No accountant here but my tax person said last year that we would have to claim it as income....... but she also said to make sure we get our money through out the year so that there is little return...So it sounds like double standards of the irs....you know they are going to get their money any way they can.
Yet the banks don't have to give back the 18 billion they gave out in bonuses (our tax money). Boy this ticks me off !
no, no you dont have to pay it back.
Looking forward to another on ethis year :)
You will eventually pay it back, in a way, through paying higher taxes in the next year and beyond...fact of life. Otherwise it is a 'gift' from the government and you will not notice as you pay it back...
This girl i know though was saying literally u HAVE to pay it back. Let me give an example.
Say you are doing your taxes and you see you are getting back $4,000.
Say you received a stimulus check for $600 ths past year.
She was saying that if it wasnt for the stimulus check, you would have gotten back $4,600.00..............but, since u got $600, they deduct it from your refund. My question to her was ... um, ALOT of people don't get back money so then what are they suppose to do (of course, i know this isnt true but i just have to let people say things that are dumb sometimes)................
She claims that MOST people don't know about this and that she even called the IRS to confirm it, which they did.
I pointed out to her anytime u have to pay something back....then that's a LOAN. Big difference. She is weird like i said tho so who the he!! knows.
she is wrong...wrong...wrong...you have to claim it as income and will pay your normal tax bracket percentage on it, otherwise it is a 'gift'
sneakers---that's what i said too. she likes to always be right though so she was arguing with me about it. i told her i would be checking it out. which i did!
I was just reading about this from an H&R block representative. He said that we do NOT have to pay back the stimulus money we received last year. But, let's say you did not get all of what you were entitled to in the stimulus last year, it will come to you this year. I hope he's right!