You will not owe taxes on your rebate stimulous package.

@icyorchid (2566)
United States
April 24, 2008 6:09pm CST
According to the IRS, http://www.irs.gov./newsroom/article/0,,id=179181,00.html you will not owe taxes on your rebate when you file your 2008 income tax return. However, you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received. http://www.irs.gov./newsroom/article/0,,id=179181,00.html Several people are getting nervous about getting this and are believing everything they read about having to pay this back next year and that is NOT true. The government can not do something like that without letting you know this first! Please go to http://www.irs.gov and read what their site has on it about the stimulous package. This is not money that will be taxed next year. ~Icy~
1 person likes this
4 responses
@tinabme2 (90)
• United States
28 Apr 08
Thank You for the information, I really thought it was like the last one and that we would have to pay it back next year.
@icyorchid (2566)
• United States
8 May 08
Just be sure to read the irs site and your state tax site and you won't have any problems. From what I read, you won't be taxed on it.
@SukiSmiles (1999)
• United States
25 Apr 08
That's some good info. I though I would be taxed on it next year. Although, I wouldn't be surprised if Arizona decided to tax it next year.
@icyorchid (2566)
• United States
8 May 08
Just be sure to read the irs site and your state government tax site and you won't go wrong. :)
• United States
25 Apr 08
Some states are taxing it, though, so make sure you check your state government site as well.
@icyorchid (2566)
• United States
8 May 08
I didn't know that. lol I guess we will be taxed, Louisiana is taxing everything. lol I am just trying to let everyone know to read the irs site, so they can get their facts straight. Too many people are guessing at this.
@Rosekitty (19500)
• San Marcos, Texas
24 Apr 08
Thanks Icy..good to know and will tell my children.. I've learned the hard way to not ever throw any papers out..EVER.. had a bad divorce and from then on.i keep all papers from anything and i mean anything
@icyorchid (2566)
• United States
8 May 08
You're welcome Rose, Makes sence to read the irs site instead of everything else being posted about it. :)