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Thread: Filing taxes

  1. #11
    After much reading and searching on this subject, I am still confused and not sure if it is a good idea to file for it. Some blogs have been discussing it and most of them seem to point to the possibility that we will be having to pay the money back. One question that has been asked is: Where is that money coming from if we didn't pay anything for last year?

    I don't know. I am certainly very not sure if it is worth trying to get it and find out next year that we need to pay it back or even have to be filing every year from now on. If we go by the tax table, I should have paid taxes last year but didn't since SSA didn't take any away. I am not working and the check from them is my only source of income aside from SSI.

    Can anybody really give me a clear and straight answer?

    Raven

  2. #12
    Senior Member
    Join Date
    Jan 2008
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    273
    raven,

    if you read the above posted article, it should explain the questions you have about repayment.
    you do not have to repay it next year.

    this rebate is money the government is pumping into society to try to rev up the economy. it is not based on any taxes you paid in. the filing of a tax return for 2007 is simply the manner in which the irs is going to pay out the rebate.

    remember last year, there was a telephone rebate that had nothing to do with your tax return, but you had to file out a tax return in order to get it? well, if you had to file taxes you got the rebate that way, if you didnt, there was a telephone rebate form you filled out and sent in. that money was because their was a telephone tax that had expired but the phone companies continued to charge it and the way the government chose to reimburse consumers was via tax returns. this is sorta, but not actually the same kind of deal.

    notice this is not a refund, it is a rebate. it is not in any way connected to taxes you owe or pay. they do have criteria for being eligible, like having to earn at least 3000. of certain income, like social security, and limits like the cap for when you are not eligible on the upper earnings end.

    i know there is all sorts of rhetoric on the internet about having to pay it back, having to claim it as income on next years return, or having next years refund reduced by the amount of the rebate. that is why i posted the above article to try to help people understand this rebate.

    i think, as with everything they do, the government has made this very difficult for the public to understand. they should have sent out letters to every household long before now. no one understands how it is going to work, so dont feel like you are alone.

    the following came directly off of the irs website:

    http://www.irs.gov/newsroom/article/...179181,00.html


    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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
    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.
    it you go to www.irs.gov

    at the very top of the information it says...
    Stimulus Payments Rebate Questions

    click on that and it should answer every possible question you have. it is pretty easy to decipher, but then again, i am trained in income tax and the lingo is familiar to me. lol if you read that and do not understand something, just ask and i will try to help.

    go ahead and file. you are entitled to it.

    and, you have to remember, social security alone is generally not taxable but can be taxable when there is also other income. just because you drew an amount over the filing threshhold for wages, doesnt mean you would have to file on your ss benefits. (i am talking about your comment about last year).

    maybe this will help you to understand...

    http://www.bankrate.com/brm/itax/tips/20010115a.asp

    Social Security alone is usually excluded
    Generally, if Social Security is your only income, your benefits are not taxable, and you probably do not need to file a federal income tax return.
    From the Internal Revenue Service's standpoint, Social Security benefits include monthly survivor and disability benefits, but not supplemental security income payments, which are not taxable.
    But if you collect other income in addition to Social Security, you could owe taxes on at least a portion of your government benefits
    .


    i hope this helps.

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