Bush Tax Rebate Update and FAQs
On February 8th I wrote about the Bush Tax Rebate and what people could expect. Bush signed H.R. 5140, the Economic Stimulus Act of 2008 into law on February 13th. Being an inquiring mind I have sifted through and dug out the answers to questions I wanted answered. I have summarized them below. If you want to see the full IRS article because the information you need has not been listed, click here.
1 – Will I have to claim the rebate as income on my 2008 taxes.
NO! The tax stimulus rebate will not count as income when you file your taxes in 2008, it will not be used to increase your taxable income.
2 - Will my refund be reduced if I owe any current or back taxes?
YES! In this case it would be treated like any other refund and would be first applied to any outstanding liabilities owed to the IRS.
3 – When will I get my rebate and how?
The IRS hopes to begin distributing the stimulus rebate by May. People who recieve their refunds or make payments directly from their bank accounts will get the refund quickest. If you use direct deposit and chose to use the multiple account option , it will be allocated as you specified or your refund.
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