Just got my tax forms..Surprise, Surprise

[maxrandb]

Interesting that the $800 I got for the Child Credit was just an advance on this years tax bill. If I am reading this right, I need to deduct this $800 from whatever refund I might get.

Man, wish I had gotten that $28,000 tax cut. Nah, that's just for "the entrepreneurs" not us common folk. Hey, maybe if you gave me $28,000 I could be an entrepreneur.

[quispquake]

1. Yup, I noticed the same thing...

advance only...but do you think the average jo & josephines will notice???

[MsUnderstood]

2. Tax bill too complicated for average joes and janes

The tax laws in this country are too complicated for too many citizens.

[elfwitch]

3. somebody needs to advertise this BIG

Remember what a big deal * made out of giving families money? It wasn't a grant it was a loan. We were all duped.

The few poor folks that did get this aren't going to be able to "afford" to pay it back.

[Buffler]

4. If you end up having to send more money to the IRS

it just means that not enough was withheld throughout the year.

[Auntie Bush]

5. At least you got $800.00...We got nothing.

I wonder if anyone ever did a survey on how many americans got nothing?

I'd also like to see a survey on how much money Bush, Chaney et al got back in their tax returns.

[quispquake]

6. The point is, NEITHER DID WE!!!

We got nothing either...the $800 (or $400 in my case) was an advance...my refund is $400 less than I would have gotten if I hadn't gotten Bush's bogus advance...

[catzies]

7. Same as it ever was.

The exact same thing happened with Chimpy's first "rebate" in the summer of 2001. No reason to think this would have been any different. It's just a shell game, version 2.0

[Gulf Coast J]

8. I'm confused

The Child Credit went from $400 to $1000. Instead of reducing the amount taken from your paycheck or making you wait until 2004, the government sent you the $600 during the year.

Are you saying that you have to pay that $600 back, as if it were just a loan? Or do you want another $600 reduction in your taxes?

[quispquake]

9. My child credit deduction...

...instead of being $1,000, was only $600. The $400 was an advance on this credit...so, I get $400 less on my tax refund (so it balances...I still got the $400, I just got it a few months ago...unfortunately, most people will not realize this, and remember the $400 as some kind of windfall, when in reality, it was purely an advance).

I'm sure Mr. Rove loves the confusion over this issue...this was done to show how generous the tax system is with Republicans in. (I wonder what the cost of sending all of these out was.)

Sorry if it's still confusing...I just saw this last nite and it really pissed me off...

[Gulf Coast J]

10. I still don't see the problem

Maybe I'm just bitter because I don't have any kids.

When you say you get $400 less on your tax refund, are you saying $400 less than if you got the refund again?

Say you had to pay $5,000 total in federal income taxes. The credit went from $600 to $1000 (I think), so now you have to pay $4,600. The government sent you a check for $400 sometime during the year. You still only have to pay $4,600, right? It's not like you are going to have to only pay $4,200.

[maxrandb]

11. It's a Wash, but it's the deception that sucks

Yes, If I owe $5000 in taxes, and earlier in the year I received an $800 advance for the increased child credit, I would now pay $5800. If I am due a refund of $2000, then I reduce that by the $800 I already received in advance, and only get $1200.

What I am pissed about is this, my wife is a business major and almost missed this. This was sold as a panacea to taxpayers, who may not have read the fine print and realized that basically, it was a loan on their tax bill. Not to mention the fact that the checks were conveniently printed in Austin, TX. Used to be people got upset about shameless pandering. That was prior to Faux news though I guess

[Gulf Coast J]

12. So it was an early payment, not a loan

Say there was no increase in the credit and you owed $5000. With the increase in the credit, you now owe $4600. But you got the check during the year. You still owe $4600, not $5000. I see how there could be some confusion, but I think others are misinterpreting what you are saying. The check wasn't a loan at all. It was just an early payment.