What are you doing with your tax return?

[Vince]

Re: What are you doing with your tax return?

Credit Cards

[Trevytrev11]

Re: What are you doing with your tax return?

Remember to take into account the rebate you got in early 2008. That money will be coming out of your return.

I don't believe this is true unless you invested the money and made interest. Then you would have to claim the interest, which would go against your income.

How your Stimulus check affects your taxes will depend on how you use it. Unlike any other payment you receive, you will not need to pay taxes on your Stimulus Payment, but if you spend it wisely, it can be claimed as a tax deduction.

It can increase the amount of taxes you owe in 2008 only if you invest this money and see a significant gain in interest or earnings. In this case you will have to claim the profit on your 2008 income taxes, but regardless of how you spend your Stimulus Payment the check itself does not count as income.

http://www.helium.com/items/939225-how-will-the-2008-stimulus-package-affect-your-taxes

BTW, If you use Turbo Tax, it asks you if you have received your payment for 2008. If you answer yes, nothing changes. If you answer no, it will add the amount you should have received, since you did not receive it during the year.

[Trevytrev11]

Re: What are you doing with your tax return?

We are getting a large return this year, almost $6500 (time to update my W4). $2500 of the refund is due to a car we purchased prior to the new year ($2200 for hybrid tax credit + $300 for sales tax). The rest is due to our daughter's chile credit, $11K in mortgage interest, almost $6K in property taxes and almost $7K in child care and our sales tax deduction (no state tax in TX).

The money we are receiving due to the new car will be put towards the principal of the vehicle and the loan will be re-amortized (this was our plan prior to purchase).

Most of the rest will be put into investments and we'll take a little and have some fun-probably go gambling in Lousianna or something.

[Chaos81]

Re: What are you doing with your tax return?

Paying for school. Yay.

[The Chef]

Re: What are you doing with your tax return?

I don't believe this is true unless you invested the money and made interest. Then you would have to claim the interest, which would go against your income.

http://www.helium.com/items/939225-how-will-the-2008-stimulus-package-affect-your-taxes

BTW, If you use Turbo Tax, it asks you if you have received your payment for 2008. If you answer yes, nothing changes. If you answer no, it will add the amount you should have received, since you did not receive it during the year.

Good news if true. I thought it was pitched as not a loan on our 2008 tax return but then everyone here seemed to accept that it was so I was a little confused with that. Is that website pretty reliable for this type of information?

[CS10029]

Re: What are you doing with your tax return?

That'd be nice if that was true.

[The Chef]

Re: What are you doing with your tax return?

That'd be nice if that was true.

Are you being sarcastic? Its tough to tell if your saying that as if you know it isnt true or if you are seriously hoping it is but arent sure. I read in one other location that this was the case and I would have sworn this came up back when all the stimulus check info was first being revealed but I cant remember completely now.

EDIT- Found this on a website and Im not entirely sure what it means in all honesty....

Is the stimulus check taxable?

No. This amount will not be included in your 2008 gross income. The stimulus check is an advance payment of an additional, new tax credit related to your 2008 income tax return.

[Marino]

Re: What are you doing with your tax return?

I am going to Home Depot to pick out some wallpaper, then maybe I'll hit Bed Bath and Beyond... I dont know! I dont know if I'll have enough time!

[BunnyHardaway]

Re: What are you doing with your tax return?

If I get one (which I doubt because I've only been working since November), I'll probably save it or put it towards Senior Week II.

[Alliball]

Re: What are you doing with your tax return?

I don't believe this is true unless you invested the money and made interest. Then you would have to claim the interest, which would go against your income.

http://www.helium.com/items/939225-how-will-the-2008-stimulus-package-affect-your-taxes

BTW, If you use Turbo Tax, it asks you if you have received your payment for 2008. If you answer yes, nothing changes. If you answer no, it will add the amount you should have received, since you did not receive it during the year.

I know it's not considered income, it was advance on your 2008 return.

With me, my wife and daughter we got $1500 of stimulus money. Now on my 2008 if I was supposed to get say $2200 back that $1500 should be deducted from that. That money wasn't magic money that came from some tree planted in the White House rose garden. It has to be paid for some how.

Just so most of you know, you should be shooting for $0 for your refund. I'd rather take that money and make my own interest on it over the course of the year rather than Uncle Sam.

[CS10029]

Re: What are you doing with your tax return?

I know it's not considered income, it was advance on your 2008 return.

With me, my wife and daughter we got $1500 of stimulus money. Now on my 2008 if I was supposed to get say $2200 back that $1500 should be deducted from that. That money wasn't magic money that came from some tree planted in the White House rose garden. It has to be paid for some how.

Just so most of you know, you should be shooting for $0 for your refund. I'd rather take that money and make my own interest on it over the course of the year rather than Uncle Sam.

What proof do you have on that claim?

[CS10029]

Re: What are you doing with your tax return?

FTW. http://www.consumerismcommentary.com...8-tax-returns/

To summarize, the rebate that will be sent out in May 2008 is a credit to the taxes you’ll owe on 2008 income, but it is a new credit, so you don’t have to “pay it back.”

[Alliball]

Re: What are you doing with your tax return?

What proof do you have on that claim?

Where do you think the money came from? Some super secret Swiss account the U.S. has been sitting on for just the right moment.

[Alliball]

Re: What are you doing with your tax return?

[QUOTE=CS10029;2039085811]FTW. http://www.consumerismcommentary.com...8-tax-returns/

To summarize, the rebate that will be sent out in May 2008 is a credit to the taxes you’ll owe on 2008 income, but it is a new credit, so you don’t have to “pay it back.”[QUOTE\]

It all gets paid back one way or another.

[CS10029]

Re: What are you doing with your tax return?

It all gets paid back one way or another.

Not really though. I mean over time it may, but you will not see any significant impact on your return this year due to the check you got last year.

Nothing from last years rebates will effect this years refunds. Unless, your status has changed and you now should receive more money, ie. having a child.