That isn't what it says. It says that it is a non-taxable credit
on our tax form. They have to have some way to account for the
fact that we received the money and set it up so we can declare
that we received it and then we will not get taxed for it and
it is completely separate from whatever refund we might happen
to get. At least, that is how I read all the links in this
chain. Terms like advance payment and non-taxable credit.
As far as I know, refunds are normally considered taxable
(unless you paid the tax on it in the previous year, of course).
I don't see anything there that says that the money will be
subtracted from our refund. Not anywhere.
My spin.
        Tom Hula
        Victor S. Barnes Company

|-----Original Message-----
|From: HP-3000 Systems Discussion [mailto:[log in to unmask]]On
|Behalf Of Derek
|Sent: Monday, July 23, 2001 9:18 AM
|To: [log in to unmask]
|Subject: Tax "refund" checks
|
|
|So, am I to understand the following points?
|
|1.  At the end of this year our tax liability will be essentially the same
|    as the previous year provided that our income etc. is about the same.
|
|2.  The refund we are getting is REALLY an early refund if we would
|    normally have gotten a refund, but for people who normally owe taxes,
|    they will now owe MORE taxes.
|
|3.  The "refund" is really taxes we would have paid and the scam is that
|    now the taxes we are paying are going to be taxed AGAIN as income
|    since they are sending us a check?
|    If this is true then what a wonderful deal for the IRS.  Not only do
|    they collect the taxes they normally would, but they TAX US on the
|    taxes we owe!
|
|God, I love politicians...
|
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