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just a rumor but got me wondering

i heard that the stimulus check we got last year was only an advance on the income tax for this year and that we would have to pay it back out of our taxes..ive heard this from several people including those who work as tax prepairers anyone know if there is any merit to this rumor...thanks

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connorsmom22607

Asked by connorsmom22607 at 2:18 PM on Jan. 9, 2009 in Politics & Current Events

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Answers (14)
  • I sure hope not! I think if that were true people would have had to have been notified of that?? I don't know I am only speculating simply because some people wouldn't be able to pay that back??

    Anonymous

    Answer by Anonymous at 2:20 PM on Jan. 9, 2009

  • You'll likely have to report on your taxes that you received the stimulus...not sure how it would affect taxes this year though.
    Anonymous

    Answer by Anonymous at 2:24 PM on Jan. 9, 2009

  • No I dont think it was an advance but they are tracking it. If you go to various web sites it asks if you got one before inputting info.
    gemgem

    Answer by gemgem at 2:24 PM on Jan. 9, 2009

  • I believe that TECHNICALLY you do not have to pay taxes on the stimulus check, BUT it DOES have to be reported on your taxes. NOW, when that check is "rolled into" your reported income, taxes WILL be taken out..in part. So, yes and no, you do not pay taxes on the stimulus check per say, but actually taxes on ALL of your income, which the stimulus check is a part of!
    LoriKeet

    Answer by LoriKeet at 2:25 PM on Jan. 9, 2009

  • You don't have to pay it back, but it was more like an advance on your estimated refund. So say for instance if you received $600 on the stimulus check, and your refund is usually $1200, than this year you will only get $600 for your refund (because you already received the other $600 in the form of the stimulus check). If however, you made a lot less money, and your refund this year would only be $400, you wont get a refund at all, but you will not have to pay back the extra $200. That extra $200 is like a freebie. That's why the stimulus check was based on income, to try and make sure people were not getting more than what they would normally get at tax time.
    my2.5boys

    Answer by my2.5boys at 2:26 PM on Jan. 9, 2009

  • So, I got 900 dollars for the stimulus. This year my tax return is going to be reduced by 900 dollars?? If that is so I am pretty upset. I was not aware of that when I received that money. Now this year when money is even tighter and I REALLY need my return, it is going to be reduced??
    Anonymous

    Answer by Anonymous at 2:43 PM on Jan. 9, 2009

  • You arent going to be penalized or get less money. You will be taxed for the money. If you got $1200 you will pay taxes on that $1200. Geez people like to scare other peeps.
    Anonymous

    Answer by Anonymous at 2:50 PM on Jan. 9, 2009

  • http://www.irs.gov/newsroom/article/0,,id=179211,00.html

    This is the link to the IRS website. The Stimulus IS NOT taxable, WILL NOT reduce the amount of your refund for 2008, or increase the amount you owe. Not trying to sound bitchy but where did you all get your information? Just curious how so many people got it wrong.
    Rebecca7708

    Answer by Rebecca7708 at 3:06 PM on Jan. 9, 2009

  • I have already filed my taxes, and this was I found. The stimulus was not taxable, as Rebecca said. They do have you report it so they know how much you got because some people who had a change in their income status in 2008 qualify for additional payments. For instance, in 2007 my husband and I both worked. In 2008, I did not. Since we made less money, we are getting an additional $300 stimulus payment this year above what we got last year. It did not bring our rebate down at all.
    Danielle720

    Answer by Danielle720 at 3:19 PM on Jan. 9, 2009

  • Edit to my response: The additional stimulus payment I am getting this year is not because I didn't work, it is because we had a baby and the dependent entitled us to a larger stimulus than we received last year.
    Danielle720

    Answer by Danielle720 at 3:21 PM on Jan. 9, 2009

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