Tax Rebate

[DaveO]

In the same vein as Jiggers...

What about a student claiming excess scholarship money on line 7? Again, no reporting no way to check.

[Jesse]

Prediction - It won't be like the "Advance Payment" we saw last time around. It will be a straight-out check, amount yet to be determined, and earnings threshhold yet to be determined. There won't be any settling-up on next year's tax return. Once it's paid out, that will be then end of it.

Why do I say this? Because this is an election year.

Everbody is piling on so they can claim credit for it on both sides of the aisle. We're going to be inundated in the fall with reminders from both parties of how they "fought for us" and it you wouldn't have gotten your check if it had not been for your particular congressperson's efforts.

The biggest battle is probably going to be over what it will be called and what the letter that announces it will say.

I hope your prediction turns out to be the case. I predict it's an "advance". They are calling it a "rebate" now and they called it a "rebate" back when. Remember when most of us received either $300 for single or $600 for married taxpayers as a "rebate" against lower taxes in the following year? Remember that you had to reconcile the payment that you received when you prepared your individual income tax return. That money wasn't free -- it was simply an advance against lower taxes in the future.