Tuesday, August 24, 2010

If you file a joint return(married), will each person receive a portion of the tax credit refund?

Or will they issue just one check? Also, will they send the check if you owe taxes and have not paid them yet, or will they deduct the amount from the tax credit check.If you file a joint return(married), will each person receive a portion of the tax credit refund?
No, you'll get one check with both names on it. If you have unpaid taxes, any rebate will be applied to them first. If anything is left after the offset you'll get the difference. If the rebate is not enough to pay off the entire debt then you'll get no rebate at all.If you file a joint return(married), will each person receive a portion of the tax credit refund?
1 return = 1 check.





If you owe (and if you owe you pay interest and penalties until the amount is paid in full), the rebate will be used to pay off any tax owed.





The penalties and interest are 12%-18%. My bank doesn't pay that much.
Only one tax stimulus check will come. Rebates will be sent out as you file for the 2007 tax returns. No rebate unless you file federal tax return, and if you owe, you have to send in your payment with that tax return, therefore the rebate will not apply toward what you owe.

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