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How you spending rebate check??


Putty

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Going into savings until vacation for my sisters wedding in Gatlinburg, TN. Other than that, I am going to try to hold on to as much of it as possible.

 

Be warned, we will all have to claim this as income on our 2008 taxes...It is not free money, just and advance on our 2008 income tax refund. If you normally don't get a refund or don't get a refund in the amount you are getting for your rebate, hold on to it because you are going to have to pay it back next year.

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NOT TRUE, no one will pay tax on the stimulus money received this year However, you should keep a copy of the IRS letter you receive listing the amount as good common sense.

 

 

http://www.irs.gov./newsroom/article/0,,id=179181,00.html

 

Q. Is my Stimulus Payment taxable?

 

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

 

Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

 

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

 

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

 

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

 

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

 

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

 

 

 

Be warned, we will all have to claim this as income on our 2008 taxes...It is not free money, just and advance on our 2008 income tax refund. If you normally don't get a refund or don't get a refund in the amount you are getting for your rebate, hold on to it because you are going to have to pay it back next year.

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^^ Types/Researches faster then me

 

Be warned, we will all have to claim this as income on our 2008 taxes...It is not free money, just and advance on our 2008 income tax refund. If you normally don't get a refund or don't get a refund in the amount you are getting for your rebate, hold on to it because you are going to have to pay it back next year.

 

This is not true. I have heard it alot but, the IRS says it is not true.

 

"Q. Is my Stimulus Payment taxable?

 

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment."

 

http://www.irs.gov/newsroom/article/0,,id=179181,00.html[/

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^^ Types/Researches faster then me

 

 

 

This is not true. I have heard it alot but, the IRS says it is not true.

 

"Q. Is my Stimulus Payment taxable?

 

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment."

 

http://www.irs.gov/newsroom/article/0,,id=179181,00.html[/

 

You posted too late.

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