- Thread starter
- #21
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.
I don't have a tax preparer. I do my own. I did ask several, and all said the same thing. None of them were given any most of them were people I don't even know, and they don't know me.They had no idea why I was asking.
Unless someone can show me proof that there is some adjustment that does not have to be paid back, and would not effect my tax returns so that I have to pay for the first time in many years, I just have to believe con-Obama was coniving again.