After it's all said and done I get a $4800 welfare check.

Ohh by the way that stimulus check you recieved over the summer is deducted from this years return.

I coulda swore they didn't write it that way. But ohh well.

In past 3 years, I don't owe any tax to IRS. I hope the streak is staying and hopefully more tax return for paint work on my car.

I usually do that on March. That's way early for you lol. I just got my W2 today.

i still have yet to get one of my w2's seeing as i had 2 jobs last year.

They probably changed it to that when they decided I didn't get one. I had gotten the letter saying I was qualified to get one, and then a week later they changed the rules to say if you were claimed as a dependent you didn't get a stimulus. I was PISSED but now that I know I would have been cheated out of the money when I filed now, then I don't care. lol

everybody spent their stimulous on buying cheap chinese products anyway.

its not deducted afaik, just taxed as regular income.

i'm mad that i didn't buy my house a couple monthes later, I would have got almost 10k from the feds if I had, 0% 10 year loan for first time home buyers.

i'm still waiting for all my forms to show up, I jumped out of the stock market while it was still at 12k, need to get those entered before I can submit.

The stimulus isn't taxed they basically looked at like a partial payment on a tax refund.

The kicker this year for us was the wife going to school full time for her new job.

factcheck disagrees with you, it shouldn't affect your taxes in any way.

http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html

It doesn't affect your taxable income. But it does affect the annual welfare check

I'll say it again, you are incorrect. Google is your friend.

http://freefrombroke.com/2008/06/will-the-economic-stimulus-payments-have-to-be-paid-back.html

Just did mine, it did deduct my $600 check from last year stimulus.

Atleast uncle sam used KY this time!

I'm happy with my refund ammount

Yeah I owe the state 50 bucks.
Pretty bummed, I was hoping for a refund and then i could do some modding!

I challenge someone to prove me wrong, this is directly from the IRS website's instructions for form 1040:

Economic stimulus payment. Any economic stimulus payment you received is not taxable for federal income tax purposes but reduces your recovery rebate credit.
Recovery rebate credit. This credit is figured like last year’s economic stimulus payment, except that the amounts are based on tax year 2008 instead of tax year 2007. The maximum credit is $600 ($1,200 if married filing jointly) plus $300 for each qualifying child. See the instructions for line 70 that begin on page 61.

Should not affect your taxes in ANY WAY unless you did not file for a rebate/didn't get all you were entitled to, in which case you will get it as a credit on your taxes now.

ANOTHER link... #1 FAQ for IRS... http://www.irs.gov/newsroom/article/0,,id=203035,00.html

[QUOTE]Originally posted by Zalfrin:
[qb] I challenge someone to prove me wrong, this is directly from the IRS website's instructions for form 1040:

[b]but reduces your recovery rebate credit.


That's the part that got me and others. I had a pro do my taxes.

wow this is all very confusing stuff .... im glad i dont toutch my taxes lol