[Stumpy]

Originally Posted by ezblonde

yes you get the $300 per child with the 600 or 1200 depending on if you are married. So a family of 4 will get $1800

hell i was happy with 1200 but 1800 is even better. i knew my two boys would go from being a liability to an asset one of these days.

[Firstlady]

So I read a break down on this today...got some good news for Jeff and I...well it will be good next year....since I will be spouting out another deduction this year, we will be eligible for another $300 on our 2008 return!! High fives to me!!

[JENA]

Very Nice!


^^^^lol at your Sig - just noticed

[bigred90gt]

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.

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

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:

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.

Gotta love the media and their accurate information.

[egomez24]

Good I got something to help me pay Taxes, maybe with this I will break even.
I hate Taxes.

[Lampoon]

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.

X2!

When I get mine I will be handing it over to the local tax office for my Home taxes since
that is what I use my federal return for that. Otherwise Im screwed.

Lots dont realise that its not in addition to but just an early refund.

[drewskie68]

so my mom, my brother and i live together, im 18... does will she be getting 900 and ill be getting 600??? or how would that work?

[Firstlady]

If she claims you as a dependent you get nothing. Just because you are 18 doesn't mean she can't still claim you....my parents claimed me until I got married because they were supporting me through college.

If she doesn't and you worked and made the minimum amount you should get $600. If your brother is a minor and your mom claims him she would get $900. If she also claims you, she would get another $300, so $1200 total.

[Firstlady]

Originally Posted by Lampoon

Lots dont realise that its not in addition to but just an early refund.

It isn't an early refund. The stimulus package is going on the 2008 tax year, which is now...you will still get your refund next year, as well as if you are like me and have a baby this year get another 300 for that little munchkin next spring. Anything that would allow you to have gotten more money right now will be given out next year, good news is if they overpay you for some reason you don't have to pay it back.

The IRS website has a good FAQ section on the package....I got a lot of info from there.....including we will get ours direct deposit since that is how we filed out taxes this year!!

[Lampoon]

That would be good info if correct. I was told different. I understand its going on the 2008 tax year....I meant an early refund for your taxes that you will file before April 2009 on the year 2008 (now).

Anyway I hope your right.

[drewskie68]

ok so if she didnt claim me would i get my 600 dollars??

[Firstlady]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Directly from the IRS website. You should seriously check it out....the info is out there in black and white.

Stimulus Payments: Answers to Frequently Asked Questions

[JENA]

I received our notice in the mail today from the IRS that the checks will start going out this May

[Stumpy]

did it say how much you would be receiving?

[JENA]

Not exactly. It states...


If your Qualifying income is at least $3000.00: your stimulus payment is your net income tax liability up to $600 (or $1200 for joint filers). However, generally your stimulus payment will not be less than $300 ($600 for joint filers).

Additional stimulus Payment for children. Individuals eligible for payments may also receive an additional $300 for each qualifying child for the child tax credit.


The letter is pretty general, kind of like all the articles everyone has been seeing.

[Stumpy]

so basically i have no f'ing idea how much i am getting. thanks anyway. damn confusing IRS.

[JENA]

well you know if you are filing jointly, you can for sure expect at least $600.00

[H0SS302]

WAHOOO!!!! i got my rebate check notice in the mail today!!!! cant wait to get that money.. summit racing will get ALL of it lol

[BigJnSA]

i got that IRS letter today too. i better go file our taxes now.

[ezblonde]

got the letter today too! YAY cant wait!!!