doing my taxes - question
Why is my tax return so small this year? I claim two kids... someone please tell me that the stimulus check that we received wasn't taken out of our 2008 tax return... was it?? How did I not realize that if it was?
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does not effect 2008 taxes. 2007 tax rates were $10-$80 more than 2008. I would compare my current w-2's to last year's and see if there is any noticeable changes in taxable income or withholding.
you can get your w-2 for any year (I think up to past 10 years) from the IRS dept of your local federal building. they'll print them up for you free of charge.
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It was my understanding that the rebate was in fact an "advance" on this years refund. According the H*R*Block and information I've read elsewhere "The tax rebate payment was an advance credit for tax year 2008 that you received early..." See: http://digits.hrblock.com/topicsofinterest/beforeyoufile/2008taxrebate.php
It's so confusing - they go on to say "Your 2008 tax rebate payment will not decrease your refund when you file your 2008 return, nor will it increase your balance due. It was an advance credit that you received early; if you’ve already received the full amount to which you’re entitled, you won’t receive any further credit. If you’re eligible to receive a higher payment based on your 2008 return, you will receive that additional payment when you file your 2008 return. If you received more than you were eligible to receive, you do not have to pay back the difference."
What HR Block is saying is that it was an advanced tax credit for the year 2008. Which means they could have waited until the end of the 2008 tax year (April 2009 deadline) to give us the 600 per individual credit, but they gave it to us in advance so we would spend it sooner then after January 2009.
The "eligible for a higher payment" refers to the fact that the credit that was mailed in 2008 was based on 2007's tax information, not 2008's. Some people could be getting more, but if you were supposed to get less, you don't have to pay it back.
So it will not effect your 2008 bottom line.
it shouldnbt have effected it mine was more did you make more money and go into a different income level
Jessica
Be who you are and say what you feel because those who mind don't matter and those who matter don't mind~~Dr.Seuss
Jessica
Be who you are and say what you feel because those who mind don't matter and those who matter don't mind~~Dr.Seuss
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what does it mean that 2007 tax rates were $10-$80 more than 2008? I don't have my W2 from last year...
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