Originally Posted by vital49
May 9th for us. I really wish we could opt out of this. This isn't just free money. Whatever you get now will come off whatever income tax return you get in 2009 for your 2008 taxes. Of, if you have to pay in, you pay that amount plus whatever this amount ends up being ($600 or $1200).
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.