No Prius Tax Rebate for me - Thanks Alternative Minimum Tax

That happened to me last year. Bummer that. Tomes

When I get my $600, I will use it to recoup the money I had to send in with my tax return today.

You do realize that this time, this "stimulus" check is, in effect, just an advance on any potential next year's tax refund. It's not like the guvment is gonna just turn on the printing press without it costing you sumthing. This is the fundamental difference between Democrats and Republicans: Democrats tax you to death and Republicans borrow you to death.

Again, you do realize that this time, this "stimulus" check is, in effect, just an advance on any potential next year's tax refund. It's not like the guvment is gonna just turn on the printing press without it costing you sumthing. This is the fundamental difference between Democrats and Republicans: Democrats tax you to death and Republicans borrow you to death.

You do realize that this is off-topic for this newsgroup.

No, it's not.

Someone said that awhile back, and for some reason stupid people just blindly believe it ("hey, I heard it on the internet, it must be true") and then pass it along.

This is not an advance. Period. You will not owe this back in any way, shape, or form.

Nope; I don't realize what is not true. There's nothing in the law that says that the amount of the stimulus will be deducted from next year's refund.

A tax credit for buying a Prius is off-topic for this newsgroup?

Share your "logic" for that one...

The logic is that you're too stupid to understand the difference between a tax credit for buying a Prius and the "stimulus" check.

Enjoy that warm fuzzy feeling now...tax CPAs *know* what is coming next year.

"This advanced rebate amount of the credit is computed in the same way as the credit, except that it is done on the basis of tax returns filed for 2007 (instead of 2008). ( Code Sec. 6428(g) ) "

"Taxpayers reconcile the amount of the credit with the advance rebate payment they receive by completing a worksheet calculating the amount of the credit based on their 2008 tax return. They then subtract from the credit the amount of the rebate payment they received. For many taxpayers, these two amounts will be the same. If, however, the result is a positive number (because, for example, the taxpayer paid no tax in 2007 but is paying tax in 2008), the taxpayer can claim that amount as a credit against 2008 tax liability. (Code Sec. 6428(f))"

Source: Federal Taxes Weekly Alert (preview) 02/14/2008, Volume 54, No. 07

Of course, next year's tax tables will also be adjusted to reflect this rebate, while everyone is busy celebrating their big windfal todayl...

Stupid people just blindly ignore reality. Practice reading comprehension. No one said you will owe it back...it will simply diminish your future tax refund. That is what was said. Try to keep up.

"Delivery of rebate checks. Most taxpayers will receive the credit in the form of a check issued by IRS. This advanced rebate amount of the credit is computed in the same way as the credit, except that it is done on the basis of tax returns filed for 2007 (instead of 2008). ( Code Sec. 6428(g) ) IRS will attempt to issue all payments as rapidly as possible to taxpayers who timely filed their 2007 tax returns. (Taxpayers who file late or under extensions will receive their payments later.) To the extent practicable, IRS will utilize individuals' current direct deposit information to expedite delivery of these amounts rather than the mailing of rebate checks.

Taxpayers reconcile the amount of the credit with the advance rebate payment they receive by completing a worksheet calculating the amount of the credit based on their 2008 tax return. They then subtract from the credit the amount of the rebate payment they received. For many taxpayers, these two amounts will be the same. If, however, the result is a positive number (because, for example, the taxpayer paid no tax in 2007 but is paying tax in 2008), the taxpayer can claim that amount as a credit against 2008 tax liability. (Code Sec. 6428(f)) No interest is allowed on any overpayment. (Code Sec. 6428(g)(4)) "

Source: Federal Taxes Weekly Alert (preview) 02/14/2008, Volume 54, No. 07

WAVE at Rosie's brother...

And since you decided not to pursue it any further, you don't know that you're flat-out wrong.

It will not diminish or reduce my future tax refund. It will not affect my future tax refund in any way, shape, or form.

Now: since you started this with your proclamation, let me ask you to provide a reference--preferably from the IRS--that confirms what you said.

You can't, because it's not true.

Discussion of the tax credit for buying a hybrid or alternative fuel vehicle is certainly on topic, and you'll notice that I didn't say otherwise in response to that. Discussion of the "stimulus" payment is another story.

According to the FAQ at the IRS web site, you are correct. The first item in the economic stimulus FAQ says the check will not change the amount of money owed or rebated on 2008 taxes at all.