Apr 25th, 2008
Tax rebate checks are in the mail
The check really is in the mail for property owners waiting for their tax rebate checks.
That’s according to Morgan County Auditor Brenda Adams, who said all of Morgan County’s property tax rebate checks were mailed March 25.
“I’m sure some people should already have theirs,” Adams said Friday morning.
While most Morgan County residents have eagerly anticipated getting the rebate checks, part of a plan passed by the Indiana General Assembly last year to give some property tax relief, Adams said some people called into her office, apparently unaware about the rebate checks.
“They just wanted to know if they could cash them,” Adams said, noting that some people were confusing the rebate checks with their federal or state income tax refunds.
“But nobody wanted to give anything back,” she said.
Morgan County, however, is not even close to being the last county to mail out their tax rebate checks.
Income tax rules on refunds, rebates
Jodie Reynolds, spokesperson for the Internal Revenue Service for Indiana and Kentucky, provided rules for including tax refunds and rebates on income tax returns.
According to IRS Publication 17, Chapter 12, “Recoveries: A recovery is a return of an amount you deducted or took a credit for in an earlier year. The most common recoveries are refunds, reimbursements, and rebates of deductions itemized on Schedule A (Form 1040). You also may have recoveries of non-itemized deductions (such as payments on previously deducted bad debts) and recoveries of items for which you previously claimed a tax credit.
“Tax benefit rule: You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year.”
Angie Dvorak, legislative director of the Association of Indiana Counties, said as of Feb. 15, less than half of Indiana’s counties had sent out their tax rebate checks.
Tags: rebate, schedule, tax
8 Responses to “Tax rebate checks are in the mail”
Good catch! do you have the whole article? Or just that line…
I think they chose C, actually:C) They mail you $600 now, and then raise your taxes by $600 next year, so that you can feel happy now and pissed off AFTER the election.
May?? Wow… By then, at the way inflation on food is rising, you might be able to afford a carrot. Or half a gallon of gasoline to drive to the store to get your carrot, just to realize you spent your rebate on that half a gallon of gas, then you have to buy the carrot with your credit card.
All those people who count on those refunds to help out with the bills on a regular basis are going to freak out next year when they learn this. Yes, I know it’s better for them to have not lent the federal government their money, and to have figured it out on the 1040 to get no refund, and owe none, but still. They are going to be so messed up.
So wait I don’t get a free $600? I get $600 of my own money a year early? How the fuck does that help a thing?
Maybe all of the people without health insurance will buy a policy? Maybe put it down on a home? Put it towards their child’s education? Nope. Most will spend it on “goodies” and then come back to the government with their hands out wanting “free” healthcare, help buying a home and “free” tuition for their kids. What a joke. The government treats it citizens like children giving us a “bribe” to be good and not complain about how they are spending our money. Where the hell are the grown ups in this country???
I don’t see how it makes sense to flood the economy with more consumer dollars to stem inflation. I want that rebate check as much as the next gal, but I was taught that more money chasing the same amount of goods = more inflation! Or maybe high school economics doesn’t actually work in the real world?