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Stimulus Check

Confused! IRS tells me it should not reduce the amount of the 08 refund but turbo tax is telling the opposite. I decide to surf the net and it seems everybody is confused. Can someone PLEASE clarify this? I'd like to finalize my taxes.

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BVG

Asked by BVG at 10:15 PM on Feb. 3, 2009 in Money & Work

Level 1 (0 Credits)
Answers (10)
  • ok say you got 600 for yourself last year, you will get nothing. If you got 300 last year , you will get 300 ( because the max last year for an individual was 600, they are making up for the 300 you didnt recieve) If you had a NEW child in 2008 you will get 300 for them as well (even if you did get the 600 for yourself last year, but you wont get anything extra for yourself only the 300 for the child) do you understand... did i confuse you
    LuvsDanika

    Answer by LuvsDanika at 10:18 PM on Feb. 3, 2009

  • It should not reduce it. Try taxact.com, it's free.
    Anonymous

    Answer by Anonymous at 10:18 PM on Feb. 3, 2009

  • We used Turbo tax and it didn't reduce anything, in fact we got more from it. They are NOT supposed to be taking anything from your taxes because of it. If they are trying to, get them done somewhere else.
    lilbit837

    Answer by lilbit837 at 10:19 PM on Feb. 3, 2009

  • BTW what exactly do you mean by reduce the amount of the 08 refund? if you are wondering if you have to give that back, you dont
    LuvsDanika

    Answer by LuvsDanika at 10:19 PM on Feb. 3, 2009

  • also you can calculate your taxes online with HR block and it will have a spot that says recovery rebate, so you can see if you are getting more of the rebate then you did last year... and i did it for my SO and it was only 2$ off
    LuvsDanika

    Answer by LuvsDanika at 10:21 PM on Feb. 3, 2009

  • No, it does not reduce the amount you get back-at least not dramatically-yes, it adds to your income for 2008 and you must report it as income. It all depends on the number of deductions you have, etc.... I filed my taxes with turbotax.com and because I had so many deductions, the stimulus check made no difference in what I got back. It all depends!
    Tricia19

    Answer by Tricia19 at 10:28 PM on Feb. 3, 2009

  • it is not to be reported as income, as I understand and from what turbo tax says in their "explain this" link, "it is free money and should not reduce the amount of your refund by the amount of the stimulus check you received. But the software still does that.
    BVG

    Answer by BVG at 10:35 PM on Feb. 3, 2009

  • The stimulus check was an "advance" on your 2008 tax return. Yes, it was free money and not counted as income, but can effect the amount you will recieve it you are due a refund.
    ZarsMom

    Answer by ZarsMom at 9:12 AM on Feb. 4, 2009

  • check out the IRS article regarding stimulus checks. Refunds are being held up because people are filling them out incorrectly. There is a box that is confusing many. If you fill it out then your taxes are flagged. You could end up with an audit.
    partiesbyjan

    Answer by partiesbyjan at 1:12 PM on Feb. 4, 2009

  • its on msn.com website towards the bottom I think under category money. Sorry about that
    partiesbyjan

    Answer by partiesbyjan at 1:13 PM on Feb. 4, 2009

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