Jen
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While this is not the popular answer, in a sense, yes it comes out of next years refund, but not like you think.
As quoted from MSN
What can you expect? Most individuals will receive $600, married couples who file jointly will get $1,200, and dependent children are good for another $300 each. This is an advance on a tax credit people would have gotten next year. You won't owe taxes on it, and, contrary to what many people think, you won't have to pay it back. |
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TaylorProud
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NO, and you won't pay taxes on it either. |
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absteal
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No they are not |
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jabobbi
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No they are not. It is basically free money. It doesn't come out of your refund and you don't have to claim it next year either. Do a search for stimulus checks and you will get all the info you need.. |
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Countrymanbigandrich
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yes..jk..lol....no |
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SG
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The answer is "sort of".
The rebate does not have to be repaid, and you won't have to pay additional taxes to the IRS because of the rebate. There will be a worksheet (or possibly a place on the tax form) to report your rebate on your 2008 taxes.
The rebate is and advance on a 2008 tax cut. The 10% bracket on the first $6,000 of income has been eliminated for 2008, and you are getting the benefit of it now.
It is interesting how people stumble on this issue. The rebate has been designed in such a way that it only can help you, not hurt you. If your rebate should have been lower (based on when you actually file your 2008 return), you do not have to give any of it back. And if your rebate should have been higher than the amount you actually received, your rebate will be increased...it will be added to your 2008 refund (or decrease the amount you owe).
Your 2008 taxes will be the same (or less) than they would have been if there had been no tax rebate (and associated tax cut).
This press release touches on the tax cut aspect:
http://www.whitehouse.gov/news/releases/2008/01/20080124-4.html
IRS website:
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
Key quote from the second link:
"Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year." |
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dawn b
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Yes I believe so. I beleive like last time when they sent out those checks your refund was reduced by that amount. |
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Mandi
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No. The government is taking the tax rebate out of your children's pockets. It is money the government does not have. I just hope that these people really are smarter than I am and that this economic stimulus plan works. |
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SCH
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No, contrary to some posters who do not know what they are talking about on this site they will not affect your 08 refund at all. Also they are not considered taxable income...so you will not have to pay tax on the money you recieve |
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unicorn
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No it is not taxable, and Yes it will be reported on your taxes for 2008 but not as taxable income just for information purposes. The reason why is because you either get the rebate this year if you filed your taxes OR you can still qualify for the rebate next year when you file your taxes for 08 if you did not get the rebate this year. There will be a question on your 2008 about the rebate payment for 2008.
To Sign Man: I dont really think you answer the question. All she/he was asking is if the IRS is deducting the rebate from his 2008 refund.
In regards to illegal immigrants, its true that they will not qualify for the rebate because they dont have ss#, but illegals CAN still file taxes with an ITIN (substitute for ss#). And you dont have to be a citizen to file taxes, you just need to be a resident. |
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debco904
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lol......no |
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signman_03743
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What makes you think that?
It's been all over the news, the newspapers, everywhere.
You CANNOT get a tax rebate if you don't file for taxes.
Doesn't matter if you end up OWING more taxes or getting a refund-the tax rebate has NOTHING TO DO with that.
The only way the goverment has of finding everyone that should get the rebate is from the list of names and social security numbers compiled by the IRS.
So NO illegal immigrants, migrant workers, etc. can get the rebate check. They are not CITIZENS that file for taxes. |
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rizity
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No they are not. they are giving it only to people that are low income. |
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