Quote:
Originally Posted by bigred90gt
Just go into it knowing that the $600/$1200 will be deducted from next year's tax returns. If you depend on that, you may want to save the money instead of blowing it. From what I understand, if you don't get at least $600/$1200 (single/couple) on next years returns, you will be writing a check to the IRS to cover what they gave you. It is nothing more than an advance on next years return.
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I dont think thats the case. Income tax incentive returns do not count as income and are not taxable. Thats like teh IRS taxing your return on what they have already overtaxed you.
However, if it is written as a tax loan or prepayment then yes it could be deducted.