Quote:
Originally Posted by TheDan
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.
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Quote:
Originally Posted by Agent Jones
Even if that was the case, which its not, you would only have to pay 15-30% of that 600/1200 to your next years return not the entire 600/1200
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In the original article I read in reference to the tax incentive, it stated that the money was an advance on your 2008 returns. i went back to CNN to find the article and post it, and found this little editors note on the article:
Quote:
Article Correction
An earlier version of this report incorrectly described the federal tax rebate as an advance on 2008 tax refunds. The rebate is an additional tax credit for 2008, and it will not be taxed.
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Gotta love the media and their accurate information.