 Extra IRS check? |
| I just heard that President Bush passed some bill, that will have everyone receiving an extra check from the IRS in June, for about $800. Is this true? I tried finding info on it online, but was ... |
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 Can my mom claim me as a dependant ? |
| Im 20 and was a part time and a full time student last year. I still live with my mom. The only thing is i made more than my mom last year ...can she still claim me if i made more than her?... |
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 Do I have to file taxes??? I am 17 and I worked part time? |
| I haven't got my w2 back but I think I made about 4000 when i filled out my w4 I made it to where the most taxes were taken. also does the fact that i am a student in college make a difference?... |
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 I would lke to ask a question about the irs? |
| i had my mother claim two of my kids and i was on foodstamps and i let my mother claim my kids and she got a letter in the mail saying that they are going to audit her do you know why? please explain ... |
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 Parents without electricity for over 16hrs??? |
Can they claim compensation from the people who supply it? There entire christmas food chest freezer was defrosted and over £200.00 worth of frozen meat and food was ruined.
UK ANSWERS ONLY.... |
|
 What does per annum mean? |
| im applying for a job and the pay is 40,000 per annum???... |
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 What time are taxes due??? |
| I am going to e file. I know that if you send them in the mail, they need to be postmarked today, and so you have to get it in the mail by 5pm. But what about e filing? Do you have to do it by then, ... |
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 Is there usually a delay with direct deposit of stimulus payments? |
| Mine was scheduled per the IRS to be direct deposited May 16th. It still hasn't shown up at the bank. The IRS website does say to wait until the 21st to contact them if it doesnt't go thru.<... |
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 Can anyone give me even ONE **good** reason why THIS wouldn't work **very** WELL? |
| How can nearly all of the candidates for President (not to mention also most of those who are in Congress) possibly *not* realize that ALL of the complex problems associated with federal taxation ... |
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 I got an email from the IRS????? Pllzzz help!!? |
| Okay, I got this emil from THE REAL IRS and I don't know why... I'm only 13 and it says I'm eligible to receive a tax refund because of my fisical activity???? Whatever that means....<... |
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 Is it true if you file tax jointly, I would lose dependents and head of house hold credit/tax returns? |
Hi There,
I’m about to get married. And, I a few question regarding file tax jointly vs. filing single.
I’m mother of a 1-year old. Last year, I filed my tax as 1 dependent and head ... |
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zenchick123 | Is the gov. $600 rebate check taxable income? |
So, I have no debt and I already invest in my company IRA and a Roth IRA each year. But I rarely have enough $ to go on vacation.
I am thinking that if I take my $600 rebate check and can convince my boyfriend to do the same, we can take a vacation together. My question is: Is the money taxable income? Because if it is, I don't want to spend it just to find out I only got $400 instead of $600.
Thanks in advance |
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mcmdcak
 |
Per the IRS site - NO.
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
State tax would be another matter - each state would decide that. |
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Richard M
|
No. Directly from the IRS website:
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. In the event you do not qualify for the full amount this year but you do next year, 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. |
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v b
 |
It's not taxable.
Don't spend it before you get the letter confirming the amount you will get. |
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rsarah23
 |
Nope, not taxable. It's a refund of taxes. |
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JD_in_FL
|
You don't have a choice about whether you get the check or not. If you qualify, you will get it. Unless, you had a tax liabilty last year or owe outstanding taxes. If you paid anything in last year, your check will be trimmed or eliminated.
In cases where checks are issued (like what Bush the first did), the IRS adjusts the tax tables to allow for the refund. You will not have any federal tax liability for this payment, unless your tax situation changed.
However, any state that requires income tax has the option to count this. If your state indicates this is income, then you might pay a higher state income tax. If you pay state income tax, you will need to check with your state to see if they count this as taxable income.
You may be able to deduct this from your Federal taxes. Check with the IRS or a qualified tax preparer or tax attorney if you need. |
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jonfr3
 |
It is not taxable, because it is a rebate of taxes you already paid. The IRS does not consider it income which is taxable. They are giving back to you something that was yours to begin with. Check out www.irs.gov for more info. Also this is not an advance on your tax year 2008 refund. So this means that this is free money from the government. Convince your boyfriend and spend that money to save your country. |
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stephenweinstein
|
Federal income tax rebates are not taxable.
State income tax rebates for years for which you deducted state income tax are taxable.
State income tax rebates for years for which you did not deduct state income tax are not taxable.
Sales tax rebates for years for which you deducted sales tax are taxable.
Sales tax rebates for years for which you did not deduct sales are taxable. |
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HARLAN K
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It does not seem right that the IRS will give your a rebate check, then turn around and tax it. |
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min77ion
 |
Allot of states R debating this right now...When Bush Senior 1st gave refund checks,,,THose where taxable income....But many people remembered this and where VERY angry about it........I know in my state they R not gonna consider it. |
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Jss
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No, it is not a taxable income. Also your rebate can be $300 to $600 if you have qualifying income of $3,000.
Read more
http://taxipay.blogspot.com/2008/02/are-you-eligible.html |
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Ms. Angel..
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The IRS.gov Web site is the best source for additional information and answers to questions regarding the stimulus payments. The site will soon have an online tool which will allow taxpayers to calculate the amount of their advance payment and to check on the status of their specific payment. |
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anthonynbrandi
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The rebate checks are actually an advance on next years refund. Therefore non-taxable income. However, if you don't usually get a refund, expect to pay that $600 back next year when you file. |
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