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Economic Stimulus Act?!
- Thread starter CAHope
- Start date
Is this act valid only to US citizens? How about permanent residents?
I'm guessing you're referring to the rebate checks that are expected to be sent out by the end of May?
This act applies to all taxpayers, regardless of immigration status. I should add that this is not a free $600 kickback from the government. It's merely an advance on your next year's anticipated tax refund, meaning that if your federal refund comes to $1,000, you'll only be receiving $400.
I I should add that this is not a free $600 kickback from the government. It's merely an advance on your next year's anticipated tax refund, meaning that if your federal refund comes to $1,000, you'll only be receiving $400.
Incorrect.
From the FAQ posted on the IRS website:
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Incorrect.
From the FAQ posted on the IRS website:
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
I stand corrected. Just the other day, I was reading something on CNN.com, where it was clearly stated that this is an advance against next year's refund. However, I'll trust the official IRS site.
TheRealCanadian
Volunteer Moderator
Incorrect.
Not exactly. They're changing the tax brackets for 2008 so that everyone below a certain income level will pay $300 less in taxes, and I believe the child tax credit is going up by $300. This is essentially an advance on next year's refund or reduction of next year's liability.