Stimulus Refund question:

[Quicksilver]

I found this interesting point regarding the stimulus refund. Anyone have information that supports this information?

http://articles.moneycentral.msn.com...axRebates.aspx ;

There is an article online regarding the tax rebate checks the government is sending out in May. I thought it was just going to be extra money the government was giving to stimulate the economy, I had NO IDEA it is simply a loan from my 2009 tax refund!! Why don't they ever mention this in the media? I wonder how many other people know that it is just a loan, and that you will have to pay it back in 2009 by having them either take it out of your refund next year, or owing them the money if you don't get a refund.

[B-Line]

Huh??

Sounds like a bunch of accounting, mumbo jumbo to me.

[lakai]

where in the article does it say that ? So what happens if you don't qualify for the rebate, does this mean I end up paying for someone's new spinners or something?

[LeMansX5]

Originally Posted by lakai

where in the article does it say that ? So what happens if you don't qualify for the rebate, does this mean I end up paying for someone's new spinners or something?

Yes. I doubt many on this board are eligible for getting the refund.

[motordavid]

No tax xpert here, but I just plowed through a few web sites, some
are IRS/Gov't-at-Work sites, and no where could I find any suggestion
of anyone owing anything in '08, for their Economic Stimulus Payment"
they may receive...

The article ref'd by QwkAg maybe vague, full of mis info or easily
misconstrued...

I did not read the entire freakin bill that Congress passed, I must
admit, but here are a few salient quotes plucked from the IRS
FAQ page I perused:

Q. If I apply my refund to my 2008 taxes, what happens to my Stimulus Payment?
A. You will still receive a Stimulus Payment; it will not be applied to your 2008 taxes.

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.

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.

If one is bored, one of the links I read and quoted from:
http://www.irs.gov/newsroom/article/...179181,00.html

Here's to all of us really pumping up the econ. with all that
windfall dough we get, lol!
BR,mD