Stimulus checks

[belleh5]

We got $600, and spent it on bills & Taylor.

[Kevy Baby]

Originally Posted by BarTopDancer

But it wasn't so much a "gift" as it was an advance on next years tax return.

I am curious about this sentence and wondering if there was an aspect I missed. Does the incentive somehow affect people's 2008 tax returns?

[BarTopDancer]

Originally Posted by Kevy Baby

I am curious about this sentence and wondering if there was an aspect I missed. Does the incentive somehow affect people's 2008 tax returns?

I may have misunderstood the IRS (shocker!) but how I understood this to be was the tax laws were changing next year and most people within the income brackets of this would have received the $300/$600 $600/$1200 amount in their refund next year, so instead they gave it out early as a "stimulus package".

LB was asking if the government just gifted us money.

[Kevy Baby]

Originally Posted by scaeagles

I had read this but then I read that it was not factual. From what i understand this is a true rebate (or rather redistribution of wealth) and there is no impact on 2008. You don't even have to claim the rebate as income.

Even on State returns (that thought just occurred to me).