Do we have to pay taxes in 2009 on the stimulus check we got in 2008?

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Anonymous

Asked by Anonymous at 12:15 PM on Jan. 27, 2009 in Money & Work

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Answers (32)
  • It is NOT taxable.
    Anonymous

    Answer by Anonymous at 12:16 PM on Jan. 27, 2009

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  • You do NOT report last years stimulus as income or in any way that it can be taken back. There is so much mis-information about this. There is only ONE place on the tax forms that asks about last years stimulus rebate. They ask what you received because you MIGHT be entitled to more. Some people did not receive their full amount (remember all the drama about that on here last year) and now they may be entitled to get the rest based on their 2008 earnings. That's it! It will not take anything away from your income tax refund for this year and for some lucky people it will add to it.
    slw123

    Answer by slw123 at 12:20 PM on Jan. 27, 2009

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  • If they had to pay it all back, it sounds like maybe they weren't supposed to get it to start with; maybe it was a mistake. That, or maybe they owed for something else that is coming out of the refund, and it just happens to be the same amount. It didn't affect my refund at all.
    Anonymous

    Answer by Anonymous at 12:21 PM on Jan. 27, 2009

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  • Yes it will effect your refund...getting that stimulus check was like a early tax refund. You have to claim it on your taxes or yes you will pay it back +interest and penalties. they aren't paying it back persay. It has already been used. Yes it will effect your return because depending how much you recieved is how much you won't get back. We were supposed to get like $7200 dollars back but when we put the stimulus money in we are now only getting back 5000 and something. plus what ever we get from state which is like 300.
    Anonymous

    Answer by Anonymous at 12:23 PM on Jan. 27, 2009

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  • It was NOT an early tax refund!!!
    Anonymous

    Answer by Anonymous at 12:27 PM on Jan. 27, 2009

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  • The stimulus check was free and clear and based on your 2007 tax return. It very specifically said that it was not being given out against your 2008 taxes.
    Anonymous

    Answer by Anonymous at 12:28 PM on Jan. 27, 2009

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  • "It will not take anything away from your income tax refund for this year and for some lucky people it will add to it."

    SLW123-yes it will effect your taxes on what you will be getting back! we should have gotten $7200 but with the stimulus rebate it dropped down $2200. Because it is money we already recieved so really we will be getting 2 tax returns when it is all said and done one from the stimulus rebate and the one that we get annually from fed and state.
    Anonymous

    Answer by Anonymous at 12:30 PM on Jan. 27, 2009

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  • In a sense it was an early tax refund! What is $2200 from $7200? $5000! whichis what we are getting from FED!
    Anonymous

    Answer by Anonymous at 12:33 PM on Jan. 27, 2009

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

    If your refund was affected, it was for another reason. Have someone double check it.
    We just had our taxes done and it made no difference. ZERO.
    Rebecca7708

    Answer by Rebecca7708 at 12:35 PM on Jan. 27, 2009

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  • Thank you, Rebecca, I was getting very confused.
    Bmat

    Answer by Bmat at 12:52 PM on Jan. 27, 2009

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