Tax Refund

[Michele]

Well, I'm happy to say we are getting the full refund back, $600. But it is scheduled to get here the first week of Sept, the same week we will be in WDW. Oh well, I guess maybe that way I won't spend it while we're there! (Yeah, right!)

 

[WDW2002]

I am an accountant and it is confussing to me too. My letter stated $500 but I got less then this but I knew the letter was wrong. The amount you get back is the amount you actually paid. Look at your 1040 and find the line that says TOTAL TAX, line 35 on the 1040A. This is the amount that you would recieve, up to your max of 300/500/600. You will not get more back then you paid in 2000. Do not confuse the amount you paid with the amount that might have been deducted from your paycheck. It is the actual amount you paid ni 2000 wheather you wrote a check on April 15 or paid through the deduction from your pay.

My "rebate" is going to pay for my car registration, and summer care for my girls. But at least I don't have to dip into the "disney fund"

 

[ticketwm35]

We got our letter last week,we're getting the max 600.00.But won't get it until the week we get back from disney.Oh well guess I'll just have to use to pay the bills after the trip.

Leslie

 

[hmwnick]

Thanks to WDW2002 I see why I am getting this amount. Oh well................

 

[luvdzny]

We got our letter last week, the check should be here next week. Of course the water heater went out yesterday, so I spent it already. Oh well, easy come - easy go!

 

[LKS]

Shamrock 30,

Did you actually send in the change of address for with your return? You may have to do that as I am not sure whether it goes through properly just because you wrote it on your return. You can print forms from the irs website (I think it's irs.gov or something like that.) Turbotax prompted me to submit the correct form.

Good luck.

 

[volfan]

my ss number ends in 03....I did not get a letter from the IRS but I did get a $600.00 check Monday. We leave on the 30th for MCO....talk about timing. This is one time the govt did good.

Dolphin bound 07-30 thru 08-04

Volfan

 

[mickey4ver]

Our local newspaper ran an article on the front page today, about where these rebates are coming from! I was quite surprised to find that this actually isn't a rebate of taxes you have already paid, its an advance on the refund you'll get when you file your return next year! I guess no one explained this to me before, or I just hadn't payed enough attention to this.

I was taken aback a little, thinking this was from over paid taxes from last year. It means that my refund in April of next year will be $300 less of whatever I am due, or if for unlucky reasons, you owe taxes, it could mean you owe $300 more! The new 1040 form will be devised so that its nearly impossible to see how your rebate checks will affect your tax preparing for 02. Seems that somehow buried in the tax tables, it will be figured in, so you won't really realize it!

This supposedly is to give us the benefit of an 01 tax break as soon as possible. Rather than have to wait until next April, we are getting it now. Wow, so much for a "gift" from the government of overpaid taxes.

I guess I hadn't listened too well. My mother always said beware of getting something for nothing.

 

[WDW2002]

Originally posted by mickey4ver

It means that my refund in April of next year will be $300 less of whatever I am due, or if for unlucky reasons, you owe taxes, it could mean you owe $300 more!

Yes this is in fact going to cut the amount you will receive back in April. But From July 1 - Dec 31 the amount of taxes being deducted from your check should be less, also. This "rebate" is in effect a rebate of taxes you already paid THIS YEAR! because Bush cut taxes (and a lot of good programs along with them). So the amount of tax you owe for 2001 will be less, so the amount that you prepaid, through payroll deductions, are less too. As for oweing more in April, my understanding is that even if they over paid you with this rebate, you will not have to pay it back. So you will not owe more in April, just receive less back in Arpril because you already got it back (or will have gotten it back)

Christa

 

[Minnie's Mate]

WDW2002,
My understanding is that this money comes from a surplus, not from cutting programs. I don't recall any specific programs being cut as of today. What are they?

 

[WDW2002]

Originally posted by Minnie's Mate
I don't recall any specific programs being cut as of today. What are they?

From my understanding funding for the Boys and Girls Club of America was cut (both my girls attend our local chapter), funding for WIC (women infants and children) - they help low income familys with nutriton and food, and several other programs aimed at our youth. I will look for the information and forward it to you or post a link to it.

 

[Minnie's Mate]

I didn't recall the cuts to the Boys and Girls Club. But I thought the bulk of funding cuts to social programs came during the Clinton administration when time limits were set for benefits during Welfare Reform.

 

[SheDaisy0088]

Has anyone that was supposed to get the refund the week of July 30th gotten it yet? I haven't and I am starting to get just a little worried!! Not to mention that I am driving my husband crazy!! LOL!!

 

[HunnyPots]

But we got our $600 last week! I just bought my airline tickets for $434.96 so I am holding the check to pay the Amex bill later this month. It's like winning a contest; free airfare to Orlando!!!
153 days to go!!!!!

 

[shamrock30]

Thanks, LKS, I finally got through to the IRS and they did have our change of address from the box we checked on our return. The agent could see that our tax return was processed just two weeks ago, although he couldn't understand what caused the delay. He verified that we qualified for the rebate, and said our check might be a few weeks late.

There was an article in the Wall St Journal yesterday about the missing letters. It seems that the folks who had to send a check in when they filed (ours was for less than $10) had their returns processed in July. That is why they haven't received their letters yet. I'm not sure why they didn't inform the employees answering the phones. Our agent was very nice, and seemed genuinely puzzled about our missing letter.

 

[wdisneyaholic]

SheDaisy0088,

I am scheduled to get my refund the week of July 30th and as of today still have not received it. I am getting really nervous also. I called the number and it said if I did not receive it by Aug 27th then to call back. This stinks, if they tell you it will be there then it should. I hope it didn't get lost in the mail. Did you get yours yet?

 

[SheDaisy0088]

wdisneyaholic,

No I haven't gotten mine yet. However DH said that we have to rememeber that it is around the 1st of the month and that is when alot of bills, Social Security, Welfare checks and the like are sent out!! I am still getting paranoid though!! I am just glad to see that I am not the only one that hasn't gotten it yet!! Makes feel a little better!! Although I just wish it would get here!! I will feel 100% better once it gets here!!

Keep me posted!!

 

[wdisneyaholic]

SheDaisy0088 and anyone else supposed to receive your tax return for the week of July 30th,

I still have not received mine anyone else not get it the week they were supposed to?

 

[wdisneyaholic]

Bump, still waiting...........................

 

[4nana]

Lots of *pixie dust* here....
our SS ends in 12 ~
We received notice ours would be $600.
and could be expected week of July 30.
On July 30th it was in the mail-box !!
Thank you George