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Old 03-05-08, 10:06 PM   #1
permanentjaun
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Just filed my taxes - Is this part of that or what?

I just did my taxes online for free. I'm getting a pretty sizable refund. My question is, does the refund I'm initially quoted also include the refund from the 'economic stimulus plan?' Or, can I expect another $600 on top of my current refund?

BTW, doing taxes rules!
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Old 03-05-08, 10:15 PM   #2
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You can expect the rebate along with your refund. The rebate will however reduce your refund on next years taxes.
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Old 03-05-08, 10:44 PM   #3
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Reduce the refund by increasing my adjusted gross income or subtracting directly from next years refund?

ie: if I have a $600 2008 refund and I get the $600 rebate this year, then I don't receive the refund.
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Old 03-06-08, 11:06 AM   #4
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The rebate is considered an advance on next years refund so I believe that to mean it would reduce any refund you might get by that amount. That's the way it worked the last time we had a rebate.
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Old 03-06-08, 11:11 AM   #5
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Originally Posted by permanentjaun View Post
I just did my taxes online for free. I'm getting a pretty sizable refund. My question is, does the refund I'm initially quoted also include the refund from the 'economic stimulus plan?' Or, can I expect another $600 on top of my current refund?

BTW, doing taxes rules!
The economic stimulus plan does not effect this years filing in any way.

The $600 will be paid completely separate from any refund you maybe due.

Next year you will have to add the $600 to your income and pay tax on it then.
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Old 03-06-08, 11:13 AM   #6
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The IRS has a Q&A site about the rebate. http://www.irs.gov./newsroom/article...179181,00.html
The answer to the OPs question is, there will be two checks.
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Old 03-06-08, 11:33 AM   #7
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Ah, they expanded the Q&A from the last time I read it. Almost at the bottom it states the following:

Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

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 your refund or increase the amount you owe when you file your 2008 return.

****
I wish it was a bit more clear on this, stating that it is either "free money" or "it will cost you ___ this".
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Old 03-06-08, 11:36 AM   #8
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I haven't done my taxes yet. Normally I have someone do them for me. Is doing it online easy?
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Old 03-06-08, 11:37 AM   #9
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I don't recall offhand them being hard, but my wife seems to look forward to doing them each year. Go pm biochemkris for what she thinks.
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Old 03-06-08, 01:47 PM   #10
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I haven't done my taxes yet. Normally I have someone do them for me. Is doing it online easy?
yes very I use turbotax.

First year I filed online I calulated manually Turbotax found $6 more, next year wematched now I don't bother to check turbotax as it's accurate for me.
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Old 03-06-08, 01:56 PM   #11
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i don't have anything too complex, so i just file the EZ form and then the state stuff. All on paper the old fashion way.
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Old 03-06-08, 06:58 PM   #12
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I haven't done my taxes yet. Normally I have someone do them for me. Is doing it online easy?
Very. If you go to irs.gov they have links to many free online sites. I filed my federal for free at www.eztaxreturn.com. I got charged $20 to file my state taxes. Woop dee doo.

It was very easy though. I had my two W-2's, 1099-B, and that was all for me. I took the standard $5000 deduction and now I'm just waiting for my refund. I expect to have it either by the 14th or 21st.
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Old 03-07-08, 09:47 AM   #13
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What is this refund thing you people speak of? I do good if I break even.
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Old 03-07-08, 11:10 AM   #14
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i usually get a small amount back from the fed and the state of NJ (where i work). NY state always kills me every year - i can't seem to get that right. however, the grand total is more or less even so no big deal.
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Old 03-07-08, 12:07 PM   #15
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Originally Posted by supton View Post

****
I wish it was a bit more clear on this, stating that it is either "free money" or "it will cost you ___ this".
This is the government we are talking about, here. Don't be silly.
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Old 03-07-08, 12:08 PM   #16
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What is this refund thing you people speak of? I do good if I break even.
break even? how does one break even?
You mean if you don't owe any additional taxes? That's not breaking even....you are still paying taxes throughout the year.
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Old 03-07-08, 12:31 PM   #17
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Can you do partnership and LLC returns on-line for free too?
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Old 03-07-08, 01:30 PM   #18
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turbotax online is the way to go. It cost me $60 bucks combined for state and federal and both of my refunds were in my checking account within 10 days.
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