Last years stimulus package?

[Spinning]

How does that work when you are filling out your taxes? Will we get something in the mail? Does it go on our annual income? Or does nothing happen with it?

 

[rgf207]

How does that work when you are filling out your taxes? Will we get something in the mail? Does it go on our annual income? Or does nothing happen with it?

I used turbotax this year and the first question it asked my was if I received the check and how much I got.

I know all the tax programs do it. I'm not sure if you use those or not. If not, I'm not sure how it works.

 

[rabx5]

No-it has no affect.

We use taxact and during the question mode, it asks how much you received, but you don't have to list it as income.

My office does taxes (I don't) and they use a program called Taxwise and it asks the exact same question.

 

[Spinning]

so if I usually get a return, then I still will? Some one said they took it out of this years return which I told her made no sense. That would mean the money was a loan.

 

[rgf207]

so if I usually get a return, then I still will? Some one said they took it out of this years return which I told her made no sense. That would mean the money was a loan.

The original plan was to take it out of your return but that did not end up being the case.

 

[rabx5]

No, it was not a loan. We are getting a return.

Do you do your own? Use a program?

Go to www.irs.gov and I am sure there will something stating the stimulus $$ will NOT affect your return

 

[Spinning]

No I pay someone to do it....believe me it isn't my thing! I much prefer taking my stuff and handing it over.
I was just wondering.....we usually get a return and use it for our vacation in April. We don't get a huge return to begin with but just enough to add a few nicer dinners out, some extra stuff KWIM?
Plus we never do our taxes till march......I think this year we will do them much sooner....

 

[ChelleinNC]

so if I usually get a return, then I still will? Some one said they took it out of this years return which I told her made no sense. That would mean the money was a loan.

Nope not a loan The reason the program or preparers ask is:
1. make sure you got it
2. make sure the amount was right
3. there is a "stimulus recovery rebate credit" this year. If you didn't file last year, didn't make enough to get the stimulus last year or if you had a baby (or adopted) too late to get the stimulus last year; you can get it this year if you qualify now.

 

[ericamanda01]

We got our taxes done yesterday and our accountant told us they reason they are asking is to make certain that we got the right amount. If you did then your fine, if you were shorted than you will get the difference owed to you. Here's some good news for some, if you got too much then nothing will happen, you don't have to pay it back.

 

[HelenePA]

It asks because if you have another baby born last year he/she will also be getting the credit.. I got another 300$ for my son who was born in October.

 

[malibuconlee]

It asks because if you have another baby born last year he/she will also be getting the credit.. I got another 300$ for my son who was born in October.

Good to know since we had our first last July!!