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Are we suppose to subtract the stimulas package money we got out of our tax refunds?

I read the federal tax book and couldnt find anything on it. But I want to make sure I do it right so that I dont get fined or anything.

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Asked by Anonymous at 6:23 PM on Jan. 22, 2009 in Money & Work

Answers (8)
  • All you have to do is tell how much you got.

    Answer by Rebecca7708 at 6:27 PM on Jan. 22, 2009

  • Yes if you don't u WILL get audited and have to pay the money back+penilties+interest.

    Answer by Anonymous at 6:27 PM on Jan. 22, 2009

  • Where did you hear that from? Is it in the book somewhere? Plus it was no where on the form to say put how much you got.

    Answer by Anonymous at 6:29 PM on Jan. 22, 2009

  • I would call H&R block. I don't think you even need to put down how much you got b/c it was based on your 07 taxes, that's how it was calculated and automatically distributed. I would call them just to be sure.

    Answer by a_and_j_momma at 7:00 PM on Jan. 22, 2009

  • I checked it out on the IRS website... This is what it said...

    Economic stimulus payments are not taxable, and they are not reported on 2008 tax returns.

    Answer by SabrinaMBowen at 7:07 PM on Jan. 22, 2009

  • The only question about the stimulus rebate on the tax forms is how much you received because you may not have received the full amount and your 2008 income may qualify you for the rest. You do NOT have to pay taxes on the rebate and it does NOT come out of your refund for this year. So the 2 options are 1) you receive what you are supposed to get or 2) you get more because you didn't get all that you were entitled to last year.

    Answer by slw123 at 10:17 PM on Jan. 22, 2009

  • you have to say how much you got and it is added to your income. I do mine on turbo tax and it asks for the amount.

    Answer by britni11 at 3:55 AM on Jan. 23, 2009

  • I did turbo tax as well and it only asks the amount you got back. It doesn't affect the amount you would normally get back in your tax refund check at all. You won't owe a thing for the stimulus check you received. Basically what "slw123" posted above is correct.

    Answer by m2cmom at 11:34 PM on Jan. 26, 2009

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