In the beginning of December I just got married and I need to know If I have to change my tax information with my W-2 and do I have to file with my husband. I havent even changed my name yet and the ...
I'm normally a jeans and tshirt guy. So I went to work one time and was told that we now have a dress code. That forced me to buy more clothes I normally don't wear for work. I'm a ...
I don't want turbo tax I want the program that they use like at H & R Block and places where they do your taxes. I want to start making extra money doing income taxes and I want to see if ...
my nephew is married, but has kids from a previous relationship. he has always claimed them on his taxes, since their mother does not work. she has sole custody, but he pays child support on them, ...
I want to open a Bank of America account linked to mine, but he would then have a high interest account (emigrant direct) linked so he could earn 5% on his savings. This is in addition to a 529 I ...
I'm a bit confused here.
(I'm claiming single head of household with one dependant and I make under $30,000/year.)
Any help is ...
Ann S
Does everyone understand the stimilus checks are a loan against you expected tax return for the year?
This stimilus deal is not a deal when you figure you're going to have to claim it as monies "earned" so to speak. Those of you who got refunds this year might not for 2008.
That is not true. Below is the information I cut and pasted from the IRS website, along with the link to the page. You will not be taxed.
"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."
Sorry, but you are wrong. Please go read about the Stimulus Plan rebates at the IRS website. It quite plainly states that the rebate will NOT affect your tax liability or reduce your refund next year.
Before you post statements you really should check out the truth at the source to avoid making a plonk of yourself.
Heather R
You are wrong. I work part-time at an accounting firm that does taxes for individuals and businesses. This is a tax rebate. You DO NOT have to repay it. Check out the IRS website for the CORRECT information. You should not announce things like this unless you know what you are talking about.
B2B 11/08
ahh that is where you are wrong....my guess is this is your first experiance with these checks and taxes altogether. They have done this before about 10 years ago...no one was expected to pay it back.
Judy1
No, you aren't correct on that.
For 2008 there is a one-time tax cut for income in the 10% bracket - the rebate is an advance on that. If your rebate is more than the tax cut would have given you, you don't have to pay back the extra. so your refund next year will be the same as it would have been if there had been no stimulus bill (no tax cut, and no rebate). Your refund won't be lowered, you just won't get the EXTRA from the tax cut next year if you got the amount as a rebate this year
But if you don't get a rebate this year and have any tax liability next year, or if your rebate this year is less than your tax liability next year and you haven't already gotten the maximum $600, then you'll benefit from the tax cut when you file your 2008 return.
Kute_N_Pretti
Go to IRS.gov.....we have to say that we received it on our taxes but it will not be figured into our earned income....
besavatris
i agree with b2b i am pretty sure that you are wrong
Apathetic
No--these are not a loan for for taxes next year. We are not going to have to pay these back. I do believe the country will have to pay somehow in the long run though.
g-ma
thats ok
MLE
So do you expect to get money for free and not be taxed for it?
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