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Thread: Hey Bocotora..........I Told You So!!!!!

  1. #1
    Criss Guest

    Hey Bocotora..........I Told You So!!!!!

    remember last year you guys were going on and on in that thread about the stimulus checks that President WMD gave out. Remember I told you that you will have to claim that as income on your 2008 tax return and you said no you will not????

    Well I just finished doing my parents' tax return and I had to report the stimulus money they received and it reduced their tax refund by the exact amount they received.

    I told you so!!!!!

  2. #2
    Join Date
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    Most people didn't get their refund reduced. Only those who income changed. A good tax program like TaxCut or Turbo Tax could figure it out for you:

    You did not receive a stimulus check because you earned too much money in 2007.

    Eligibility for the stimulus check phased out above certain incomes, starting at $75,000 for single tax filers and $150,000 for joint tax filers. Single filers who earned more than $87,000 and joint filers who earned more than $174,000 did not receive a stimulus check because they earned too much money to be eligible. If your 2008 income dropped below those levels, you may find yourself eligible for the amount of the stimulus you would have qualified for. That amount will be figured into your 2008 federal tax return

    The IRS sent you a stimulus check but your 2008 income won’t qualify for it - you keep it.

    Conversely, if you earned under the phase out limits in 2007 and received a full stimulus check, but earned more than the phase out limits in 2008, you do not have to pay back the stimulus check you received. Please note this is for income limits and not for other errors. If the IRS added a zero to your stimulus check and sent you $6,000 instead of $600, they might want that back!
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  3. #3
    bocojeck Guest
    Quote Originally Posted by Criss View Post
    remember last year you guys were going on and on in that thread about the stimulus checks that President WMD gave out. Remember I told you that you will have to claim that as income on your 2008 tax return and you said no you will not????

    Well I just finished doing my parents' tax return and I had to report the stimulus money they received and it reduced their tax refund by the exact amount they received.

    I told you so!!!!!

    hmmm

    Either your parents were ineligible or the tax preparer needs to be fired. oops did you say you prepared the return?? I am just teasing.

    The stimulus check was given out in advance on an estimate. For eg, if you had a child in 2008, you would not have gotten a credit for that child in the stimulus package because the basis of the estimate was previous years. So for those who had children in 2008, they will get an additional stimulus check in their return.

    The same applies in reverse. If for some reason your parents had higher than normal income in 2008, they would have gotten the stimulus check based on prior years income. However, once the return is filed they will have to pay it back.

    These are just two examples where some people will get more stimulus money and others will have their stimulus checks taken away.

    The majority of people will NOT have to return their check.

    boco

  4. #4
    bocojeck Guest
    Quote Originally Posted by belizean View Post
    You did not receive a stimulus check because you earned too much money in 2007.
    OR did not earn enough. I think you have to earn at least 3000. There are many other reasons why the IRS will adjust (upwards or downwards) the stimulus credit

    boco

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