Anybody doing their taxes yet?
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Joined: Aug 2005
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Anybody doing their taxes yet?
I just wanted to see how you guys are liking how our "Stimulus" checks are helping with our returns this year?
Looks as if it was nothing but an advance on this years tax rebate, that is if you where lucky enough to be getting a rebate.. If not, here is the best part, if you are close to breaking even, you now get to pay.
I have been doing my taxes and it comes right off the top of whatever rebate you where going to get. I had heard back when this was coming out, this was how it was going to work, but never could get acurate info.
What a shell game. I don't know why I am supprized.
YEAH! TAX TIME.
Looks as if it was nothing but an advance on this years tax rebate, that is if you where lucky enough to be getting a rebate.. If not, here is the best part, if you are close to breaking even, you now get to pay.
I have been doing my taxes and it comes right off the top of whatever rebate you where going to get. I had heard back when this was coming out, this was how it was going to work, but never could get acurate info.
What a shell game. I don't know why I am supprized.
YEAH! TAX TIME.
Thread Starter
Registered User
Joined: Aug 2005
Posts: 235
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Hell No, I am a dumb ass.
No, I use the free online Turbo tax. It expained it in very simple terms. This is off their site.
Here's a Bit More Info About the 2008 Stimulus Rebates
Wondering what these rebates are all about? It's a bit complicated, but in a nutshell:
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
The government first gave the rebates out in early 2008, rather than in 2009, to help stimulate the economy. However, people who missed out or were considered ineligible in 2008 may qualify in 2009.
What if I didn't get a rebate?
Good news! You're allowed a second chance under the 2008 law that created the tax rebates. Keep in mind that rebates are sometimes withheld by the IRS, or mailed to the wrong address. Just to be sure the IRS didn't issue you a rebate in 2008, we recommend you check the IRS Web site (below).
Once you've confirmed the IRS didn't issue you a rebate, go ahead and choose No on this screen, and TurboTax will automatically check to see if you qualify this year.
How will I know if I'm getting a rebate?
TurboTax will let you know as you prepare your 2008 tax return.
Helpful Links
- To find the rebate amount the IRS originally gave you (before any money was withheld), visit the IRS Web site.
- To learn more about the 2008 stimulus rebates, check out the TurboTax Support web site at http://turbotax.intuit.com/support/kb/tax-content/tax-tips/5462.html
No, I use the free online Turbo tax. It expained it in very simple terms. This is off their site.
Here's a Bit More Info About the 2008 Stimulus Rebates
Wondering what these rebates are all about? It's a bit complicated, but in a nutshell:
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
The government first gave the rebates out in early 2008, rather than in 2009, to help stimulate the economy. However, people who missed out or were considered ineligible in 2008 may qualify in 2009.
What if I didn't get a rebate?
Good news! You're allowed a second chance under the 2008 law that created the tax rebates. Keep in mind that rebates are sometimes withheld by the IRS, or mailed to the wrong address. Just to be sure the IRS didn't issue you a rebate in 2008, we recommend you check the IRS Web site (below).
Once you've confirmed the IRS didn't issue you a rebate, go ahead and choose No on this screen, and TurboTax will automatically check to see if you qualify this year.
How will I know if I'm getting a rebate?
TurboTax will let you know as you prepare your 2008 tax return.
Helpful Links
- To find the rebate amount the IRS originally gave you (before any money was withheld), visit the IRS Web site.
- To learn more about the 2008 stimulus rebates, check out the TurboTax Support web site at http://turbotax.intuit.com/support/kb/tax-content/tax-tips/5462.html
banana republic
Joined: Jan 2008
Posts: 8,819
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Ok, I HAVE done my taxes. The rebate checks had NO EFFECT on my taxes at all.
If you read above, it says that it won't. In fact, it says that "The credit is essentially free money".
Try Tax Act before you finish filing. We did both. On turbo tax, we were only getting back like $3000, but on Tax Act, we got back over $7000.
They're free until you hit "send".
If you read above, it says that it won't. In fact, it says that "The credit is essentially free money".
Try Tax Act before you finish filing. We did both. On turbo tax, we were only getting back like $3000, but on Tax Act, we got back over $7000.
They're free until you hit "send".
Registered User
Joined: Mar 2008
Posts: 3,486
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Ok, I HAVE done my taxes. The rebate checks had NO EFFECT on my taxes at all.
If you read above, it says that it won't. In fact, it says that "The credit is essentially free money".
Try Tax Act before you finish filing. We did both. On turbo tax, we were only getting back like $3000, but on Tax Act, we got back over $7000.
They're free until you hit "send".
If you read above, it says that it won't. In fact, it says that "The credit is essentially free money".
Try Tax Act before you finish filing. We did both. On turbo tax, we were only getting back like $3000, but on Tax Act, we got back over $7000.
They're free until you hit "send".
I dont know where you get 'Free money' from.
I had to pay mine back. Just did my taxes tonight. It came out of my rebate credit. They subtracted what I got last year from it. It was an income,.. so no matter what they will tax you on it.
Hurst
__________________
Originally Posted by Tiffiny
"We all heart the Hurst"
banana republic
Joined: Jan 2008
Posts: 8,819
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Please note the underlined part.
And as I said, I have already filed mine, and it made no impact at all...Of course, I lost a lot of money on my business last year too. 
Hell No, I am a dumb ass.
No, I use the free online Turbo tax. It expained it in very simple terms. This is off their site.
Here's a Bit More Info About the 2008 Stimulus Rebates
Wondering what these rebates are all about? It's a bit complicated, but in a nutshell:
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
The government first gave the rebates out in early 2008, rather than in 2009, to help stimulate the economy. However, people who missed out or were considered ineligible in 2008 may qualify in 2009.
What if I didn't get a rebate?
Good news! You're allowed a second chance under the 2008 law that created the tax rebates. Keep in mind that rebates are sometimes withheld by the IRS, or mailed to the wrong address. Just to be sure the IRS didn't issue you a rebate in 2008, we recommend you check the IRS Web site (below).
Once you've confirmed the IRS didn't issue you a rebate, go ahead and choose No on this screen, and TurboTax will automatically check to see if you qualify this year.
How will I know if I'm getting a rebate?
TurboTax will let you know as you prepare your 2008 tax return.
Helpful Links
- To find the rebate amount the IRS originally gave you (before any money was withheld), visit the IRS Web site.
- To learn more about the 2008 stimulus rebates, check out the TurboTax Support web site at http://turbotax.intuit.com/support/k...tips/5462.html
No, I use the free online Turbo tax. It expained it in very simple terms. This is off their site.
Here's a Bit More Info About the 2008 Stimulus Rebates
Wondering what these rebates are all about? It's a bit complicated, but in a nutshell:
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
The government first gave the rebates out in early 2008, rather than in 2009, to help stimulate the economy. However, people who missed out or were considered ineligible in 2008 may qualify in 2009.
What if I didn't get a rebate?
Good news! You're allowed a second chance under the 2008 law that created the tax rebates. Keep in mind that rebates are sometimes withheld by the IRS, or mailed to the wrong address. Just to be sure the IRS didn't issue you a rebate in 2008, we recommend you check the IRS Web site (below).
Once you've confirmed the IRS didn't issue you a rebate, go ahead and choose No on this screen, and TurboTax will automatically check to see if you qualify this year.
How will I know if I'm getting a rebate?
TurboTax will let you know as you prepare your 2008 tax return.
Helpful Links
- To find the rebate amount the IRS originally gave you (before any money was withheld), visit the IRS Web site.
- To learn more about the 2008 stimulus rebates, check out the TurboTax Support web site at http://turbotax.intuit.com/support/k...tips/5462.html
__________________
Last edited by 95coBraSVT; Jan 31, 2009 at 06:37 PM.
banana republic
Joined: Jan 2008
Posts: 8,819
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i unno Sumfun the queen wanted to try to take from us before we all moved to the Americas. Then we moved here to escape the over taxation by jolly ol england....Now we get over taxed by the government we put into office.
Thread Starter
Registered User
Joined: Aug 2005
Posts: 235
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Ok, try this. Where it ask, "Did you or did you not receive a stimulus check and how much it was?" I ran it both ways. Guess what, I would have gotten back X number of dollars without it and got back X number of dollars "LESS" claiming it. I know a few other people whos numbers are coming out the same.
It was an advance on this years return, plain and simple.
In a way it is FREE MONEY, "YOUR MONEY". You either got it then or you get it now. The taxing of it is not the point.
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
It was an advance on this years return, plain and simple.
In a way it is FREE MONEY, "YOUR MONEY". You either got it then or you get it now. The taxing of it is not the point.
The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does not need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. Neither will it be taxed later. The credit is essentially free money.
Last edited by S281-335; Jan 31, 2009 at 06:28 PM.
