Stimulus checks (2008) and filing your taxes.

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  • Brandwin
    Hall Of Fame
    • Jul 2002
    • 30621

    #1

    Stimulus checks (2008) and filing your taxes.

    Let me get this straight, when filing your taxes, you do include what you received last year on your stimulus check correct?. I usually file mine online and it asked the amount and brought down my return by $600 (I mean I know the check was an advance anyway).

    I am pretty positive you do, but I wanted to make sure.
  • LetsGoBucs
    Let's Go Nuggets!
    • Feb 2003
    • 1289

    #2
    Re: Stimulus checks (2008) and filing your taxes.

    It was my understanding that the stimulus check from last year should have no impact on this year's return. But then again, the whole thing has me confused so I may be wrong...
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    • GSW
      Simnation
      • Feb 2003
      • 8041

      #3
      Re: Stimulus checks (2008) and filing your taxes.

      yes Dookie.
      #Simnation

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      • Trevytrev11
        MVP
        • Nov 2006
        • 3259

        #4
        Re: Stimulus checks (2008) and filing your taxes.

        Originally posted by DookieMowf
        Let me get this straight, when filing your taxes, you do include what you received last year on your stimulus check correct?. I usually file mine online and it asked the amount and brought down my return by $600 (I mean I know the check was an advance anyway).

        I am pretty positive you do, but I wanted to make sure.
        It has no impact on your actual tax liability for 2008. In other words it doesn't count against your income and it doesn't add to any tax that you may owe or take away from any refund that you would get.

        I'm not sure if you are using Turbo Tax, but if you are, when you first start your return, it asks you if you received your stimulus check and for how much.

        If you did not receive one, but should have, it will add this amount. If you did get one and should have, it will stay at zero.

        Depending on when this question was asked, it could have assumed that you didn't get one and added the $600 on top and then when you confirmed that you did, it would reduce your refund (increase your liability by $600). Turbo Tax asks at the beginning, which avoids confusion later on.

        Bottom line, your stimulus check has no impact on your tax liability unless the initial stimulus you received was too much, too little or was not paid and should have been.

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        • Brandwin
          Hall Of Fame
          • Jul 2002
          • 30621

          #5
          Re: Stimulus checks (2008) and filing your taxes.

          ^ Even more confused. I did mine using HRblock online. It asked if I received one and for how much, when I enterted it, it subtracted $600 from my return when I put $0, it of course didn't take anything away.

          Damn... I hope I didn't screw myself out of $600 bucks. I mean the question asked, gave a link to the IRS site incase you didn't know, I enterted the number and it was a simple as that. I didn't think it was something I could mess up.

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          • 23
            yellow
            • Sep 2002
            • 66469

            #6
            Re: Stimulus checks (2008) and filing your taxes.

            ^ that happened to me the first time they handed out one of those checks

            I got jack this time around though

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            • Trevytrev11
              MVP
              • Nov 2006
              • 3259

              #7
              Re: Stimulus checks (2008) and filing your taxes.

              Originally posted by DookieMowf
              ^ Even more confused. I did mine using HRblock online. It asked if I received one and for how much, when I enterted it, it subtracted $600 from my return when I put $0, it of course didn't take anything away.

              Damn... I hope I didn't screw myself out of $600 bucks. I mean the question asked, gave a link to the IRS site incase you didn't know, I enterted the number and it was a simple as that. I didn't think it was something I could mess up.
              If they had asked before you did anything and you hit 'No" it should have given you $600 and if you hit yes it should have given your "0". I think it is just tricking you because of the timing of it.

              It may start off with the assumption of you not getting it and crediting you initially with $600 (that you should never see). Then when you check the box saying you did get it, it backs out that credit putting you where you should have been initially

              Turbo Tax does it right off the bat-1st or 2nd Question so you don't have that issue.

              **Run it through turbotax.com (free to do everything but submit) and see if they come out the same.

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              • Brandwin
                Hall Of Fame
                • Jul 2002
                • 30621

                #8
                Re: Stimulus checks (2008) and filing your taxes.

                Tried turbo tax and got the same amount, thanks for the help!

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                • Buckeyes_Doc
                  In Dalton I Trust
                  • Jan 2009
                  • 11918

                  #9
                  Re: Stimulus checks (2008) and filing your taxes.

                  I had the opposite of this happen to me. I NEVER recieved a stimulus check last year..I'm not sure why. So this year on turbo tax when It asked If I got one I hit no and then I even verified It through the IRS website. So I guess If you didn't get one last year and they owe you one you get it as apart of your federal tax return this year. So my tax returned jump up like $600.
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                  • The Chef
                    Moderator
                    • Sep 2003
                    • 13684

                    #10
                    Re: Stimulus checks (2008) and filing your taxes.

                    Originally posted by lilbently
                    I had the opposite of this happen to me. I NEVER recieved a stimulus check last year..I'm not sure why. So this year on turbo tax when It asked If I got one I hit no and then I even verified It through the IRS website. So I guess If you didn't get one last year and they owe you one you get it as apart of your federal tax return this year. So my tax returned jump up like $600.
                    Yeah, its nice if thats the case, or if someone had a child after they received their stimulus check last year then they can get that extra money this year, its a nice bonus for anyone that it applies towards.
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                    • Trevytrev11
                      MVP
                      • Nov 2006
                      • 3259

                      #11
                      Re: Stimulus checks (2008) and filing your taxes.

                      Originally posted by lilbently
                      I had the opposite of this happen to me. I NEVER recieved a stimulus check last year..I'm not sure why. So this year on turbo tax when It asked If I got one I hit no and then I even verified It through the IRS website. So I guess If you didn't get one last year and they owe you one you get it as apart of your federal tax return this year. So my tax returned jump up like $600.

                      Yeah, it's truely based off of 2008, but they initially based it on 2007, so if there were any changes in 2008, they will adjust (if you had a child after the stimulus payments were sent out, you would get an addtional $300). The same goes if you had a change in income that would change yout stimulus amount.

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                      • Buckeyes_Doc
                        In Dalton I Trust
                        • Jan 2009
                        • 11918

                        #12
                        Re: Stimulus checks (2008) and filing your taxes.

                        Originally posted by Trevytrev11
                        Yeah, it's truely based off of 2008, but they initially based it on 2007, so if there were any changes in 2008, they will adjust (if you had a child after the stimulus payments were sent out, you would get an addtional $300). The same goes if you had a change in income that would change yout stimulus amount.
                        Yeah, well I had a big change In my income. I'm In the military and I've moved up In rank as well as pay. I think I made 4,000 more this year than last year.
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                        • Trevytrev11
                          MVP
                          • Nov 2006
                          • 3259

                          #13
                          Re: Stimulus checks (2008) and filing your taxes.

                          Originally posted by lilbently
                          Yeah, well I had a big change In my income. I'm In the military and I've moved up In rank as well as pay. I think I made 4,000 more this year than last year.
                          I don't remember what the thresholds were ($75K single and $150 Married), but

                          A) If you made under that last year and still make under it with your pay increase, then there would be no change.

                          B) If you made under it last year and now make over that, then I believe your stimulus amount would be adjusted and you would probably have to give a little bit back on your tax return.

                          C) If you made over and now are farther over, you could also have to give some back. The rebate amount decreased as salaries increased over the threshold, but I'm not sure at what incraments. If your pay increase moved you up another level it is possible that you could have to give some back as well.

                          D) If you had a kid during this year and did not receive the additional $300, you can now claim that. (Remember the stimulas was paid for 2008, but was based off of 2007 at the time, since it was the best tool available at the time, but it will be reconciled to be based off of 2008 now that this data is available).

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                          • Heelfan71
                            Hall Of Fame
                            • Jul 2002
                            • 19940

                            #14
                            Re: Stimulus checks (2008) and filing your taxes.

                            WTF. I selected "NO" when asked if I received a stimulus check last year. My return said I owed a little over $300. I went back and changed it to "YES" since I did get a check for $1299 and now it says I owe $1600. I thought it wasn't supposed to count against you?
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                            • Phobia
                              Hall Of Fame
                              • Jan 2008
                              • 11623

                              #15
                              Re: Stimulus checks (2008) and filing your taxes.

                              Originally posted by Heelfan71
                              WTF. I selected "NO" when asked if I received a stimulus check last year. My return said I owed a little over $300. I went back and changed it to "YES" since I did get a check for $1299 and now it says I owe $1600. I thought it wasn't supposed to count against you?
                              From my understanding of what you wrote. It sounds correct.

                              If you DID receive it last year for $1299, then you owe $1600. BECAUSE they are not going to give you another $1299. Which is what you are seeing when you click "NO" then it adds $1299 to your OWED amount bring down the total owed, but you already recieved that money.

                              Does that make sense to you?

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