STIMULUS my a$$

[thefed]

F%$ The IRS and the US Gov't!! Remember that 'stimulus check' you got a while back? That 'free money'? Pretty cool huh? Well, if you by chance overpaid the government throughout the course of 2009, as i did, you get a refund. No interest, but at least you get your money back. HOWEVER, they will deduct that 'free money' FROM YOUR REFUND.

If I had been a slacker and just not done my estimated quarterly payments, I would've technically 'gotten' my free money because I would've OWED them and it wouldnt come into play. So....I pay them their money in ADVANCE, they get to use my money to bail out GM,fight a war, etc....and in return they jacked me for $475. F##$ THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Am I missing something here?

 

[REWahoo]

Am I missing something here?

Restraint?

 

[Steve O]

Ford bailed themselve's out with private loans and the share price should be zero...

 

[sidney]

Restraint?

 

[Westernskies]

F%$ The IRS and the US Gov't!! Remember that 'stimulus check' you got a while back? That 'free money'? Pretty cool huh? Well, if you by chance overpaid the government throughout the course of 2009, as i did, you get a refund. No interest, but at least you get your money back. HOWEVER, they will deduct that 'free money' FROM YOUR REFUND.

If I had been a slacker and just not done my estimated quarterly payments, I would've technically 'gotten' my free money because I would've OWED them and it wouldnt come into play. So....I pay them their money in ADVANCE, they get to use my money to bail out Ford,fight a war, etc....and in return they jacked me for $475. F##$ THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Am I missing something here?

You do get to keep the change.

 

[Midpack]

But what do you really think?

 

[RunningBum]

fed, where did you see this? I don't believe it.

 

[Zathras]

I thought I remembered hearing that the $250 was taxable, but not that they would deduct the full amount.
Are you sure about that?

 

[Gumby]

I never heard it described as anything but an advanced tax refund. I certainly never expected it to be "free".

 

[M Paquette]

Interesting. I paid estimated federal taxes, wound up owing no tax for the year, and was refunded all my estimated taxes plus the stimulus money. I never got a stimulus check in 2009, just the 'bonus' refund of more than I paid in.

 

[thefed]

t i am waiting on their 'letter of explanation'. my refund was short of my expectations by the exact amount of my stimulus check.

EDIT: the more i think about this, the more confused I am. I got the check in 2008...so why now?



waiting on the letter

 

[kaneohe]

Any possibility of an error in filing for a recovery rebate credit on your 2008 tax return? Recovery Rebate Credit Information Center

That credit (valid if your income increased in 2008 over 2007) would have you subtract your stimulus rebate received in 2008 (based on 2007 income) from the "preliminary recovery rebate". If, by chance, you didn't subtract out that stimulus rebate, you would owe IRS that amount. Kind of seems unlikely since you would think IRS computers would be programmed to detect that error on your 2008 return filed in 2009...............

 

[Sue J]

Is this $475 missing from your 2009 refund for the return that you just filed in 2010? Then it's an issue with 2009 not 2008. In 2009 we had the Making Work Pay Credit which should have been a tax credit of $800 for a couple filing Married Filing Joint..

Did you file a Schedule M? http://www.irs.gov/pub/irs-pdf/f1040sm.pdf What did it have on it?

 

[thefed]

been talking with the irs, and they seem to think it is actually an error on their behalf....their letter they sent me made no sense.

as of right now, they are saying they are giving me the 475 back plus another 500. go figure.

 

[harley]

Well, whatever they end up with, I'm still in agreement with the opening line of the OP.

 

[thefed]

sooo....they are sending me a check for $1000. i dont know why. my acct cant figure it out after speaking with them. it came in writing that we are eligible for another tax credit and as such, they are sending me the money. WHY they kept 475 to begin with i have no idea...nor do they....


very odd

 

[FUEGO]

Don't try to understand it, just enjoy the money. Until the IRS comes knocking on your door in 3 years asking you why you under reported your tax liability by $1000. And they ask for penalties and interest!