Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-23-2009, 10:17 PM
Junior Member
 
Join Date: Jan 2009
Posts: 1
Tax Stimulus how does it effect this year

I am confused does my tax stimulus that I recieved this year have to be declared as income? I heard that what ever I got this year is going to be deducted from what ever refund I have coming back. Say I got back $300 this year and my refund for tis year should be around $2400. Then am I only going to get $2100?

Can anyone straighten me out.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-25-2009, 08:59 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
According to the IRS, the economic stimulus payment that more than 124 million households will have received "will not be taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return."

In fact, according to the IRS the following are the possible scenarios that taxpayers may encounter when filing their 2008 tax return as shown below;

1. If a taxpayer received all of the allowed rebate in your 2008 rebate check, there will be no affect to your 2008 tax return.

2. If a taxpayer received more rebate than the allowed rebate when filing your 2008 tax return, there will be no affect.

3. If a taxpayer received less rebate than the allowed rebate when filing your 2008 tax return, you will be eligible for the rebate credit of the difference.

Thus, as far as your situation is concerned, your tax refund will not be affected.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I think Taxpayers deserve another Stimulus Package! disa General 3 10-11-2008 09:06 PM
Which taxpayers would not qualify to get a stimulus payment? TaxGuru General 0 05-30-2008 10:58 AM
tax stimulus - husbands year to claim codawg81 Miscellaneous 1 05-18-2008 01:56 PM
IRS tax rebate stimulus payment schedule Samatg General 0 05-09-2008 05:09 PM
What are the Payment Schedule for the Tax Stimulus Payments? TaxGuru For 2008 0 04-30-2008 05:28 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.