about bush and his stimulus my girlfriend and I were sitting here estimating our tax refund ? | Estimating Tax Refund
Query by holla at me: about bush and his stimulus my girlfriend and I have been sitting right here estimating our tax refund ?
and how a lot we would get again this year. and she discovered that they inquire how significantly did you get back again for the stimulus final 12 months. and she place in how significantly she did then she found out how much she would get, then she went back again and did it all over yet again and this time she hit the didn’t get a stimulus and looked at how significantly she would get she would get like 500 much more, so she thinks that we are paying out the stimulus again with these taxes? does anyone received any input or know nearly anything about that circumstance? thanks a-lot2
Estimating Tax Refund
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Solution by v b
You only get the stimulus The moment. Some folks didn’t qualify very last year, so they get a 2nd chance when they file their 2008 tax return.
You are your girlfriend are producing the typical error of taking part in with the area and assuming that if you place in $ and then $ 300, that you are in some way paying the $ 300 again. End taking part in with the field–if you got $ 300 you *have* to enter it.
No a single is paying this back again.
PS, due to the way the stimulus is dealt with, if your girlfriend ended up to accidentally try out to claim the stimulus twice, the IRS will automatically modify it to the sum she received and then she’d get a letter saying she’d manufactured a math error on her return.
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Comments on about bush and his stimulus my girlfriend and I were sitting here estimating our tax refund ? | Estimating Tax Refund
No, that isn’t what is happening. If you didn’t get the stimulus the first time around, then you can get it now. Since she put in that she didn’t get it, the program is adding that to her current refund. You are not paying the stimulus back; that is in addition to whatever refund you would normally get.
She’s not paying it back – she’s just not getting it twice. Despite the huge media blitz done in 2008 to encourage families to file tax returns for their stimulus package etc etc the government understands that some persons may have been missed. As a result, this year they are giving an additional credit to those persons who didn’t receive a credit last year but qualify.
If you girlfriend fails to admit that she got a stimulus payment last year she will be receiving double the payment and may end up barring herself from future stimulus packages (and they are expected in 2009 with the new administration) for several years. This is very similar to the way people who claim the EIC when they don’t qualify are barred from collecting later. You should encourage her to include this payment in her 2008 taxes to ensure she receives any future payments.
The stimulus comes from your taxes. If you got a stimulus check, then you will get that much less back from your taxes. You never get anything for free.
And if you try to lie the IRS will catch it and just reject your return.
Here’s a Q & A page about the recovery rebate credit.
http://irs.gov/newsroom/article/0,,id=201641,00.html
The stimulus payment you recieved last year should not affect your tax return. The tax return software does ask how much your rebate was, but that is to determine if you are entitled to more of a rebate. Most won’t be, unless they had a new child in 2008 to claim or were no longer claimed as a dependent. But you do not have to repay an overpayment
you are not paying back the stimulus.
What they are doing is recalculating your stimulus.
If you would have qualified for more based on your taxes this year, they will give you the difference. If you don’t qualify for more and you got the right amount last year, they take it back out of taxes so they don’t over pay you.
Do not lie about how much you got in the stimulus, because they have a record showing how much you got already, and the IRS does not like when you try to fool them.