Bad news for those waiting on a Tax Return

thunderDAN

false alarm

soulsinging

Damn, and here I thought Dubya was some sort of economic genius! That stimulus check sure worked like a charm didn't it?

intodeep

So that check was just and Advance?

hell if i would have known that they could have kept it.

thunderDAN

intodeep wrote:

So that check was just and Advance?

hell if i would have known that they could have kept it.

it appears that why.

Part of me is relieved that our government didn't just put billions more dollars into circulation...because that would be stupid, but another part of me feels duped. They didn't tell you upfront what it was, they wanted people to spend it just as if someone gave you $600. If they would have told you upfront though, everyone would have saved it

mickeyrat

from the IRS website. http://www.irs.gov
Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

thunderDAN

mickeyrat wrote:

from the IRS website. http://www.irs.gov
Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

that's interesting because it did indeed affect my return. I wonder if they are taking complaints

mickeyrat

thunderDAN wrote:

mickeyrat wrote:

from the IRS website. http://www.irs.gov
Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

that's interesting because it did indeed affect my return. I wonder if they are taking complaints

have you already submited the return? I'd contact Turbo Tax help desk to find. And if ya don't mind , Update for the rest of us please?

thunderDAN

I did my taxes on HR Block's program just to double check, and they do not ask you if you got one- but my return was within $30 of what it was with Turbo Tax- which should be the case because I claimed interest earned income with Turbo Tax and the free edition of HR Block doesn't let you do that. I'll call when I get a chance and update everyone

thunderDAN

Alright, good news....turns out that I was correct with my 2nd assumption. I talked to the Turbo Tax guy and the question applies to people who have not gotten their stimulus check- so by me answering 'NO' I was getting my $600 though my return. So it turns out that the government didn't have their mitts on my money this year, which means I got a shitty return.

The stimulus isn't taxable by the Fed government, but the state taxes you for it

haffajappa

i got a tax return yesterday.
we gotta supplement our incomes to pay for all those igloo heating bills somehow.

decides2dream

i dunno how you can already have all your info to even file yet! hubby got his W-2, but i haven't yet....plus, various accounts and such, need final statements before i can file. i definitely am hoping for a nice return this year, did a few things at the end of the tax year that hopefully will make it so.

Travelar

intodeep wrote:

So that check was just and Advance?

hell if i would have known that they could have kept it.

Mines in the bank still collecting interest.

rival.

Travelar wrote:

intodeep wrote:

So that check was just and Advance?

hell if i would have known that they could have kept it.

Mines in the bank still collecting interest.

mine too!

Lizard

Be glad you don't live in California---we are told you will get an IOU if you have a refund coming. Doesn't work the other way around either!

I usually owe a bit to the state even tho I withhold extra. SUX.

GO GOVERNATOR!!

mickeyrat

singularity wrote:

Travelar wrote:

intodeep wrote:

So that check was just and Advance?

hell if i would have known that they could have kept it.

Mines in the bank still collecting interest.

mine too!

So YOU guys are the ones.Spend that shit, get the economy back on track!!!!

Travelar

mickeyrat wrote:

So YOU guys are the ones.Spend that shit, get the economy back on track!!!!

I vowed not to spend it until Bush was out of office. I did not want his plan to succeed. Now, it's part of my Europe fund for this summer, so sadly, it will not help our economy.

mca47

My tax return and any kind of future "stimulus" will be going to paying off my debt (credit cards, student loan). Not exactly how THEY want me to spend it, but for me paying that shit off is more important than buying useless items and "stimulating" the economy.

decides2dream

Lizard wrote:

Be glad you don't live in California---we are told you will get an IOU if you have a refund coming. Doesn't work the other way around either!

I usually owe a bit to the state even tho I withhold extra. SUX.

GO GOVERNATOR!!

here in NY we often still owe the state....fuck if i know why.
seriously, we both claim single zero.....even tho we are married...to get the max taken out of our salaries, to be sure we are covered. we do normally get a fed return, but it can vary greatly from a nice check to just ok, depending on what we do financially each year. tis amazing really.....