Tax Relief Checks Please Read

8 Replies
wv_red - February 18

Hi ladies this goes to anyone in the US receiving a tax relief check, this is just a little bit of info that our goverment likes to keep hidden. The tax checks that we are to recieve this year starting in the summer is an ADVANCE on next years tax return! THIS IS NOT FREE MONEY and if you cash it you will have that taken out of next years return. I know all of us will have another lil tax break on our returns next year so this was just a little bit of important info that I wanted to pass along. I personally will not be touching the thing. Well have a great day and I hope this helps.

 

fefer1 - February 18

NOT TRUE!!! GO TO THE IRS SITE...TO SEE THE FOLLOWING QUESTION ANSWERED... Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008? A. No, the stimulus payment will not reduce or increase your refund when you file your 2008 return.

 

letgo0527 - February 22

That has nothing to do with "third trimester" lol...

 

treshala - February 23

thanks for trying to keep us informed wv...i know you were just trying to help :-) Hope you and baby are ok mama...

 

cayingo - February 23

This is not true. My dh is a CPA and has researched this exact situation for many clients (and us). Basically what the rebate is doing is giving us a tax break for '07 taxes owed. Usually married couples pay 10% tax on the first $12,000 they earn (individuals pay 10% on the first $6,000). This rebate is essentially making that 10% bracket go away, meaning we are getting it back. It in no way effects your '08 taxes. This is a plan to give you back what you've already earned. It's your money to start with, so basically you're right inthat it's not free money. It is your money returned to you.

 

wv_red - February 23

look I really thought this was going to get buried... I made a mistake oops sorry. I suppose thats what I get for actually listening to my husband on stuff. So please get off my back about this. I am not perfect and never claimed to be, after posting this I did go do more research on it and they had changed it to where it is no longer being taken as a advance. I am glad too cause I know I can use the extra money. So please can we bury this... thank you. I was really only trying to help, not cause any stink over it.

 

cayingo - February 23

Relax. Everyone makes mistakes, and no one is jumping down your throat. These threads serve a useful purpose: sharing information. That is all we all did. My objective was to get people the facts b/c as you said we all could use the money, especially since it's ours to begin with. Now, go enjoy your baby and cash that check when it comes. :) Have a great day.

 

wv_red - February 23

Cayingo, thank you... its just that I also posted this on the 2nd tri and they werent nearly as nice. I def appreciate the truth on the matter though. Sorry just woke up a hair moody today. Not usually like this. Thanks again :)

 

RMC - February 25

wv_red - I had seen that as well on msn, that it was an advance and not free money. But dh argued me down that it was so I dropped it.

 

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