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Additional Details
They resigned in the morning.... |
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Snootchie Bootchies | Why is my stimulus deducting my return? |
So i just prepared my taxes and instead of receiving $284 i OWE $316 when i remove the stimulus from TurboTax's questionaire i get the $284.
So being the IRS stated that it will not be deducted from your 2008 return why is $600 i received from the stimulus being deducted????
Additional Details
so me owing 316 would be correct?? |
 |
 
hrblock.laura
|
The stimulus is figured on your 2008 tax return. If you received this amount as a check last year, you received it in advance. Therefore, it is not being deducted this year, you already received the amount you had qualified for.
If you take this amount out of the questionnaire the IRS will reject your tax return. The IRS immediately knows it has sent you the $600 and you will then have to correct the return and before refilling.
Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. |
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bostonianinmo
 |
The tax software needs to know how much you received previously as it re-calculates your stimulus rebate amount based upon your 2008 tax return and then subtracts what you already received. This way, if you qualify for more, you will get it. I got $15 last year (income too high in 2007) but since my income dropped drastically in 2008 I'll get the remaining $585 this year. On the other hand, if you were overpaid in 2008, you get to KEEP the excess rebate.
You received a rebate of $600 in 2008, so the tax software is correct. You owe $316. Had there been no rebate at all, you would STILL owe $316. |
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Jss
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Recovery Rebate Credit — If you did not qualify or did not receive the maximum amount for the 2008 economic stimulus payment you may be entitled to a recovery rebate credit when you file your 2008 tax return. Review the tax return filing instructions including the recovery rebate credit worksheet. You need to know the amount of the payment you received in 2008, which can be found on your Economic Stimulus Payment Notice (Notice 1378).
Two online tools on IRS.gov will be available soon — the Recovery Rebate Credit Calculator will help taxpayers figure the amount they should claim on their 2008 tax return, and How Much Was My 2008 Stimulus Payment? ( check at https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC&selectLanguage=en) helps you determine what your stimulus payment was.
Read http://taxipay.blogspot.com/2008/04/list-of-articles.html |
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travelguruette
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The boxed software adds the stimulus in at the beginning and then subtracts out how much you already received. It doesnt get taxed and any results is what you would have received without it anyway. |
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Jeramy K
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From what I can tell now, yes you do owe $316 dollars. Don't worry though you're not the only one that found this to be a surprise.
Isn't it lovely how the IRS explains things so us mere mortals cannot understand? This situation isn't exactly stimulating, that's for sure. |
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kitcatjlh
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Yes, it will be deducted. You received part of your 2008 refund in advance. I was wondering the same thing when I did my taxes. Everyone thought it was free money and are all in for a big surprise. They shouldve clarified that when these checks were sent out. So I understand your frustration. My refund was deducted by $900!!!! So that was a huge blow!! If you put that You didnt receive it the IRS will eventually find out and you will have to pay it back , or your return might not be accepted. |
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Nut Cracker
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It's properly increasing your income, because you put it as an income, so either lower your tax liability or seek a professional help! |
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Big Woof
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That is what you get for using a boxed program. The stimulus is not deducted and not taxable. See a professional and get it done correctly. |
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