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The stimulus checks were during the Bush administration and functioned as an early tax credit. The amount was technically a credit on your return for 2008, but was received early (if, like me, you qualified for the credit based on 2008 earnings, but did not receive the amount at the time, it was added to your tax refund).
This argument has came up about the Making Work Pay tax credit included in the American Recovery and Reinvestment Act (aka, the stimulus bill). The bill included a provision for a payroll tax credit for individuals that phases out starting at 75k a year for individuals (150k for couples). Instead of including the credit as part of 2009 tax returns, the withholding tables were adjusted so that the money would be released in small amounts over the course of the year, instead of issuing it as a lump sum either last year or on your tax return this year. Some people have taken to calling this credit a loan, since they, incorrectly, believe it has to be repaid on your tax return.
You might want to check with your tax man. I have talked to several and all of them say it will be paid back when you complete yout taxes this year. One even tole me that they tolld all of their clients to put money back to cover it.
I agree, it was not a "loan" but we do have to pay it back. Not a loan, but a lie. That is Obama's M.O.
I know the details already. You may want to look for a new tax preparer, because your guy is too busy reading GOP talking points on blogs than knowing the details of the law.
Thanks, you make my point. Most Americans have no clue!
Here is the deal. Less taxes were taken from your check each monty. (In my case it was about $60 per month) This was for about a year. Now. when you file your taxes, you will be paying 100% of that "stimulus" money back. There will not be a place on yout tax forms to separate it, so you WILL pay it back.
All stimulus checks in the past were given to us and never asked for back. They were even tax free. This one was only a loan, because it was intended to be paid back. If you don't, and even if you request to make payments, you will pay interest.
BTW, I have already addressed this with tax preparers, and they said it will be taken back on tax day. It was a con job, and many idiots had and have no clue what happened. But they will know for sure that something happened when they get ready to do their taxes.
That's simply not true. The modified withholding tables represent the application of the Making Work Pay tax credit.
OK, so from what you are saying I suppose this means that I will be getting the normal return on my taxes. Otherwise, it is a rip-off. (Theft)
Show me some washington publication that proves that there is some adjustment that was made, and that it will not mean that I will have to pay the whole amount back. As I see it, and we have our tax forms, there is no adjustment, and I am oging to owe because I did not pay in what I was required to.
No, I think you are wrong.
If there is a cushion, then it needs to be there now. I have more taken out than I am rewuired to have, both through my retirement and my paycheck. even with that I am looking to be short.
I believe it is just a con job and more evidence that we have a deceiver as a prseident.
So, show me the proof that there was some adjustment. And that this money will not be paid back.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
IR-2009-13, Feb 21, 2009
WASHINGTON ― The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers.
The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.
...
Available for tax years 2009 and 2010, the Making Work Pay credit is 6.2 percent of a taxpayers earned income with a maximum credit of $800 for a married couple filing a joint return and $400 for other taxpayers, but it is phased out for higher income taxpayers. Most workers will qualify for the maximum credit. Because the credit is refundable (people can get it even if they owe no tax), most low-income workers will also qualify for the full credit.
Though all eligible taxpayers will need to claim the credit when they file their 2009 income tax return next year, the benefit will generally be spread out over the paychecks they receive beginning this spring and continue until the end of the year.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
That's simply not true. The modified withholding tables represent the application of the Making Work Pay tax credit.
OK, so from what you are saying I suppose this means that I will be getting the normal return on my taxes. Otherwise, it is a rip-off. (Theft)
Show me some washington publication that proves that there is some adjustment that was made, and that it will not mean that I will have to pay the whole amount back. As I see it, and we have our tax forms, there is no adjustment, and I am oging to owe because I did not pay in what I was required to.
No, I think you are wrong.
If there is a cushion, then it needs to be there now. I have more taken out than I am rewuired to have, both through my retirement and my paycheck. even with that I am looking to be short.
I believe it is just a con job and more evidence that we have a deceiver as a prseident.
So, show me the proof that there was some adjustment. And that this money will not be paid back.
It's funny what you can do with basic background research.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
IR-2009-13, Feb 21, 2009
WASHINGTON ― The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers.
The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.
...
Available for tax years 2009 and 2010, the Making Work Pay credit is 6.2 percent of a taxpayers earned income with a maximum credit of $800 for a married couple filing a joint return and $400 for other taxpayers, but it is phased out for higher income taxpayers. Most workers will qualify for the maximum credit. Because the credit is refundable (people can get it even if they owe no tax), most low-income workers will also qualify for the full credit.
Though all eligible taxpayers will need to claim the credit when they file their 2009 income tax return next year, the benefit will generally be spread out over the paychecks they receive beginning this spring and continue until the end of the year.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
does anyone really believe that the O/P got a loan he didn't want?
Didn't think so.
does anyone really believe that the O/P got a loan he didn't want?
Didn't think so.
OK, so from what you are saying I suppose this means that I will be getting the normal return on my taxes. Otherwise, it is a rip-off. (Theft)
Show me some washington publication that proves that there is some adjustment that was made, and that it will not mean that I will have to pay the whole amount back. As I see it, and we have our tax forms, there is no adjustment, and I am oging to owe because I did not pay in what I was required to.
No, I think you are wrong.
If there is a cushion, then it needs to be there now. I have more taken out than I am rewuired to have, both through my retirement and my paycheck. even with that I am looking to be short.
I believe it is just a con job and more evidence that we have a deceiver as a prseident.
So, show me the proof that there was some adjustment. And that this money will not be paid back.
It's funny what you can do with basic background research.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
IR-2009-13, Feb 21, 2009
WASHINGTON ― The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers.
The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.
...
Available for tax years 2009 and 2010, the Making Work Pay credit is 6.2 percent of a taxpayers earned income with a maximum credit of $800 for a married couple filing a joint return and $400 for other taxpayers, but it is phased out for higher income taxpayers. Most workers will qualify for the maximum credit. Because the credit is refundable (people can get it even if they owe no tax), most low-income workers will also qualify for the full credit.
Though all eligible taxpayers will need to claim the credit when they file their 2009 income tax return next year, the benefit will generally be spread out over the paychecks they receive beginning this spring and continue until the end of the year.
New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
That is a separate issue, the tqable adjustment mentioned above. It does not change the fact that the so calles "stimulus" money we got will have to be paid back IN FULL on tax day. The other is OK, but is not related to the stilulus deception.
So far, I have seen no help for my situation in any of the adjustments, if there are any for the lower middle class. Unless I am on welfare, or filthy rich, I am screwed.
