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I thought that the stimulus check wasnt taxable, so why is it it was added as earned income and put me in a higher tax bracet and it counted against me?

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Anonymous

Asked by Anonymous at 4:30 PM on Jan. 29, 2009 in Money & Work

Answers (10)
  • Because nothing is free.
    gemgem

    Answer by gemgem at 4:32 PM on Jan. 29, 2009

  • i agree with gemgem, we too found that out when we went and filed taxes! lovely isn't it?
    JAJA_Steele

    Answer by JAJA_Steele at 4:35 PM on Jan. 29, 2009

  • IT ISN"T TAXED! They put the rebate amount in your refund before you start, then they ask how much you recieved. If you recieved the right amount they deduct it from what they already added in. If for some reason you didn't get the right amount they leave the portion that you are credited in your return and take the rest away. They are doing it to make sure you received the money you were suppose too, not taxing you. Read the irs website, it explains in full black and white detail what and how they are doing it!
    sidzwif

    Answer by sidzwif at 4:37 PM on Jan. 29, 2009

  • Everyone who was "given" a stimulus check is now being taxed on it. That is one reason why the stimulus checks were not a good idea. Now you just have to pay it back to the government... oh and by the way, that was your money you paid in taxes in the first place.
    AnnaMac

    Answer by AnnaMac at 4:38 PM on Jan. 29, 2009

  • For the ZILLIONTH time, you are not being taxed on it. It was NOT income.
    customcat2000

    Answer by customcat2000 at 4:41 PM on Jan. 29, 2009

  • Here for the 100th time is the link for the IRS website: http://www.irs.gov/newsroom/article/0,,id=179211,00.html
    sidzwif

    Answer by sidzwif at 4:44 PM on Jan. 29, 2009

  • you guys can thank ex president bush for that one.
    Anonymous

    Answer by Anonymous at 4:45 PM on Jan. 29, 2009

  • 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.

    sidzwif

    Answer by sidzwif at 4:46 PM on Jan. 29, 2009

  • Just so everyone knows that someone filed their taxes and didn't get charged....

    I usually get back around 3000, married with one dependant and guess what... I'm getting 3000 back this year too!! I recieved the stimulus...$1500 I believe was the total and we put it in turbo tax and it didn't reduce my refund. Do some research, they aren't taxing it!!
    sidzwif

    Answer by sidzwif at 4:53 PM on Jan. 29, 2009

  • If you are getting charged for it, then you are doing something wrong. IT IS NOT TAXABLE. period. I know it's not enough for an accountant to tell you this so go to the IRS site and search it out yourself. If you were taxed on your rebate check, then you did your taxes wrong (or you need to fire whoever did them).
    ferdo0204

    Answer by ferdo0204 at 5:48 PM on Jan. 29, 2009

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