taxing everyone 15% in the year 2000 . The new bill reduces the the tax rate to 10% . The bottom line is we were just over taxed. Which means your rebate is 5% of your 2000 taxable income. If your tax liability (the tax amount that you paid in 2000) is zero your rebate is zero. This means you didn't have to pay any taxes at all; you got every penny from Uncle Sam that you paid in 2000 refunded to you. Nothing from nothing leaves nothing .

No, that logic doesn't sit well with me, or maybe I'm just ignorant to this whole thing. Which is a possiblity I'm willing to admit. But Uncle Sam did not give me every penny back that they took in the first place. Wasn't my refund based on the 15% that was taken out? Just because I got a refund doesn't mean that I wasn't overtaxed like everyone else. My income was still taxed at 15%. If the tax cut is retro active, then I should have monies coming back, as well, because I, too, should have only been taxed at 10%. Where is my 5% rebate? I don't get it just because I got a refund??? That sounds like they are getting over to me. Someone is going to have to break this down for me again, so I can understand. I just don't get that.

[Classy_Diva5]

I too am waiting on this check in the mail because I've been working too hard (supporting myself through college) to not get what is righfully mines!!!

On another note...
We all know that this tax cut/rebate benefits those of upper class status more than anyone else, and with this tax cut we'll also see decreased funds in previously government funded programs (i.e. public schools, money sent overseas to help with birth control, etc.)

If Bush were to give an untimatum(sp?) making us (US citizens) vote to either:
*have only 10% taken out of our paychecks
vs.
*more money in funding to public schools (especially those in "urban" areas)
which one would you vote for?

Have a good Friday and a blessed weekend
*Classy_Diva5*

[AKA2D '91]

I came across this via(lol) email:

TOP TEN THINGS BLACK FOLKS DID WITH THEIR TAX REBATE CHECKS:

Pookie: Got my lights and cell phone turned back on.

Shaqueta: Moved me and my 4 kids upstairs to a two bedroom apartment.

Smooth: Got out of jail.

Ray Ray: What rebate check?

Laqueatia: Me and Laqueatia Jr. got gold nails on our hands and toes!

June Bug: Invested mine, $500.00 worth of Lottery Scratch Tickets

Towanda: Called Ms Cleo

Big Daddy: Put a color T.V. in my Barber Shop

Uncle Johnny: Bought a harmonica, a bottle of Crown Royal, some
flowers,
and
took Ms Lucille on a date.

Roach: If I had got one, I would have bought some mad rims for my Ford
Escort!

HONORABLE MENTIONS:

P Diddy: Some Braces

Mike Tyson: Some anger management classes

Left Eye: Some fire insurance

Dennis Rodman: Some Class

Whitney Houston: One year membership to the Betty Ford Clinic

Al Sharpton: While in jail, a Whopper; Supersize!

Tavis Smiley: A bus ticket to the employment office

DL Hughley: Some new jokes.

Oprah Winfrey: A month's supply of Slim Fast/Slim Slow, Slim Something

Jesse Jackson: A year's supply of condoms

I'm still as to do with mine.