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Offline hammerdrill376

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Tax question
« on: February 04, 2009, 05:31:13 PM »
Hey guys,

Got a question for those of you who are tax preparation savy. Last year we recieved a $1500.00 check from the government as part of the 2008 stimulus. Last night we had our taxes done by a CPA and were told we had to claim it on our taxes. Tonight there seems to be some debate about if we had to claim it or not. Any of you have a firm answer on this?

Thanks,
Hammer
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Offline SLYinKC

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Re: Tax question
« Reply #1 on: February 04, 2009, 06:33:11 PM »
Hammer, I am a CPA, but I don't do taxes.  I believe that the $1,500 is not taxable. But the best thing that you can do is to call the IRS.  They will give you a definite answer.  I will also check with the tax people at my firm tomorrow.  Feel free to PM me tomorrow if you don't hear from anyone else.

« Last Edit: February 04, 2009, 07:22:18 PM by SLYinKC »
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marty22

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Re: Tax question
« Reply #2 on: February 04, 2009, 07:06:16 PM »
Check with the IRS.
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GASlick

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Re: Tax question
« Reply #3 on: February 04, 2009, 08:49:03 PM »
Quote from: marty22 on February 04, 2009, 07:06:16 PM
Check with the IRS.

Agree - and when you get them on the phone tell them you have a $800 billion deductible for charities!  LOL
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Offline warhawk

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Re: Tax question
« Reply #4 on: February 04, 2009, 10:34:22 PM »
Quote from: SLYinKC on February 04, 2009, 06:33:11 PM
Hammer, I am a CPA, but I don't do taxes.  I believe that the $1,500 is not taxable. But the best thing that you can do is to call the IRS.  They will give you a definite answer.  I will also check with the tax people at my firm tomorrow.  Feel free to PM me tomorrow if you don't hear from anyone else.


hey rick:  let us know what U find out.

WARHAWK O0
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Offline Timmay

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Re: Tax question
« Reply #5 on: February 04, 2009, 10:35:24 PM »
i filed my taxes and yes you have to claim it
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Offline hammerdrill376

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Re: Tax question
« Reply #6 on: February 05, 2009, 04:01:49 AM »
Thanks everyone
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Offline SLYinKC

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Re: Tax question
« Reply #7 on: February 05, 2009, 06:46:14 AM »
I just spoke with someone who is in our firm's tax practice.

There is a  place on the 2008 tax return for you to report if you received a stimulus check. This stimulus was a tax credit and is not a taxable item.  You are not taxed on this amount.

It could adjust how much you received since the stimulus is based on your 2008 tax situation. So if your dependents changed, this could change the amount of your stimulus payment.
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Offline PowerOfCheese

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Re: Tax question
« Reply #8 on: February 06, 2009, 05:08:14 PM »
http://www.msnbc.msn.com/id/29041264/

Last year’s payments not taxable, but IRS says 15 percent getting it wrong
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Offline Razor X

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Re: Tax question
« Reply #9 on: February 06, 2009, 07:06:29 PM »
Don't claim it on your taxes; maybe then you will be eligible for a Cabinet position. 
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GASlick

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Re: Tax question
« Reply #10 on: February 06, 2009, 08:07:59 PM »
Quote from: RazorX on February 06, 2009, 07:06:29 PM
Don't claim it on your taxes; maybe then you will be eligible for a Cabinet position. 

 :*)) :*)) :*)) :*))
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SlyHigh

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Re: Tax question
« Reply #11 on: February 09, 2009, 07:11:41 AM »
As mentioned and per the MSN article, you have to report it, but it's not taxable.  If you use tax software, make sure it gets this right.  Apparently some software was mistakenly counting it as taxable income.
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Offline schro

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Re: Tax question
« Reply #12 on: February 09, 2009, 08:09:32 AM »
Quote from: RazorX on February 06, 2009, 07:06:29 PM
Don't claim it on your taxes; maybe then you will be eligible for a Cabinet position. 

Brings new meaning to the term "oversight committee", doesn't it?
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