Is it true the stimulus package is just our 2008 taxes paid early?
Tuesday, December 8, 2009 10:19Posted in category 2009 Stimulus Check
Where is the funds 4 stimulus package »”>stimulus package coming from? Is it true It’s not really “free” money and it’s just them giving us what would have been our 2008 taxes back early?
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James C says:
December 8th, 2009 at 10:27 am
Slap whoever you heard that from.
Queen_Lucki says:
December 8th, 2009 at 10:44 am
No that’s not true. CNN originally reported that, but they revoked their statemnt a few days later. It is not an advance.
fortuitousoppty says:
December 8th, 2009 at 11:17 am
I believe it is for taxes you are paying from 2007. I tell you that if you do not file, you will not get it. Plus, nothing is free, they will get it back “).
Judy says:
December 8th, 2009 at 12:08 pm
Not exactly true, but you will have to report it on next year’s return – it’s an advance payment on a tax cut that will be in effect next year – if you get the rebate now, you won’t benefit from the tax cut next year because you will have already gotten the extra money. But your refund for next year will be the same as it would have been if there had been no 2008 tax cut and no rebate.
Richard M says:
December 8th, 2009 at 12:45 pm
It’s sort of true, but don’t worry about it.
The rebate will not effect your 2008 federal tax liability or refund. The law says the IRS can’t recover any extra rebate payment by reducing your 2008 refund or adding to your 2008 tax bill.
The “rebate” is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your “rebate” based on the 2008 amounts. If this results in a larger “rebate”, you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference.
The “rebate” will not increase or decrease any tax refund to which you are entitled. It is an additional refund.