Nope, you do not have to pay taxes on it. The only thing to do with regards to that is if someone didn't qualify for the full amount last year, they may qualify for the remainder this year.
Another Tax question. I have Turbo Tax 2008 premier. I did my taxes for this year on it. On top of the forms it says 2008. Is this okay to use for my 2009 taxes? (really paying for fiscal year 2008 yes?)
Your 1040 should look like this: http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3 However, if you are using last year's copy of Turbo Tax (for tax year 2007), then that will probably not work well. Tax Tables have changed and forms may have changed as well, but I am assuming you are using "Turbo Tax for Tax Year 2008". If so, then all should be O.K. Make sure you have updated the forms, etc. in case there have been any changes.
Thanks. I did a quick free online at turbotax.com to double check. It all came out the same, so no probs.
I'm assuming the O.P. is referring to the stimulus check and not his 2007 tax refund (which would have been received in 2008). While you do not need to report the income itself (i.e. the dollar amount) in your taxes, you do need to report that you received it. Otherwise, the IRS will assume that you did not and will initially calculate your return to include the stimulus check. However, once they determine that error, you will have to pay it back. If they catch it before the refund is paid out, they will reject your tax forms (this is based on my experiences using Turbo Tax online).
Did you not enter a value (i.e. leave the line blank on 1040 or 1040EZ) or did you enter $0? Anyone who received the full "recovery rebate" will be entering $0.
There is a specific question asking about your "Recovery Rebate Credit" that is asked in the "Credits" section of the interview.
Didn't want to start a new thread... I bought a new car in 2010, last March, and had to pay new car sales tax. I just recently discovered through the internet that you can get a deductible from these sales tax if you bought the car after 2009. I've already filed my tax returns, can I still file the new car sales tax on a follow-up form? BTW, I've asked my parents and co-workers about getting some $$$ back from the new car sales tax before filing my tax returns, and they said usually they'll only do it for a hybrid or enviromental friendly car, and not just a regular car. So I was certain I wasn't going to get anything back from it when I sent my tax refund.
Is this what you're looking for? I know you can get deductions when you purchase hybrid vehicles, like others have said. Pugs
Thanks, the article answered my questioned.. "To qualify for this deduction, the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010. Taxpayers can claim this special deduction only on their 2009 tax returns to be filed next year." I bought my car two months after the cutoff date. Sucks, but at least I won't worry about not receiving the money I should have.
