Internal Revenue Service Informative - 2008 Stimulus Payments

Posted by Anonymous on 2008-03-27:

Don't forget to claim this as income next year and if you owe taxes from previous years don't hold your breath even if you file this year. (VH)

Posted by Anonymous on 2008-03-27:

The so-called stimulus checks will not be counted as income. Many polls show that most people will either bank the money or pay off debts.

Posted by *Brenda* on 2008-03-27:

May 9th for me! Woohoo!

Posted by jenjenn on 2008-03-28:

They're not supposed to count as income, however, this is the federal government, and anything is subject to change without notice. LOL.

Posted by Anonymous on 2008-03-28:

It's not fair. I won't receive one of those checks this year. I'm being discriminated against because I make too much money. Why should I be punished for working harder than most. Shouldn't it work the other way around? So that the more you make the bigger stimulus one should get. Poor people in this country have it made in the shade.

Good info jenjenn.. I voted your contribution 'Very Helpful'.

Posted by DebtorBasher on 2008-03-28:

I don't understand when people say it would not be considered income because they are banking it. My paychecks have been directly deposited into my bank account for years and it's still considered income...How would they know if you deposited it into your account, then spent it, or if you just cash it and spent it...you still received it and a deposit is the same as cashing it. If you tore it up and threw it away, then they would see it was never cashed.

Posted by DebtorBasher on 2008-03-28:

I feel for you Stewie!

Posted by chemman on 2008-03-28:

you know, one thing I never understood is why I have to claim a state refund of my taxes as income on my next years return? For example, let's say I make 100,000 a year and paid 10,000 in state taxes that year. I then file my taxes and find out I'm due 1,000 refund from the state. The next year I have to claim that 1,000 as income, why? I didn't make 101,000 because they gave me back 1,000 of my own money. If they gave me back the whole 10,000, I still only made 100,000 thay year right? Am I missing something, can someone explain this too me?

Posted by Anonymous on 2008-03-28:

chemman -- You only have to do that if you itemized the previous year. When you itemize you claim the amount of state tax withheld and not your actual state tax liability. So the amount of the state refund (if any) wasn't taxed in the previous tax year ergo you must settle up this tax year. Works the opposite if you owe the state. It makes perfect sense to me.

Posted by DebtorBasher on 2008-03-28:

Chemman, I don't think it is meant for us to understand.

Posted by MRM on 2008-03-28:

PassingBy, I, for one, will be deposting my rebate check in a CD account and let it compound. When I have to return the money back, there still be half of the money in the cd account.