Tax Rebate

[One Half Full]

They say in about May, the rebate checks should start rolling in. I am pretty much hoping to file by the end of February, or beginning of March. Will the rebate for the "economic stimulus" which the President has signed a bill for in these past few days be at risk for garnishment? I'd like to score the money, being as poor as I have been I have never made enough money to score a Republican rebate.

Sounds like I have used a lot of passive sentences here. Do I make sense?

[Flamingo]

They say in about May, the rebate checks should start rolling in. I am pretty much hoping to file by the end of February, or beginning of March. Will the rebate for the "economic stimulus" which the President has signed a bill for in these past few days be at risk for garnishment? I'd like to score the money, being as poor as I have been I have never made enough money to score a Republican rebate.

Sounds like I have used a lot of passive sentences here. Do I make sense?

For those in Chapter 13 right now who will receive the check during their Plan, it might be an issue for them and they should so discuss with their attorney as to what to do with it when it comes in. Since every attorney and Trustee in the US is aware of these checks going out and the timeframe in which it was or will be received, it will be considered as extra funds coming in during time periods that have to be reported so just ask about it if filing around that time.

[MomIcantFindmy]

I am going to try to file in April. I am prepared to give the rebate check to the trustee. If I don't have to then wonderful but I assume I will. There was no economic stimulus coming from my house before I filed so I guess there won't be immediatly after I file either.

[DivorceRuinedMe]

I am married filing jointly for taxes with my husband. We have 3 kids we can claim on our taxes. That's $2100 coming to us. I filed a Chapter 7 on my own so does that mean that we will get to keep half of that $2100? Does anyone know? Should I call my atty? I haven't broken the bad news to my husband yet that we don't get to keep all of the rebate. He's going to be crushed.

[rilbrianne]

I am married filing jointly for taxes with my husband. We have 3 kids we can claim on our taxes. That's $2100 coming to us. I filed a Chapter 7 on my own so does that mean that we will get to keep half of that $2100? Does anyone know? Should I call my atty? I haven't broken the bad news to my husband yet that we don't get to keep all of the rebate. He's going to be crushed.

I'd call the attorney first before putting the bad news to DH. It may not necessarily be taken. Definitely call and ask what your attorney thinks. Good luck.

[dp1969]

Wondering this myself. We filed on January 18th and this was not thought of until after that. Seems the reason for this (tax relief) is for the declining economy and we shouldn't be penalized for the BK. It's deemed necessary (from Bush) and technically an "early refund" for the 2009 tax season. Isn't this called an "emergency-rebate" check?

http://www.cnn.com/2008/POLITICS/01/23/economic.stimulus/

http://www.mlive.com/news/index.ssf/2008/01/tax_rebate_could_be_coming_you.html

[Keebler]

It's funny to imagine, but I think my "rebate" will probably hire an attorney so I can file Chapter 7 and get six-figures worth of debt discharged. How's THAT for economic stimulus?

[magyar123]

Let's all just sit back and really wonder if this "stmulus" package actually goes through. While it has been passed in the House of Representatives, it has not even be brought for debate in the Senate. Lots of things could be happening before it comes to Bush's desk to sign - another war, mother nature's fury, etc.

[Keebler]

Let's all just sit back and really wonder if this "stmulus" package actually goes through. While it has been passed in the House of Representatives, it has not even be brought for debate in the Senate. Lots of things could be happening before it comes to Bush's desk to sign - another war, mother nature's fury, etc.

I'll bet the real economic stimulus happens before the checks are ever mailed (IF they EVER get mailed) in the form of people charging up thier credit cards in anticipation of the big payoff.

I'm pretty sure my wife and I are guilty of that behavior when we've gotten a bonus or windfall because we'd tend to charge the money and spend the cash too. In the end it was easy to spend the money two or three times over.

How many people will actually have the discipline of waiting to have cash in hand before they spend it? Tons of poeple already start spending money before payday and hope that the check clears at the right time.

[FreshLikeADaisy]

You know, if it's going to be an "early rebate" for 2009, I think I ought to wait. I'm in an odd situation: I haven't worked, but I have had maybe $3500 in income from various sources in 2007, which would qualify me for $300 -- or so I am told. But if it's going to come out of next year's tax return... I'm not so sure I'd want it. Will I be in the red by $300 if I would otherwise not be getting a refund?

You know, I really don't know what this man is thinking, with very expensive wars to finance going on right now, but I'm not at all sure I want any part of it whether I'd be in the hole for it next year or not. Nothing personal against the guy, I just see no sense in it at all. (YMMV, of course. Feel free to disagree. )

[CindyLou]

I don't think this amt will not be subtracted from any future refunds or put you in the red.....so I wouldn't worry about that...

[Cali]

Seeing is believing.

[woeisme]

this "rebate" has already changed from what Bush proposed to a new thing the house proposed, and hasn't made it to the senate yet. I think we're all way ahead of ourselves here, as this may not even be enacted, and if it is, may be in a totally different form than the current proposals. I'd worry about it when the time comes, no point speculating over something that may not even come to fruition.

[FreshLikeADaisy]

Woeisme, good point. I haven't been keeping up with the news so I didn't realize it was still morphing. You're right, wasted energy until the final decision is announced.

[One Half Full]

this "rebate" has already changed from what Bush proposed to a new thing the house proposed, and hasn't made it to the senate yet. I think we're all way ahead of ourselves here, as this may not even be enacted, and if it is, may be in a totally different form than the current proposals. I'd worry about it when the time comes, no point speculating over something that may not even come to fruition.

Sorry, I work for the newspaper, and I tend to forget that they just screech out whatever propaganda the White House press releases spew... They act as though it is a done deal. I was sort of amazed that the lowly folk would get a cut of the pie. I personally do not think that a free bill will get the economy moving. That is a nutty stop gap measure, way too late and not enough.