2008 Woodie Awards
Students may qualify for tax rebates
Andrea Arriaga
Issue date: 3/20/08 Section: News
Taxes are much like midterms. People are anxious to get them over with, and either excited or filled with dread over the results. This year however, some of that anxiety is over the $167 billon tax rebate.
This rebate comes in the hopes that consumers will spend it to temporarily stimulate the economy. Assuming the money does get spent, it will possibly help avoid an economic recession.
Qualifying individuals could receive rebates up to $600. A 2007 tax return needs to be filed to determine who gets qualified.
Students should check their claim forms against those of their parent or guardians.
If a student has filed a 1040EZ this form automatically assumes they will claim themselves as a dependent. If the parent or guardian makes the same claim, both parties will get letters from the IRS and may end up owing additional money.
If this is learned after taxes have already been filed. Form 1040X will need to be filed, according to bankrate.com. (http://www.bankrate.com/)
Individuals who can be claimed as a dependent on someone else's return are not eligible for the rebate.
This is true even if the taxpayer decides not to claim the individual as a dependent, according to H&R Block.
For foreign exchange students, to be eligible for the rebate, they must be a full-year U.S. citizen or resident and file form 1040, 1040A or 1040EZ. Individuals who file Form 1040NR, 1040PR or 1040SS are not eligible for the rebate according to H&R block.
There is a planned $42 million budget to notify Americans that their tax rebate checks are going to come. These notifications are being sent to help prevent taxpayer confusion, according to the Associated Press. These rebate checks are expected to be sent out in May.
Special situations and attention need to be discussed with a tax service provider.
For students who have never filed before, practice forms and tax aids can be found at ohioscpa.com.
The AARP will also be providing income tax preparations through the St. Joseph's Learning Center.
They will be able to assist in Federal and State taxes, and no membership is required. These sessions are on Mondays, Wednesdays and Fridays from 9 a.m. to 3 p.m. through April 15. These are by appointment only. To make an appointment call 233-7240.
The Elyria Public library is also accepting walk-ins for tax prep. Contact 324-9825 for a list of dates and times.
This rebate comes in the hopes that consumers will spend it to temporarily stimulate the economy. Assuming the money does get spent, it will possibly help avoid an economic recession.
Qualifying individuals could receive rebates up to $600. A 2007 tax return needs to be filed to determine who gets qualified.
Students should check their claim forms against those of their parent or guardians.
If a student has filed a 1040EZ this form automatically assumes they will claim themselves as a dependent. If the parent or guardian makes the same claim, both parties will get letters from the IRS and may end up owing additional money.
If this is learned after taxes have already been filed. Form 1040X will need to be filed, according to bankrate.com. (http://www.bankrate.com/)
Individuals who can be claimed as a dependent on someone else's return are not eligible for the rebate.
This is true even if the taxpayer decides not to claim the individual as a dependent, according to H&R Block.
For foreign exchange students, to be eligible for the rebate, they must be a full-year U.S. citizen or resident and file form 1040, 1040A or 1040EZ. Individuals who file Form 1040NR, 1040PR or 1040SS are not eligible for the rebate according to H&R block.
There is a planned $42 million budget to notify Americans that their tax rebate checks are going to come. These notifications are being sent to help prevent taxpayer confusion, according to the Associated Press. These rebate checks are expected to be sent out in May.
Special situations and attention need to be discussed with a tax service provider.
For students who have never filed before, practice forms and tax aids can be found at ohioscpa.com.
The AARP will also be providing income tax preparations through the St. Joseph's Learning Center.
They will be able to assist in Federal and State taxes, and no membership is required. These sessions are on Mondays, Wednesdays and Fridays from 9 a.m. to 3 p.m. through April 15. These are by appointment only. To make an appointment call 233-7240.
The Elyria Public library is also accepting walk-ins for tax prep. Contact 324-9825 for a list of dates and times.
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