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mianatw | Will I have to pay back my economic stimulus rebate check? |
I have read in a few scattered places, including a comment in the local paper that the 2008 economic stimulus rebate check is in fact, an advance on your 2008 tax return refund. I know all the IRS literature says you will not be taxed on the rebate check, but it doesn't specifically say that you won't have to pay it back or that it's an advance against potential refunds on next years tax form.
If it's an advance, what happens if I'm not due a rebate next year? If I get a rebate on my taxes, I'm lucky if I get 2-300. The rebate check I am due is $600. If I'm not getting back that much of a tax rebate, will I owe them money? It's very difficult to ferret the information out and I think it's important to know.
I mean, let's face it. If I'm going to owe the money back the next time I do taxes, then I'm just going to have to save it and not spend it. But I'd like to know the answer and the official literature has so far been not helpful in figuring out.
Does anyone else know?
Additional Details
The IRS website doesn't give much helpful information as far as whether it will need to be repaid or not. So far as I can find, the issue is just not addressed. |
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Marguerite
 |
the stimulus check is "free" money & you don't have to pay it back. This is different than the last time which was an advance on your refund. |
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v b
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No you won't be paying it back.
Here's the deal. You only get the money once.
Behind the scenes, the rebate is an adjustment to your 2008 taxes. The government went in and cut the 2008 taxes (thereby bumping your hypothetical 2008 refund) and is choosing to send you the money early.
However, some people won't qualify in 2007 and would qualify if the 2008 tax return is used, so the 2008 tax return will have a 2nd chance worksheet. You fill out the worksheet, see what the number would be and subtract out whatever you got earlier. (If you qualify for less, you don't have to pay it back.)
Believe it or not, this is exactly how the last two rebates were done. Unfortunately, virtually every tax software package projected a refund as soon as you enter the W-2 information and all of them added in the rebate a second time...then after getting people psyched that they would be getting $$$, asked for the amount already received and lowered the refund to $. Virtually all of the disappointed taxpayers concluded they were having to pay the money back.
Your 2008 refund will be at least what it would have been if there had never been a rebate. Ergo, you aren't paying it back. |
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SG
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v.b. is 100% correct.
It is an advance on a tax cut for 2008. However, you don't have to pay it back. It won't reduce your refund. And if you don't get the maximum possible rebate now, but qualify for it based on your 2008 return, you get a second chance to get the tax cut at that time.
So it is best scenario for taxpayers...two chances to get maximum benefit of a tax cut.
The last two rebates were an advance on a tax cut, just like this one. |
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Celeste
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It's an advanced credit not refund.
The stimulus payment is not taxable and will not reduce your refund or increase your amount due.
If based on 2008's return, you received more than you should have you don't have to pay it back. If you didn't receive the full benefit, you may qualify for the difference when you file. |
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Judy1
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No, you won't have to pay it back.
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).
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.
What this means to you is that if you would normally have gotten $2000 next year and you got the rebate this year, you'll get $2000 next year. If you did NOT get the rebate this year, and would have gotten $2000 next year, you will get MORE than $2000 next year if you owe any tax, because you'll also get the benefit of a one-year tax cut. If you get the rebate this year, you won't get that extra, because you will have already gotten it. |
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Badger Boise
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Here ya go direct from the IRS archives of FAQ's:
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. [New 4/11/08]
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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Phil
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The stimulus check is an "extra" refund - that is, $600 is being given back to every tax payer in addition to any refund they may have gotten. So that's your money to do what you want with - it does not come out of your 2008 refund. The purpose is to try to inject extra cash into the economy and encourage spending. |
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titis
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Individuals that receive a stimulus check this year will not be required to repay the stimulus payment on a future tax return. If the taxpayer correctly filed their 2007 tax return and they received a stimulus payment greater than the actual computation of the credit on their 2008 tax return, there will be no penalty and they do not have to repay the extra payment received. If the taxpayer was not otherwise required to file a tax return for 2007, and filed one for the stimulus payment, they will not have to pay taxes on or claim as income, the stimulus payment received. |
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corgi1922
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I heard differently. I heard it is an advance your your 2008 refund. My assumption is that if you are not due a refund next year you may have to pay back some of it. Check the IRS website. |
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