$600

[Pato]

Originally Posted by CeeDubb

I hope everyone understands that this isn't free money. Simply put, it's an advance. For those that qualify for the stimulus, you'll have less of a rebate (if any) next year.

Please do not take this as a personal attack. I don't mean to sound condescending or convey the wrong tone, but this is incorrect. I'm not sure where you are getting your information from, but they need to check their sources.

Directly from the IRS.GOV website:

http://www.irs.gov/newsroom/article/...182003,00.html

Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.
Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?
A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]
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.