taxes

[bcjammerx]

So for my return this year (my company JUST released my w2 on the 31st), turbo tax seemed to be subtracting out the 300 I got for the stimulus check...is that right? Out of my XXX dollar return this year...it's actually going to be XXX-300 right?

[wed3k]

did you actually recieve 300? because if you did then you do hav to subtract that amount./

[ChIoVnIdCa]

because if you did then you do hav to subtract that amount./

No

[bagoon316]

i heard about this, whats the point of a stimulus if you have to pay it right back the following year. thats fucking dumb.

[deevergote]

The stimulus check was a refund of taxes already paid. I don't believe you are required to pay taxes on it.

TurboTax may be subtracting that from your claimed income, assuming that you factored it in there.

[brawl]

I have a trusted associate at Jackson Hewitt do my full return and they did charge you for taxes on the stimulus check...i got the full 600 stimulus check and was charged 482 on my state return due to receiving it. According to the woman i see, it was classed as "a rush tax return".

[Gemini]

I have a trusted associate at Jackson Hewitt do my full return and they did charge you for taxes on the stimulus check...i got the full 600 stimulus check and was charged 482 on my state return due to receiving it. According to the woman i see, it was classed as "a rush tax return".

If thats the case the wifey and i got fucked because we received the full $1200. I'm getting back close to $5k, would have been more but the wifey had to pay the taxes on her CD account and some 401k

[ChIoVnIdCa]

I have a trusted associate at Jackson Hewitt do my full return and they did charge you for taxes on the stimulus check...i got the full 600 stimulus check and was charged 482 on my state return due to receiving it. According to the woman i see, it was classed as "a rush tax return".

trust that they let you get screwed?

[bagoon316]

did mine on turbo tax and i didnt have to pay my stimulus back, all they did was ask if i got it and how much. my return didnt change from. also florida doesnt have state returns, so i dunno if that has anything to do with it.

[Flatline]

did mine on turbo tax and i didnt have to pay my stimulus back, all they did was ask if i got it and how much. my return didnt change from. also florida doesnt have state returns, so i dunno if that has anything to do with it.

Same here. I got $413 and it even said that it wouldn't effect my return at all.

[bagoon316]

gotcha, it was like the first question they asked me before i filled out my info. anyways, after income, school, and school loan interest paid, im at 1850 or so, cant remember. ill be paying some bills, paying for maint on the subie to sell, and hopefully some turbo accessories for the accord.

[bcjammerx]

hmmm...maybe I'll do it again without putting that in. It seemed to be factoring it at the end, I don't care if folks know this much of my buisness...

I usually get like 712 back each year...now 200?


Taxes
The taxes on your income.......................$818....$818
Items that reduce your taxes (credits)
----Recovery rebate credit......................$300 -$300
Taxes you already paid...........................$718 -$718



Your Refund = $200


this seems like fuzzy math to me....taxable income was like 8000

[slick]

so is this the thing they are doing is charging us for the money they gave us? thats g-a-y cuz me and my wife got 1200 for the stimulus check and i hope to get a good bit back since i have alot of write offs since im an owner operator

[brawl]

trust that they let you get screwed?

I'd rather find out that they made an error and return the money to me than have them come asking for it with penalties and other harsh additions. Two things you can't avoid, death and taxes.

It also could be different per state, my federal return wasn't touched at all.

[baracuda]

yeah thats why i was against the stimulus bill to start with plus the gov. just stated we will never know if the 1st 700+ billion dollar bailout even helped. yeah im glad my money was yet again wasted by my oh so wonderful gov.