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Posted: 2/11/2002 5:49:47 PM EDT
I didn't realize that last summers $300.00 check was just a tax advance and not a tax refund. I thought since the country had a surplus that we were getting some of that cash back. Now I learn that I just got my own money back early. Was I the only one that thought that or are there going to be other disappointed people when they do their taxes this spring? [url]http://www.irs.gov/irs/news/0,,i1%3D42%26articleId%3D78976,00.html[/url]
Link Posted: 2/11/2002 9:05:04 PM EDT
Bush and his crowd tried to make it as clear as possible what was happening. The media and the Democraps tried to distort it as much as possible. Some people were confused, some understood. Too bad you weren't one of the latter, but it wasn't for lack of trying on Bush's part. As for it being an "advance", it wasn't, not exactly -- because of the TAX CUT that BUSH pushed through, anyone who pays income taxes will owe less this year than they would have if the TAX CUT hadn't passed. They just sent you that chunk of your REFUND early. That REDUCED TAX BILL maxes out at $300 or $600 (depending on filing status). Is that any clearer?
Link Posted: 2/12/2002 3:35:25 AM EDT
[Last Edit: 2/12/2002 3:37:07 AM EDT by Rancid]
71-Hour_Achmed, I read the post by doorgunner84, and immediately wanted to reply, but you beat me to it. I think this whole tax cut proves an old saying, "you can't fix stupid". Let's see if this helps doorgunner84...... [b] YOU PAID IT, BUSH CUT IT, YOU GOT IT BACK, END OF STORY! [/b] And by the way, if you didn't pay it, you [b]DIDN'T[/b] get it back....(that was in the DemocRATS plan) Lance
Link Posted: 2/12/2002 8:51:47 AM EDT
Originally Posted By Rancid: I think this whole tax cut proves an old saying, "you can't fix stupid".
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I'm Stupid because I didn't understand what was happening? [b]FUCK YOU![/b] I'm not knocking Bush or his Tax refund advance. I was simply asking if anybody else relized this. [b]ASSHOLE[/b]
Link Posted: 2/12/2002 10:06:16 AM EDT
Link Posted: 2/12/2002 10:29:14 AM EDT
Originally Posted By GoatBoy: As for this years taxes, I filed mine electronically and this issue NEVER came up. I assume it was calculated behind the scenes, but my refund was typical, so I dont think it will have too great an impact one way or another. Now I get the direct deposit in week or two!
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Did mine last night (doing taxes at 2am, to be electronically filed immediately, with a refund in 2 weeks, directly deposited into your checking account... The IRS actually did something right for once!) and was specifically asked a) if I got my tax rebate, b) how much it was. As to the flame war going on, ALL the conservative talk radio types tried to get the word out last year that this was an advance on what the government already owed you, and not free money. To be unaware of this doesn't make you stupid, it just means you listen to liberal news. [:D] To better understand this, go to www.irs.gov, and download last year's tax forms--do your taxes (it doesn't take long--we learned how to do all three variants of 1040 in junior high school government class when I was 12) under the old system and compare your savings. You're not getting screwed here. The rebate was intended to offset the extra withholding you had already been paying in 2001, the first year in which the tax cuts take effect. I'm happy with Mr. Bush on the tax cut--my refund this year (not including the $300 I already got) is enough to buy an HK-94 clone and a few thousand rounds of ammo--too bad I'm unemployed. [:)]
Link Posted: 2/12/2002 11:07:15 AM EDT
what is the url for e-file? How easy was it? What do you have to mail to the IRS? Karl
Link Posted: 2/12/2002 11:22:25 AM EDT
[Last Edit: 2/12/2002 11:25:08 AM EDT by Aggie1]
This is the real answer: The refund checks are supposed to be for 2001, but will be computed on your 2000 income tax filing. That in itself is going to cause a lot of confusion. How about those folks who had very low income in 2000, but have much higher income in 2001? Will they miss out on part of their refund checks? Nope. They'll receive a rate-reduction credit when they file their 2001 tax return. So while they might have to wait a little longer for their full refund, the credit system worked into the 2001 tax forms will still give the full benefit of the rate reduction. Can't quite see how this works? Well then let's take Shirley, a single person. In 2000 she had $4,000 of taxable income and paid $600 in tax. In October 2001, she receives a rate-reduction refund check for $200 (5% of $4,000), rather than the "normal" $300. But in 2001 Shirley's prospects picked up. She had $20,000 of taxable income. She will be entitled to a $100 rate-reduction credit on her 2001 return (5% of the first $6,000 of income for 2001, less $200 rate-reduction refund) when she actually files it in early 2002. Seems reasonable so far, eh? Then think about this: What will happen to those people who had taxable income in 2000, but dropped off of the income radar screen in 2001? They likely received the full refund check, based on their 2000 income. Will they be forced to repay this refund to Uncle Sammy? The law says no. And the same holds true for any folks who find that their rebate check, based on their 2000 tax return, was greater than what would have been allowed based upon actual 2001 income. Consider the person who passes away in early 2001, having no taxable income for 2001. But that person had plenty of taxable income in 2000. Would that person have to repay the refund check that they actually received? Not at all. It's another harsh (but legal) way of beating the system. So if you receive the maximum refund check allowed by law, enjoy it. Regardless of what happens to your 2001 income, you won't have to give it back. But if you receive a refund check in an amount less that the law allows (or receive NO refund check), make sure that you complete the worksheets that will be provided with your 2001 tax forms and instructions to see if you can get some or all of your remaining refund in the form of a rate-reduction credit on your 2001 tax return. Don't just assume that Uncle Sam was correct in giving you a refund check of $50 when you were expecting $300. It's quite possible that Uncle Sam was correct based upon the 2000 tax year data, but your situation has changed and you now get the remainder of your refund in a 2001 refund credit. [b]The short answer is that the refund will not affect 2001 taxes in any way.[/b]
Link Posted: 2/12/2002 1:41:19 PM EDT
[Last Edit: 2/12/2002 1:45:09 PM EDT by BrokenPaw]
Originally posted by krazy_karl: what is the url for e-file? How easy was it? What do you have to mail to the IRS?
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There is no URL per se where you can e-file. The IRS requires that you e-file through one of a number of agencies that provide the service. I used a service called [url=http://www.taxslayer.com]TaxSlayer[/url] this year (I found their address on the IRS website). They charge $9.95 for e-file, downloading the software is free, and you can use the software to print your completed return for mail-in if you choose not to e-file. Printing your return is free. It does Federal as well as State returns, it'll e-file your federal and state returns, or just your federal (you can't e-file only your state return). I discovered when I was trying to e-file that people in my zip code (20xxx) as well as in several others (all in the DC area or the NYC area) are being given free TaxSlayer service this year, presumably because of Sep 11. Affected zip codes are listed on TaxSlayer's web site. So. I e-filed for free. [edited to add:] If you know how much your refund was from last year (in whole dollars), you can file completely electronically, using a digital signature. The IRS uses that information to verify that you are really you. If you don't know that number, you have to print out a form, put your pawprint on it, and mail that in, but the return itself is still filed electronically. [/edit] (I am not in any way associated with TaxSlayer, I just liked their service. I'd have payed the $10, but they wouldn't let me...) -BP
Link Posted: 2/12/2002 6:31:15 PM EDT
Link Posted: 2/13/2002 12:21:29 AM EDT
Every year, people file for their "tax refund". That's the term I hear on H&R Block's ads every five minutes, anyway. Why do people have such a problem with having gotten back $300 of their tax refund last year instead of this April?? Doorgunner, sorry if I sounded pissy, but this topic was beaten to death on this forum last July/August/first-third-of-September. As far as I am concerned, nobody has any reason to complain about a $300 annual reduction in how much they're being taxed.
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