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asked on ot also
Posted on 1/15/09 at 4:14 pm
Posted on 1/15/09 at 4:14 pm
Sorry if this is a repeat but it was new to me. A friend had his income taxes prepared early and was told he was receiving less money because he was having to pay back the stimulus money he got during the summer. It was a loan and not free money. Wanted to see if there was any truth to this? If so I am furious. I did not ask for the so call loan.
He did not have to claim it on taxes they just held out what he had gotten in stimulus.
He did not have to claim it on taxes they just held out what he had gotten in stimulus.
1
Posted on 1/15/09 at 4:21 pm to starlight
The rebate will not effect your 2008 federal tax liability or refund. The law says the IRS can't recover any extra rebate payment by reducing your 2008 refund or adding to your 2008 tax bill.
The "rebate" is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" based on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference.
The "rebate" will not increase or decrease any tax refund to which you are entitled. It is an additional refund.
The "rebate" is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" based on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference.
The "rebate" will not increase or decrease any tax refund to which you are entitled. It is an additional refund.
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