http://www.irs.gov/newsroom/article/0,,id=179181,00.html
Fifth question from the bottom says:
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 interpret this as: We are giving you free money to boost the economy.
But people are saying that if they give me $1800 this year in the stimulus package, that next year instead of giving me back the $9000 in the refund, they would give me back $7200.
Anyone know anything?
Monday, March 24, 2008
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1 comment:
The rebate will not effect your 2008 federal tax liability or refund. The law says the IRS can't recover any extra rebate payment by reducing your 2008 refund or adding to your 2008 tax bill.
The "rebate" is an advance credit against your 2008 tax return (which will be filed in 2009). However, it is calculated based on the amounts shown on your 2007 return. When you file your 2008 return, the IRS will recalculate your "rebate" based on the 2008 amounts. If this results in a larger "rebate", you will receive a check for the difference. If this results in a smaller rebate, you will not have to repay the difference.
The "rebate" will not increase or decrease any tax refund to which you are entitled. It is an additional refund.
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