$800/$1600 Rebate

[MomIcantFindmy]

We are close to filing a Chap 7 but now I am hearing about this rebate that might come. Does anyone have a real timeline about when the rebates will be mailed out? How will rebates be treated (income?) on the means test. What about receiving the rebate after filing? If we receive it before we file but are still under on the means test $1600 it could place some of us in "asset" case status............more to think about. If we recieve it after we file could a trustee ask for it at the 341? Maybe the best thing to do is spend it on car repairs, food and kids stuff.

[woeisme]

From what I've heard on the news, the earliest we could be seeing these rebates is this summer, and it all depends on how much wrangling go on between Congress and the President in getting these done, then the IRS needs to get involved. Right now they are just proposed by the pres, but the legislature needs to approve all budget items, and they want to know what about people who don't pay taxes due to earned income credit, etc., so if you are real close to filing, I'd go ahead and do it soon, and you'll probably be confirmed and discharged before these every go through the system.

[aachudneymiles]

We are close to filing a Chap 7 but now I am hearing about this rebate that might come. Does anyone have a real timeline about when the rebates will be mailed out? How will rebates be treated (income?) on the means test. What about receiving the rebate after filing? If we receive it before we file but are still under on the means test $1600 it could place some of us in "asset" case status............more to think about. If we recieve it after we file could a trustee ask for it at the 341? Maybe the best thing to do is spend it on car repairs, food and kids stuff.

WHATS A REBATE? YOU MEAN REFUND?

[Minnymouth]

The Presidents proposal to give a tax break across the board in the form of a check to all parties to help boost the economy (so he says).......

It has lots of things this proposal has to go thru before it actually happens and is cut and mailed..... like they said, maybe sometime this summer.

Yes this would be considered extra income, though it probably would not affect most because its not going to be that large of a check.......

[woeisme]

According to the dictionary, rebate means a return of a part of a payment. Bush is proposing to return $800 (for individuals) and $1600 (for joint filers) of income tax paid on the first $10,000 of taxable income in his economic stimulus package. Sounds like it meets the definition of a tax rebate to me. A refund is defined as the act of returning money received previously. So really these words can be used interchangeably, no need to get snooty and correct the OP, IMO, especially since this is being called a rebate, not a refund, in the news.

[JollyGG]

I read it as, perhaps, being unaware of the possible rebates rather than being snooty.

Here is an article from CNNMoney.com about the proposed rebate checks - http://money.cnn.com/2008/01/18/news...ney_topstories.