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It all depends on your tax liability. I guess you technically only owed the government $600 last year instead of $900, so you only get $600. By owed, I don't mean "paid", since more than likely after tax credits, you got a refund. Next year however, your refund will be $600 less what you would of got because that $600 is NOT free money. It's your money, just given to you earlier. Treat it as such..
I keep hearing two different things...that the rebate will affect your refund next year and that it won't affect it at all.
Which is it?? I'm getting $2400, so that's a huge chunk of my refund if it's not going to be there next year.
My neighbor found out why she didn't get hers on Friday, May 9th. She filed with H&R Block and was told she'd receive her rebate via direct deposit on May 9th. She didn't get it. She called the IRS and the wait time was too long. So she called her tax agent and found out that since she opted to have the cost of preparing her taxes taken out of her stimulus rebate, her payment would come later than May 9th, and it would come in the form of a check and not direct deposit. Since she had three schedule Cs, her taxes cost over $500 to prepare. Rather than write a check for that, she thought it would be easier to just have it deducted from her rebate payment. Her H&R Block tax rep didn't tell her that this would delay her rebate payment. At the time she filed, her H&R Block rep didn't know this would be the case. Very frustrating. She now has to wait until the end of June for her rebate check to be mailed.
I keep hearing two different things...that the rebate will affect your refund next year and that it won't affect it at all.
Which is it?? I'm getting $2400, so that's a huge chunk of my refund if it's not going to be there next year.
Here is a link to the IRS website that has information about the impact on next years' taxes. I believe your question will be answered about half way down the page.
My neighbor found out why she didn't get hers on Friday, May 9th. She filed with H&R Block and was told she'd receive her rebate via direct deposit on May 9th. She didn't get it. She called the IRS and the wait time was too long. So she called her tax agent and found out that since she opted to have the cost of preparing her taxes taken out of her stimulus rebate, her payment would come later than May 9th, and it would come in the form of a check and not direct deposit. Since she had three schedule Cs, her taxes cost over $500 to prepare. Rather than write a check for that, she thought it would be easier to just have it deducted from her rebate payment. Her H&R Block tax rep didn't tell her that this would delay her rebate payment. At the time she filed, her H&R Block rep didn't know this would be the case. Very frustrating. She now has to wait until the end of June for her rebate check to be mailed.
Do you think that applies for people who use turbo tax too? We used turbo tax and had the fee for the program deducted from our tax return. We should have had ours on the 9th too. Bummer if that is the case.
I keep hearing two different things...that the rebate will affect your refund next year and that it won't affect it at all.
Which is it?? I'm getting $2400, so that's a huge chunk of my refund if it's not going to be there next year.
The Stimulus Payment will not effect your 2008 Tax Return, you do not have to pay it back, i checked the IRS website and a few others and they all said the same thing.
Do you think that applies for people who use turbo tax too? We used turbo tax and had the fee for the program deducted from our tax return. We should have had ours on the 9th too. Bummer if that is the case.
She had her cost to prepare her tax return deducted from her stimulus payment, not her tax refund. I've never used TurboTax so perhaps someone else could chime in. Sorry, I don't know.
It all depends on your tax liability. I guess you technically only owed the government $600 last year instead of $900, so you only get $600. By owed, I don't mean "paid", since more than likely after tax credits, you got a refund. Next year however, your refund will be $600 less what you would of got because that $600 is NOT free money. It's your money, just given to you earlier. Treat it as such..
I'm not sure where you got you information, but you are wrong! The Stimulus Payment will not effect next years tax return, and you do not have to pay it back.
Here is a link to the IRS website that has information about the impact on next years' taxes. I believe your question will be answered about half way down the page.
Thanks...see I thought I read that on there weeks ago, but wasn't sure. They have alot of info about it, but it takes awhile to go through it all.
She had her cost to prepare her tax return deducted from her stimulus payment, not her tax refund. I've never used TurboTax so perhaps someone else could chime in. Sorry, I don't know.
Sorry I misunderstood my neighbor. She had her tax preparer's fees taken out of her tax refund not her stimulus payment.
I found this:
Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?
A. Taxpayers who use Refund Anticipation Loans (RALs) or enter into any other loans or financial agreements with a tax professional, such as agreeing to have return preparation fees deducted from their refunds, cannot receive their stimulus payments by direct deposit and instead will get paper checks based on the paper check distribution schedule.
Great... I had my return prep fee deducted from my refund, so now instead of getting the refund on May 9th, I have to wait until mid-June?? That $600 isn't going to break my piggy bank, but that's still quite aggravating.
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That $600 isn't going to break my piggy bank, but that's still quite aggravating.
