anyone know anything about these, some people are telling me that you will have to pay it back with your tax return next year, some are saying you wont
here is what i got from the irs website about it: (but is there hidden information about having to pay it back?) i just find something fishy about "free money" from the government! anyone have any info on it?
(from the irs website)
<table class="MsoNormalTable" style="width: 416.25pt;" border="0" cellpadding="0" cellspacing="0" width="555"><tbody><tr style=""><td style="padding: 0in;">Stimulus Payments: Answers to Frequently Asked Questions
</td> </tr> <tr style=""> <td style="padding: 0in;">
</td> </tr> <tr style=""> <td style="padding: 0in;"> <table class="MsoNormalTable" style="width: 5.25in;" border="0" cellpadding="0" width="504"> <tbody><tr style=""> <td style="padding: 0.75pt;"> Updated March 3, 2008
Under the Economic Stimulus Act of 2008, more than 130 million American households will receive economic stimulus payments beginning in May. The only way to get one is to file a federal tax return for 2007. This filing requirement also applies to some people who do not normally file, including many low-income people and recipients of Social Security, certain benefits received from the Department of Veterans Affairs and certain Railroad Retirement benefits.
</td> </tr> </tbody></table>
</td> </tr> </tbody></table> 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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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.
here is what i got from the irs website about it: (but is there hidden information about having to pay it back?) i just find something fishy about "free money" from the government! anyone have any info on it?
(from the irs website)
<table class="MsoNormalTable" style="width: 416.25pt;" border="0" cellpadding="0" cellspacing="0" width="555"><tbody><tr style=""><td style="padding: 0in;">Stimulus Payments: Answers to Frequently Asked Questions
</td> </tr> <tr style=""> <td style="padding: 0in;">
</td> </tr> <tr style=""> <td style="padding: 0in;"> <table class="MsoNormalTable" style="width: 5.25in;" border="0" cellpadding="0" width="504"> <tbody><tr style=""> <td style="padding: 0.75pt;"> Updated March 3, 2008
Under the Economic Stimulus Act of 2008, more than 130 million American households will receive economic stimulus payments beginning in May. The only way to get one is to file a federal tax return for 2007. This filing requirement also applies to some people who do not normally file, including many low-income people and recipients of Social Security, certain benefits received from the Department of Veterans Affairs and certain Railroad Retirement benefits.
</td> </tr> </tbody></table>
</td> </tr> </tbody></table> 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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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.
