Comments on: How the Economic Stimulus Check Affects your 2008 Tax Return http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/ Money Management, Small Business, Career Sun, 21 Mar 2010 02:34:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ryan http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-3/#comment-17664 Ryan Wed, 15 Apr 2009 18:46:59 +0000 http://cashmoneylife.com/?p=1331#comment-17664 Tax season is over, and this comment thread is now closed. I understand there may be some confusion regarding this topic. Please read through these comments to see if your question has already been answered, or check with the IRS website: <a href="http://www.irs.gov/newsroom/article/0,,id=179211,00.html" rel="nofollow">http://www.irs.gov/newsroom/article/0,,id=179211,00.html</a>. If you are not able to find an answer to your question, please contact the IRS or an accountant for more information. Best of luck! Tax season is over, and this comment thread is now closed. I understand there may be some confusion regarding this topic. Please read through these comments to see if your question has already been answered, or check with the IRS website: http://www.irs.gov/newsroom/article/0,,id=179211,00.html.

If you are not able to find an answer to your question, please contact the IRS or an accountant for more information. Best of luck!

]]> By: fredct http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-3/#comment-17660 fredct Wed, 15 Apr 2009 18:07:16 +0000 http://cashmoneylife.com/?p=1331#comment-17660 Yet again, not true , Jack. If you look at your initial return, Jack, you'll probably see something on the "Recovery Rebate Credit" line, which is *additional* stimulus money you are requesting. I would bet you that if you look there on your return, you w ill see $600 on that line. And, since you said you got your stimulus check already, your return was double-dipping, and trying to get your stimulus again. *Thats* why they reduced it. You - unintentionally - were asking for the stimulus twice. Chances are this means that either your software screwed up, or you didn't understand what it was asking when it asked you what you had already gotten. Yet again, not true , Jack.

If you look at your initial return, Jack, you’ll probably see something on the “Recovery Rebate Credit” line, which is *additional* stimulus money you are requesting.

I would bet you that if you look there on your return, you w ill see $600 on that line.

And, since you said you got your stimulus check already, your return was double-dipping, and trying to get your stimulus again. *Thats* why they reduced it. You – unintentionally – were asking for the stimulus twice.

Chances are this means that either your software screwed up, or you didn’t understand what it was asking when it asked you what you had already gotten.

]]> By: Jack http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-3/#comment-17658 Jack Wed, 15 Apr 2009 17:53:42 +0000 http://cashmoneylife.com/?p=1331#comment-17658 To answer any questions about the stimulus check and if it was a refund advance or not, it was. My tax return got rejected by the IRS due to this. After I adjusted my return, my refund went down by $600 and my tax return was accepted. It has nothing to do with tax software and how it is programmed. To answer any questions about the stimulus check and if it was a refund advance or not, it was. My tax return got rejected by the IRS due to this. After I adjusted my return, my refund went down by $600 and my tax return was accepted. It has nothing to do with tax software and how it is programmed.

]]> By: Ryan http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-2/#comment-17640 Ryan Wed, 15 Apr 2009 11:46:22 +0000 http://cashmoneylife.com/?p=1331#comment-17640 <strong>Harry: </strong>I am not sure if you will or not. This year's economic stimulus program is different from last year's. You can read more about it in this article: <a href="http://cashmoneylife.com/2009/02/14/personal-tax-breaks-2009-economic-stimulus-recovery-plan/" rel="nofollow">2009 Economic Stimulus Personal Tax Breaks</a>. Regarding your specific situation, I recommend contacting the IRS or an accountant. Best of luck to you. Harry: I am not sure if you will or not. This year’s economic stimulus program is different from last year’s. You can read more about it in this article: 2009 Economic Stimulus Personal Tax Breaks.

Regarding your specific situation, I recommend contacting the IRS or an accountant. Best of luck to you.

]]> By: Harry & Norma Williams http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-2/#comment-17605 Harry & Norma Williams Wed, 15 Apr 2009 01:02:46 +0000 http://cashmoneylife.com/?p=1331#comment-17605 Would you please email us back with the information to the following questions? Are we going to receive Economic Stimulus Applications like we did last year? We are receive Social Security Income, and do not file taxes anymore. Thanks for your help. Harry & Norma Would you please email us back with the information to the following questions?

Are we going to receive Economic Stimulus Applications like we did last year?

We are receive Social Security Income, and do not file taxes anymore.
Thanks for your help.

Harry & Norma

]]> By: 4_Leaf_Clover http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-2/#comment-17575 4_Leaf_Clover Tue, 14 Apr 2009 16:54:20 +0000 http://cashmoneylife.com/?p=1331#comment-17575 Thank ya'll for ya'lls help....I really appreciate it. I will look into it tonight after work. Thanks again. Thank ya’ll for ya’lls help….I really appreciate it. I will look into it tonight after work. Thanks again.

]]> By: fredct http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-2/#comment-17574 fredct Tue, 14 Apr 2009 16:50:35 +0000 http://cashmoneylife.com/?p=1331#comment-17574 4_Leaf, glad to see you have a pretty good understanding of it. Yes, I understand what you're saying. The only answer is that something <b>has</b> changed. I just can't tell you what. Let me assume you are absolutely correct that your income and dependents are identical. Here are some total guesses about what could have changed: - A typo in inputting the data (happens to the best of us!) - A bug in TurboTax '09 (yes, they exist, I've found bugs in tax software myself) - A change in the withholding amount from your paycheck(s), perhaps due to a screw up by your employer (who knows, its possible) - A change in a tax law such that something that was previously deductible no longer is at all - A change in the tax law such that something that was previously deductible no longer is *for you* (due to some personal detail) - An extra deduction last year due to some specific event that did not occur this year (large medical expenses, casualty losses, etc, etc). - An alternation in contribution to retirement plans, or taking some money out of retirement plans. Anyway, if my lunch time wasn't nearly over I could probably come up with 10 more. But the answer is there are hundreds of things that could have changed. Its just up to you to determine what that is by looking at your current return and last year's return side-by-side. 4_Leaf, glad to see you have a pretty good understanding of it. Yes, I understand what you’re saying.

The only answer is that something has changed. I just can’t tell you what. Let me assume you are absolutely correct that your income and dependents are identical. Here are some total guesses about what could have changed:
- A typo in inputting the data (happens to the best of us!)
- A bug in TurboTax ‘09 (yes, they exist, I’ve found bugs in tax software myself)
- A change in the withholding amount from your paycheck(s), perhaps due to a screw up by your employer (who knows, its possible)
- A change in a tax law such that something that was previously deductible no longer is at all
- A change in the tax law such that something that was previously deductible no longer is *for you* (due to some personal detail)
- An extra deduction last year due to some specific event that did not occur this year (large medical expenses, casualty losses, etc, etc).
- An alternation in contribution to retirement plans, or taking some money out of retirement plans.

Anyway, if my lunch time wasn’t nearly over I could probably come up with 10 more. But the answer is there are hundreds of things that could have changed.

Its just up to you to determine what that is by looking at your current return and last year’s return side-by-side.

]]> By: 4_Leaf_Clover http://cashmoneylife.com/2009/01/30/how-the-economic-stimulus-check-affects-your-2008-tax-return/comment-page-2/#comment-17573 4_Leaf_Clover Tue, 14 Apr 2009 16:38:14 +0000 http://cashmoneylife.com/?p=1331#comment-17573 I know....ya'll keep saying that....and I'm not trying to prove anybody wrong...I am simply trying to understand this. I understand what you are saying about turbo tax factoring in and assuming that you didnt get the stimulus and then they take it away when they find out that you did BUT....if thats the case....if we normally get about $1000 tax refund, turbo tax should show a refund of $2200 until I tell it that I got the stimulus. It then should dive $1200 and show our tax refund of $1000 which would be normal. Instead, it shows a total of $1000 (which is normal) and then dives $1200 when we tell it we got the stimulus which has us owing in. How would a tax rebate dive exactly $1200 below what you NORMALLY get when NOTHING has changed? Same income, same amount in household, same everything. Sure I can understand a few dollars, but exactly $1200? Does this make sense what i'm saying?? I can feel the gray hairs growing. LOL I know….ya’ll keep saying that….and I’m not trying to prove anybody wrong…I am simply trying to understand this.

I understand what you are saying about turbo tax factoring in and assuming that you didnt get the stimulus and then they take it away when they find out that you did BUT….if thats the case….if we normally get about $1000 tax refund, turbo tax should show a refund of $2200 until I tell it that I got the stimulus. It then should dive $1200 and show our tax refund of $1000 which would be normal. Instead, it shows a total of $1000 (which is normal) and then dives $1200 when we tell it we got the stimulus which has us owing in. How would a tax rebate dive exactly $1200 below what you NORMALLY get when NOTHING has changed? Same income, same amount in household, same everything. Sure I can understand a few dollars, but exactly $1200? Does this make sense what i’m saying??

I can feel the gray hairs growing. LOL

]]>