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Originally Posted by
cabby92
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.
Yeah it says we wont be taxed on it, but, all over the news down here they are saying that Alabama residents MIGHT be taxed because of some stupid bill that they took their sweet time passing....I need to check up on that.
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05-05-2008 10:43 AM
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Individual states can pick and choose but the feds have put their rules in place.
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Originally Posted by
cabby92
Individual states can pick and choose but the feds have put their rules in place.
Basically the gov't can do what the gov't wants.
Even though they "say" that it won't affect our 08 taxes, I wouldn't bet $ on it..they are paying us with BORROWED $ from China, they gotta pay 'em back somehow eh?
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Just checked and it said ours would be deposited on May 9th. Thats the original date when all this started.
I thought we would get 2100--2 working adults and 3 kids but we are getting 1500. Said we didn't make enough and the 2 adults are getting 600 together not each. Still got 300 per child. Oh well every bit helps (especially when you don't make enough to start with
)
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wow I am not sure of the circumstance as to why you don't receive it for him but my son was 16 at the end of 2007 and working and we got the credit for him. If he works and made more then 3K, he will receive his own check. My son made just under 3K but I am still going to give him the $300
Originally Posted by
belle5691
It frustrates me that because my son was 17 at the end of 2007, we don't qualify for any of the stimulus payment for him....He still lives here, as my child, is still in school....so how fair is that supposed to be? But some is better than none, I grant you that.
A wise man once said - if given enough rope, one will eventually hang themself
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I'm getting the entire 1800 I expected but not until about may 16 the date of the original timing of sending checks.
Father of Kyle, Elizabeth, Tiffany & Andrew. Proud Parent of a Cancer Survivor!
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Originally Posted by
lassss
wow I am not sure of the circumstance as to why you don't receive it for him but my son was 16 at the end of 2007 and working and we got the credit for him. If he works and made more then 3K, he will receive his own check. My son made just under 3K but I am still going to give him the $300
That is because the cut off age for the child tax credit is 17 years old. My daughter turned 17 on December 31, 2007, so she did not qualify for the child tax credit for our 2007 refund even though we claimed her on our taxes, nor did she qualify for the $300 rebate for the stimulus rebate we are getting on Friday (I still feel that 18 years old should be the cut off age, but who am I to say?).
Anyway, your son won't qualify on your tax refund for the child tax credit next year because he'll be 17 years old then, even though you claim him on your taxes.
Hope that makes sense.
Sandy
¡ʇı dılɟ ʇsnɯ noʎ 'punoɹɐ sǝɯoɔ ɯǝlqoɹd ɐ uǝɥʍ
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I got a paper from the IRS today stating I would not have to report the 1800 as income next year when filing.
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I got that same paper last week, I also got some stuff from Social security but thats becuase I get Social security.
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Originally Posted by
dcut4
Just checked and it said ours would be deposited on May 9th. Thats the original date when all this started.
I thought we would get 2100--2 working adults and 3 kids but we are getting 1500. Said we didn't make enough and the 2 adults are getting 600 together not each. Still got 300 per child. Oh well every bit helps (especially when you don't make enough to start with
)
Same with us sweetie! We were hoping for more and it said us the 9th and $1,800...
We will still be able to get a fence and a shed. I was just hoping to able to pay off this one bill... Uhg!
The system still sucks so bad... the government is a freaking joke! 
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We actually got more back than we thought.
They say it takes a minute to find a special person, an hour to appreciate them, a day to love them, but then an entire life to forget them. Distance and time may separate us but friendship and memories won't.
~When someone you love becomes a memory, the memory becomes a treasure~
=^..^=
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