2007 tax rebate check

[dru]

Im hearing conflicting reports of people having to pay back their 2007 stimulus check. some are saying "no way, it was free money" some are saying "it was a loan, it will be deducted from your 2008 return"

Ive searched the Web and it seems to be about 70% no payback 30% payback.

anyone filed or any CPA's have answers?

thanks

 

[bobbywalter]

do you mean pay back in full...or pay a tax rate on it as income?

 

[dru]

pay back in full. the irs site specifies that it is non taxable.

I wouldnt have asked this question months ago. If i heard someone tell me this i would have said "you're an idiot"... Ive heard rumors about it lately. so i googled "do i have to payback my 2007 stimulus check?" If you read any of the posts from 8 months ago or so everyone says "no". If you look at recent posts from this year you'll have people saying "yes, it happened to me"

 

[Capt Jay]

My understanding is that it's income and should be reported as such. No you don't have to pay it all back.

 

[Totalled]

Just did my taxes tonight... don't see it listed on there anywhere... wasn't added to my taxable income either...

 

[dru]

Just did my taxes tonight... don't see it listed on there anywhere... wasn't added to my taxable income either...

how's you do yours? turbotax or similar program or N11.

 

[jimm]

It is not listed as taxable income. It is a rabate...supposedly ... of taxes you already paid. There is a place that asks if you received it and how much. If you received it it will not affect you in any way....UNLESS. say you and your wife had a baby before DEC.31, then you will get 300.00 more. Other than that it is not taxed and you do not pay any of it back. I do my whole family and extended families taxes. Mine are done, I have a grandchild living with us now so I got 300.00 more back. LOL, my refund is gone, it
turned into a 2002 ranger. I was amazed.

 

[dru]

It is not listed as taxable income. It is a rabate...supposedly ... of taxes you already paid. There is a place that asks if you received it and how much. If you received it it will not affect you in any way....UNLESS. say you and your wife had a baby before DEC.31, then you will get 300.00 more. Other than that it is not taxed and you do not pay any of it back. I do my whole family and extended families taxes. Mine are done, I have a grandchild living with us now so I got 300.00 more back. LOL, my refund is gone, it
turned into a 2002 ranger. I was amazed.

great, im doing mine in a couple of days. i already pay more than a third of my income to federal, state, ss and what not. i was going to be pissed off if i had to pay that money back. i would have rather have not received it if it that was the case.

 

[Southern_Trendkill]

The original idea was that you would have to pay it back. Then when the economy still sucked, they changed the rules on who would have to pay it back. If your income is below a certain level, you shouldn't have to pay it back.

 

[jimm]

Actually it was never intended for anyone to pay it back. It was a stimulis check. The basics were the amount to qualify was reduced by 5 percent of the amount of income in excess of $75,000 for individuals and $150,000 for those with a Married Filing Jointly filing status. It also depended on how much tax you actually paid as to the amount
you received.

 

[Sunk]

Just did my taxes tonight... don't see it listed on there anywhere... wasn't added to my taxable income either...

Yup... I used TurboTax online.

 

[DeanMoriarty]

I didn't have to pay mine back. Turbotax gave me the option of trying to get more back from the original stimulus package. (I didn't qualify, of course.)

FYI, some people don't know this... If you make under a certain amount, you can file federal and state through many of the online tax prep sites for free, but you have to link to them FROM the IRS website. At least, that's the way it was last year, so for the sake of simplicity that's automatically how I did it this year.

 

[Jspafford]

I used HR Block Tax Cut and was not charged anything for taking the credit. However, my wife did not get her $600 because her mom claimed her, and she is now getting it this year. SOmething called a "Stimulus rebate credit"