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Did anyone else hear this? We are going to have to pay taxes on that free "stimulus check" we recieved last year.

And were we told that at the time they gave it to us? NO. That makes me so mad!! The government gave us money to help stimulate the economy...and now that they realized they overextended themselves, they've decided to take some of that money back. I swear, our government is nothing but a bunch of liars and thieves!!

Answer Question
 
brandyj

Asked by brandyj at 5:35 PM on Jan. 22, 2009 in Politics & Current Events

Level 21 (10,228 Credits)
Answers (41)
  • I knew that the stimulus check from last year was just an advance on the anticipated return this year, but I do taxes. I filed my taxes last week and my refund was reduced by the amount we received last year. You're not paying taxes on it (it is not considered income) but you ARE paying it back. It was a loan, basically, with no interest.
    plylerjones

    Answer by plylerjones at 5:37 PM on Jan. 22, 2009

  • oh i heard differently about that. i heard we didn't have to. Obama wants to double it this year...from what i hear anyway
    armywife43

    Answer by armywife43 at 5:37 PM on Jan. 22, 2009

  • Its so f***ing stupid!!! And on the bail outs they should have given that money to the American citizens who else would use it spend it pay off bills and boost the economy?! The US citizens not the f***ing car makers, geez most of that freggin money is going to go to the leeching unions or the greedy CEOs!
    Anonymous

    Answer by Anonymous at 5:37 PM on Jan. 22, 2009

  • I wouldn't be surprised if the government taxed our tax returns lmao!

    Apr1l

    Answer by Apr1l at 5:38 PM on Jan. 22, 2009

  • i didnot know that. i knew we had to show that we got it, but i did not know that we had to be paying it back. thata a crock of poo.But i guess thats how they get us. Thats our government. hooray for us.
    Anonymous

    Answer by Anonymous at 5:43 PM on Jan. 22, 2009

  • This is from the IRS website:
    What is it? It's an economic stimulus payment that more than 124 million households will receive. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return. Payments started in May and will continue through the end of 2008.

    Here is the link to the same website: http://www.irs.gov/newsroom/article/0,,id=179211,00.html

    Sounds like some of you got bad information and some of you got screwed. Sorry to be blunt. We've also talked to the H&R Block people and they say the same thing.
    Rebecca7708

    Answer by Rebecca7708 at 5:43 PM on Jan. 22, 2009

  • I know that citizens have the power to throw corrupt presidents out by impeachment... but what can we do about the others? Don't we the people have any power over what happens to us anymore??
    brandyj

    Answer by brandyj at 5:46 PM on Jan. 22, 2009

  • Rebecca - we filed with H& R block online - there is an online calculator in the upper right hand corner that calculates your refund while you enter your information. When we got to the "did you . receive a stimulus check" portion, our return was listed at 4700 dollars. Once I entered in the amount we received - bamn - it dropped 1800 dollars.

    If the IRS wasn't going to recoup this money, why did they ask that question?
    plylerjones

    Answer by plylerjones at 5:48 PM on Jan. 22, 2009

  • Has anyone found out if the IRS has updated their information regarding this payment since their original release last year? Because I will sure as hell file an amended if possible.
    plylerjones

    Answer by plylerjones at 5:51 PM on Jan. 22, 2009

  • We did the same. Ours wasn't reduced. I don't know what happened to you but you should probably call someone at H&R Block and look into it. I'm trying to bash, but are you 100% sure you did everything correctly? Seriously, go back and double check. When we first used the calculator, I didn't click one thing and it made a difference of $2,000. There could have been some minor mistake that you just didn't notice.
    Rebecca7708

    Answer by Rebecca7708 at 5:55 PM on Jan. 22, 2009

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