Check from Gov Sam.

[moeron]

There is talk about the Gov sending out another check to "fix" the economy. I have a bet with a phriend of mine. I say that we have to pay tax on this money. My phriend say's it's free money from Uncle Sam. He says this with a stright face. Free from the Gov??? I know!!.


Set me right. Do or will we pay taxes for this??

I will be worm food by the time all these bills come due. MY Children and Grand children will be footing the bills for this one.

Ron.

[Glorfindel7]

Technically you DONT have to pay taxes, it would be another advance on your income tax refund... which has to be deducted from your refund as an "earned income tax credit".....

That said with March not that far away I don't see how doing another earned income tax credit is going to help much since we wouldn't see it till at least February... better to wait until the income tax refunds come in...

[SMLCHNG]

http://www.irs.gov/newsroom/article/0,, ... 37,00.html

[Frank4]

My understanding is that it is an advance on your tax refund.

[TropicalTroubador]

My understanding is that it is an advance on your tax refund.

A better advance on your tax refund is to adjust your withholding deductions so that the right amount of tax is taken out, and you're not giving the government an interest-free loan of your money.

[Dr.Corona]

Technically, the bill that passed last year gave those who qualified a refundable tax credit on your 2008 taxes.....BUT in order to stimulate the economy the Government decided to issue those checks in ADVANCE of the 2008 tax year. This was money you would not have received without the passage of that bill.

NOW, you will have to report to the IRS how much you received on your 2008 tax return. This is because it was ADVANCE tax payment for 2008. You're not paying tax on that money, this is just to show what you received so you don't get DOUBLE.

Now SOME PEOPLE who's tax status changed in 2008 compared to 2007 may actually get MORE stimulus money when filing that 2008 tax return. Also, some who may not have qualified based upon the 2007 year may qualify based upon their 2008 year.

Can't shed any light on the new proposal until it's finalized but most likely it would be ANOTHER TAX CREDIT.

So to answer your question......YEAH....IT REALLY IS LIKE FREE MONEY..........that our children will be liable for someday when the Government ACTUALLY has to concern itself with our Spiraling out of control National Debt!!

[Spider Johnson]

BOHICA!

There is no such thing as a "free lunch" or Free Speech" Somebody always pays.

[bestseller92]

Every time Uncle Sam sends me a "stimulus" check I buy a new gun with it .