Filing your 08 tax returns will irs take out ?

When you file your 08 tax this year will the IRS take out money that they gave last summer (stimulas package) out of your federal return? Have anyone hear of this happening?

2 Replies to “Filing your 08 tax returns will irs take out ?”

  1. No they won’t. There is a line on the return for people who did not receive the stimulus check to receive it this year but it was not a loan and doesn’t have to be paid back.

  2. No, it doesn’t affect your 2008 refund, which is whatever it would have been if there had been no stimulus package or checks. The exception is if you didn’t qualify last year, but qualify based on your 2008 return, you’d receive the stimulus payment added to your refund.

    Unfortunately, many of the tax software designers took a short cut and calculated the stimulus into your refund for 2008 automatically, then have you subtract it back out if you got it last year. This is causing massive confusion among people who think it’s being subtracted from their refunds – it’s only being subtracted if it shouldn’t have been there in the first place this year since you already got it last year.

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