Am i eligible to recieve the $800 ?

[compguy786]

Hey Guys,
I saw in the news about what we shall get back from the government, so i pay taxes, im 18, work, and pay taxes through work, i.e income tax, medicare etc etc. I do live with my parents BUT does that mean i wont get tax rebate ? since my dad cant get tax credit off me anymore, so does that mean i am eligible for the $800 ?

 

[IronWing]

It isn't law yet so who knows? If you do, you'll get to pay the $800 back, with interest, down the road.

 

[ConstipatedVigilante]

I'm in a similar boat. I'm 18, I worked over the summer (But not enough to get federal income tax taken). So does the money from my paycheck that went to Medicare/SS count? I am also listed as a dependent on my dad's income.

 

[Jadow]

if you're listed as a dependent, probably not. dependents couldn't get the last one.

 

[Cuda1447]

Dunno, but I moved out earlier this year. WOOT $ for me!

 

[compguy786]

hmm....so can i file indepdendent, and not dependent ? i only live at home, but i do everything else on my home except school, which i am still dependent on,
so i mean if you are able to file a W2/1040EZ, i should...right ?

 

[nsafreak]

Originally posted by: compguy786
hmm....so can i file indepdendent, and not dependent ? i only live at home, but i do everything else on my home except school, which i am still dependent on,
so i mean if you are able to file a W2/1040EZ, i should...right ?

Nope your parents likely have you listed on their tax forms as a dependent since you are living at home. I'm guessing that you aren't paying rent while living with your parents nor are you paying for the food that's in the house. Now if you are paying rent and paying for other expenses while living with your parents and they don't have you listed as a dependent then you might be eligible.

 

[Slick5150]

I love how people are duped by this idea of "FREE $800!!" You have to pay it back next year.. Its a PR stunt more than it is an "economic stimulus"

 

[kranky]

Shut up! I want my free money! GIMME DAT MONEY!

It's my right as an American to get FREE MONEY!

 

[edro]

Originally posted by: ConstipatedVigilante
I'm in a similar boat. I'm 18, I worked over the summer (But not enough to get federal income tax taken). So does the money from my paycheck that went to Medicare/SS count? I am also listed as a dependent on my dad's income.

If you work one hour a year, you get income tax taken out.
Your tax bracket might be lower, resulting in a larger return, but you always have to pay taxes on income.

As long as you are not deducted as a dependent on your parents' return, you would be eligible for the $800.

 

[moshquerade]

Originally posted by: Slick5150
I love how people are duped by this idea of "FREE $800!!" You have to pay it back next year.. Its a PR stunt more than it is an "economic stimulus"

how can you not call it an economic stimulus when you know everyone will go out and buy something with it? sorry, you're wrong. it may be a temporary boost, but it will bring on more sales.

 

[Exterous]

Originally posted by: kranky
Shut up! I want my free money! GIMME DAT MONEY!

It's my right as an American to get FREE MONEY!

Yep! Its from the goberment so it must be free with no strings attached!

 

[IronWing]

Wow, this is an incredible display of creating need and expectations. This legislation hasn't even been introduced yet, let alone made it through a committee, been voted on, or signed into law. This game is vaporware right now and folks here are already playing Level 3 in their minds.

 

[altonb1]

Originally posted by: edro

Originally posted by: ConstipatedVigilante
I'm in a similar boat. I'm 18, I worked over the summer (But not enough to get federal income tax taken). So does the money from my paycheck that went to Medicare/SS count? I am also listed as a dependent on my dad's income.

If you work one hour a year, you get income tax taken out.
Your tax bracket might be lower, resulting in a larger return, but you always have to pay taxes on income.

As long as you are not deducted as a dependent on your parents' return, you would be eligible for the $800.

Not necessarily true. if you make under a certain amount (I think it is $10k, but could be wrong) you are exempt from federal taxes. Various deductions can also make you exempt.

 

[Linflas]

Originally posted by: moshquerade

Originally posted by: Slick5150
I love how people are duped by this idea of "FREE $800!!" You have to pay it back next year.. Its a PR stunt more than it is an "economic stimulus"

how can you not call it an economic stimulus when you know everyone will go out and buy something with it? sorry, you're wrong. it may be a temporary boost, but it will bring on more sales.

But it is not free, it is money the government has already confiscated from you. I suspect the people that look at it as "free" money are the same ones that like to be over withheld so they get a "tax refund" at the end of the year.

 

[FoBoT]

stop counting your chickens

 

[BarneyFife]

If your parents put you down as a dependent, then you will not get it.

 

[Special K]

Originally posted by: Linflas

Originally posted by: moshquerade

Originally posted by: Slick5150
I love how people are duped by this idea of "FREE $800!!" You have to pay it back next year.. Its a PR stunt more than it is an "economic stimulus"

how can you not call it an economic stimulus when you know everyone will go out and buy something with it? sorry, you're wrong. it may be a temporary boost, but it will bring on more sales.

But it is not free, it is money the government has already confiscated from you. I suspect the people that look at it as "free" money are the same ones that like to be over withheld so they get a "tax refund" at the end of the year.

This is different from a tax refund though, right? A tax refund is where you settle up at the end of the year and get money back if you paid too much in withholdings throughout the year. I was under the impression that this $800 would be a one time payment to everyone who qualified, and would be tax-free. It has nothing to do with how much you will receive from your income tax return.

 

[jupiter57]

Link to details of said $800 "rebate"
First I've heard of it!

 

[JEDI]

Originally posted by: compguy786

Hey Guys,
I saw in the news about what we shall get back from the government, so i pay taxes, im 18, work, and pay taxes through work, i.e income tax, medicare etc etc. I do live with my parents BUT does that mean i wont get tax rebate ? since my dad cant get tax credit off me anymore, so does that mean i am eligible for the $800 ?

if u live at home, your parents can claim u till ~22.

sure, you can file as single, and not have your parents claim you. but that would be selfish, and stupid, unless u earn more than your parents combined.

 

[FoBoT]

Originally posted by: jupiter57
Link to details of said $800 "rebate"
First I've heard of it!

that is the point, there are no details because the legislation hasn't even been drafted yet
there are just media sound bites of Pres. Bush and others of what they are suggesting

the legislation won't be written/voted on for a few more weeks or longer

 

[IronWing]

If Macy's has a good end-of-season sale on North Face clothes, should I get rain check to hold the price until my $800 arrives?

 

[jandrews]

haha, ahhh to be young again

'i am completely dependant! Well except I live at home...and my parents pay for school...o ya they buy the food in the house and ermm they bought me this car, but I pay my way to the movies!!'

 

[Engineer]

Hey OP, I've heard that if you run out and get married quickly, you can get $1,600 too!

 

[IronWing]

Originally posted by: Engineer
Hey OP, I've heard that if you run out and get married quickly, you can get $1,600 too!

Hmmmm. You're onto something. Say you're 18 and living with your 'rents. So is a friend. Get married by a JP for $30. Now you're independent of your 'rents so you get the $1600. Get divorced for $100. and walk away with $735 a piece.

Edit: I predict a spike in the divorce rate. Why does Bush hate marriage and the traditional family?