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Originally Posted by mookiemookie
Um...the IRS diagrees:
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What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.
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http://www.irs.gov/newsroom/article/...179211,00.html |
No they don't disagree, they are just not telling the whole story. This is considered part of your refund next year. Now here's the catch - If you get a refund, this money is deducted from it. If you don't get a refund, you will not have to pay it back. This is the part that irks me, since now I have to figure out how not to pay extra tax this year so that I can keep my advanced $1200 tax free. I'm working it right now.
-S