What it doesn't say is what if next year's calculations shows you're entitled to a smaller payment. You'll have to pay the difference to the IRS. They have effectively gotten you to spend now the money you're expecting to get next year, which later it turns out you're not entitled to get after all.

Is this possible, for example if you lose one or more child (through death or the child simply getting old enough that they no longer qualify as a dependent)?

Ok,,, just please someone explain this to me. Since I usually end up paying back about $150 to the government every year (instead of getting a refund like most people).... how does this effect me?

"false reports"?

You mean, the Consumerist posted a bunch of confusing crap. And you're still confusing things. A tax REBATE is NOT THE SAME as a tax REFUND.

Please stop reporting on it!

@Buran: No, nothing is smaller. Its pretty much free money.

Next year you'll get a $600 credit which will reduce the amount of tax you owe by $600. They're just giving it to you now in check form.

Say you over paid this year by $1000, you get a $1000 refund. Next year you do the same (you should really look at changing your w-4). You over pay $1000 and you get a tax credit of $600. Since you already got that $600 you're only going to get the $1000 which is exactly what you'd of gotten anyway.

@mac-phisto: What about Lincoln? Wilson? FDR? I agree with the first part of the statement, but the second....eh, not so much.

"a politician knows all the problems, but only a statesman has solutions. too bad this country hasn't had one since thomas jefferson".

this is why time travel is bad

@youbastid: Not innacurate. But improperly worded. Maybe not on purpose, at least here.

But the rest of the media, in order to create a big fuss, probably did word it that way intentionally.

@vllygrrl: Ooh, good question. I know if you have kids this year, you'd get the rest of the credit come next spring. I don't know if that extends to wages. I would think it would have to (they just use your 07 to extrapolate, but the actual credt rules apply to your 08 return).

The neat thing is that if they overpay you in 07, you get to keep the excess in 08. Good fun for those of us in line for promotions in the coming year :)

@missbehave: Exactly. It was a one-time tax reduction for 2008. They just wanted to get your money to you before the elect.... uh, I mean, they wanted to get the money to you quick so you can spend it and save our economy.

Hmmm...I'm confused. Due to a severance package/unemployment/string of wacky consulting jobs, we ended up just over the couples threshold, and will probably only get $750 or so instead of $1200. I expect that we'll be well under that threshold this year on our income - does that mean they'll owe me the rest when we do our taxes next year? Probably not...

@youbastid: How is the 2/9 headilne inaccurate again?

Granted, if it said 'newly fabricated 2008 tax credit advance' It would be more accurate, but I got it just fine the first time.

Seems to me the problem is people making authoritative comments which are devoid of actual facts.

At least the dollar is worth more now than it will be in 2009...

Headline from 2/9
"$600 Rebates Are A Tax Credit Advance"

Maybe time to do some house cleaning, consumerist!

@B: Why that far back? How about just about 20 years back and put it in Microsoft stock?

@Mr. Gunn: You know what, I bill myself as a conservative... but I am convinced that, if we keep going down this path of massive government spending (on both sides of the aisle) and then taking money away from the people who earn it... then nobody from either party is going to fix it.

We need to get real people elected into office, on all levels... not lawyers looking to make loopholes, not people who take campaign money from people in exchange for promises... there should be a new law that states that candidates must campaign with ZERO dollars donated.... or they should be allowed to raise a pawltry sum (maybe a million) so that they can set up a campaign office, and a website. That's all you need. Let the media do your campaigning for you... talk radio for the conservatives, CNN for the liberals.

Then real people, using real common sense, can run this country. Real people electing real people... kind of sounds like the original intent?

And can we please stop attacking Bush on this issue? In case you haven't noticed, the Democrats aren't exactly moaning about deficit spending right now...

Whatever ill effects taking on this much more deficit spending will cause won't show up until next administration, but I'm sure that's not the reason for setting it up this way.

People are smart enough to connect "Bush gave me $600 in 2008" and "...and now the dollar is worthless in 2009", aren't they?

/no, they aren't. you've seen how many people voted for Huckabee?

@Toof_75_75: Yes. Your 2008 taxes have been reduced by $600. Instead of waiting until next year for you to get that extra $600, they are sending it to you a year in advance.

I'm all for lowering taxes... but the guv'ment needs to reduce the spending as well.

@cmdr.sass: As far as I am concerned, tax policy should take no more than one or two pages. It should be that simple. Something fair, no loopholes, etc.