I had no idea did you know about this?

@apples99 (6564)
United States
January 2, 2009 9:50pm CST
I was just talking to my friend today she went to get her income taxes figured out at the tax office, and she found out from the tax attended that everyone who had recived a stimulus check will have to pay it back through there income tax return, I had no idea about this did you know about this? and if you did how do you feel about it?
1 person likes this
4 responses
• United States
3 Jan 09
ok after reading this and knowing tha ti have heard many different things i looked it up. here is what i found. No. And here's why. Your stimulus payment is a one-time tax cut - an advance on a credit you'll receive on your 2008 return. You will not owe tax on your payment when you file your 2008 tax return, and it will not increase the amount you owe or reduce your 2008 refund. The stimulus payment is based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference. "If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
@apples99 (6564)
• United States
3 Jan 09
Oh I see thank-you for posting this information I think have a better understanding on this now.
• United States
3 Jan 09
i have heard different things on this. some people said they had to pay back the whole thing some said they are paying part of it the next few years and some stated that they arent having to pay it back at all. it may depend on your money.
@apples99 (6564)
• United States
3 Jan 09
Well my friend told me that everyone who recived a stimulus check will have to pay it back through there tax return she said that the tax office attendant told her this as he was figuring out her tax return.
@SomeCowgirl (32273)
• United States
3 Jan 09
I didn't know about it but I don't have to worry, I hadn't worked at all this year, we couldn't find a job...
@apples99 (6564)
• United States
3 Jan 09
I see well thanks for responding.
1 person likes this
@camomom (7537)
• United States
5 Jan 09
That's not what the government said when they sent them out. I really don't think that that's true. I'd call your local tax prep place and ask.