Let’s start by linking you to the official CNN report HERE.
Now, since most of you won’t go read what was said there, let me recap.
They really are sending out stimulus checks. Yes, I know - it sounds amazing.
And we can use the money! Bills don’t pay themselves!
However, my largest concern was that it would come out of our next year’s tax refund - or just be taxed to crap. HOwever, according to CNN author David Goldman we won’t.
Will I have to pay it back?No. And here’s why.
Your stimulus payment is a one-time tax cut - an advance on a credit you’ll receive on your 2008 return. You will not owe tax on your payment when you file your 2008 tax return, and it will not increase the amount you owe or reduce your 2008 refund.
They go on with some weird reasoning that I can’t wrap my non-numbers brain around:
“If you were supposed to receive a larger payment than you did, you will get the extra money,” said Treasury spokesman Andrew DeSouza. “If you received more than what you should have gotten, you will not be penalized.”
So there you have it folks. ‘Free’ money. Of course expect to hear people grip about how much they got or how the government is spending too much and so on. I doubt this will really make any real difference on the economy, but I’m happy to have it.
- $600 to singles making less than $75,000
- $1,200 to couples making less than $150,000
- $300 rebates per child
| WHEN YOU’LL GET YOUR REBATE | ||||||||||||||||||||||||||||||||
| The order in which the IRS sends out payments will be based on Social Security numbers. If your return is processed by April 15, here’s what you can expect. | ||||||||||||||||||||||||||||||||
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