- quote -

The event which causes the credit to generate, is the posting of the 2007
return.

When that occurs, tax module 2007 will reflect the $70 due plus statutory
additions of interest & penalty on the date assessed.

Simultaniously, tax module 2008 will be credited with the appropriat value
credit your entitled to based on the details on your 2007 return: filing
status, exemptions & income levels, etc.

Either in the same or following WEEK an automatic credit transfer of the
amount of needed to settle the balance due on 2007 will generate, along with
a net refund check to you.

Most likely this refund will be by check in the snail mail.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <HO3Sj.3739$lc6.1190[at]trnddc04> ,
"Phil Marti" <prm20871[at]verizon.net> wrote:

- quote -

Since it is actually a "rebate" of 2008 taxes, I sure wouldn't bet that
_anything_ will be deducted. The IRS might not process the non-payment
of 2007 tax any differently than they have in the past when there were
no rebate checks.

--
-Ernie-

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Phil Marti" wrote:

- quote -

Well, I did miss it. Just now stumbled across such a Q&A dated 2/28 on this
new page: http://www.irs.gov/newsroom/article/...182003,00.html

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Phil Marti wrote:
- quote -


Q. The notice I received shows that I should have gotten more
than the government actually deposited into my bank account. Did
something go wrong?

A. It could be that the amount deposited into your bank account
was what remained of your stimulus payment after it was offset
for money you owed on back taxes or other debts such as a student
loan or child support. If this is the case, you’ll receive an
additional notice, providing details on the offset.

There are other Qs & As on timing that say a taxpayer won't get
an ESP until the IRS has finished processing the 2007 tax return.
That leaves me to believe that the ESP will be offset for 2007
taxes not paid with the filing of the return.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Pye" wrote:

- quote -

Yes. They'll also deduct the penalty and interest you owe for not paying
your 2007 taxes on time.

Editorial comment. With the politicians and press blathering about a
"rebate," unless I missed it IRS never did a Q&A addressing OP's situtation.
This is the third time I've seen this come up in various venues. Someone at
IRS was asleep at the switch.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <742b3896-9f88-449f-8151-b59c8a5dd0c4[at]d45g2000hsc.googlegroups.com> ,
Pye <darrenpye7[at]hotmail.com> wrote:
- quote -


The stumulus rebate payment is not dependent on the income tax refund
amount. If you owe 70, you owe 70 and had beter pay it.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

So I filed my 2007 Federal Taxes. I owed them $70 when I filed but
had not sent the money. Should I assume that the rebate check will
come on time ( per the alst two digits of Soc Sec) and that the $70
owed will be deducted from it?

Does anyone know, having a hard time finding the answer.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >