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Stimulus payment affecting 2008 return?
Ok, I've been googling all morning and I cant seem to find an answer on this because I usually owe taxes, I dont get a refund and all the "questions" seem to be about refunds. I've found a few questions online like mine though, but no answers, Im wondering if anyone here in the US is in the same boat.
My situation in 2007 Dave and I owed 566 in federal taxes, we have no deductions other than the standard ones, we dont have enough to itemize. We received a 1200 stimulus check. My situation in 2008 Because Dave stayed in the country all year he had way less overtime and our income was a little over 10k less, yet for some reason we owe 1222 bucks....how in the world is this possible? Am I missing something somewhere? We dont qualify for "recovery rebate" because we received the full 1200 last year, so the amount Im putting on line 70 of the 1040 is 0. I even ran it thru the free version of turbo tax (havent bought it for this year yet) and it says the same thing. So my question is why do we seem to owe the amount of the refund and has anyone else here that in their own situation? ***edit after comparing the 2007 and 2008 tax table, there is only 20 dollars difference in the adjusted gross income amount Im looking at |
edit to put a more def amount, I was wrong, it wasnt 10k less it was 15299.00 less than in 2000
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I suck at taxes, but I remember at the time of last year's rebate all of my coworkers saying "enjoy it while you can because you're going to owe it on next year's taxes." Maybe someone else can clear this up? This is a great question.
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Did some research, and with the help of Lasereth who confirmed this (he just did his taxes), yes the stimulus payment will affect your 2008 return.
Why? The 2008 stimulus WAS your return. Just early. If you normally got back $2000 on your return, and you got a $600 stimulus check, your return is now $1400. Sucks. This is 100% confirmed. I don't know why they didn't explain this in 2008 when they delivered the checks. It wasn't explained very clearly. Probably so people would go out and spend it to stimulate the failing economy. I would've kept mine in savings if I had known it would be paid back in this method. So ShaniFaye - the reason you owe money is because you normally would've broken even this year because of the reduced income, but because you got your refund EARLY in 2008 via the stimulus check, you are in the negative. The stimulus check was your 2008 tax refund given to you in the same year early. |
i did my taxes last week and asked about the stimulus check. my guy said that it doesn't affect your return this year. you are asked how much you got to make sure that you received the correct amount. i received 6200 back this year...doesn't look like it was minus any stimulus money.
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I didn't get a stimulus check last year (since it was based on 2007, I was classified as a dependent in college) and I owe taxes this year. Even though I made about 28k and was paying taxes on 42k for 7 months of 2008. Yay.
Grr. |
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The 2008 stimulus check was your tax refund this year. Me and my wife just did our taxes. It said we were getting $3000 back. Then TurboTax asked if we got a stimulus rebate check in 2008. Both of us did, $600 each. Then our total refund went down to $1800 instantly.
On the TurboTax website it is really shady but in a nutshell it says that your tax refund for 2008 was actually given to us in the form of a rebate check in 2008. So if you got $1,200 in 2008 for 2 adults, it will be taken out of your tax refund. They are saying it "doesn't affect your tax refund" because technically it doesn't. It IS your tax refund, you just got it almost a year early. |
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