Stimulus

Bear with me if this has already been mentioned.
Had a friend file his taxes and he said there was a box for 08 stimulus. So he puts down $600 to go along with his $650 return for 09. Letting them know he had a $600 stimulus from 08. H&R Block calls him to say he'll only be getting a $50 refund this year. In essence, the stimulus was just and advance on the tax return? If so, what the fuck was the point?!

 

No idea if this is accurate or not, but I have no reason to doubt it.

http://www.consumerismcommentary.com/2009/01/02/filing-your-2008-taxes-with-the-economic-stimulus-recovery-rebate-credit/

So you don't put the $600 in that box, as far as I can figure.

 

What if my $600 was kept by the IRS because I owed them money?

 

Whenever the IRS says "just to make it clear" they have lost me.

 

I'll hang up and listen too...

 

The way I understood it, the stimulus was taxable, but it wasn't like a loan or anything. So they aren't going to ask for $600 of a $600 stimulus back.

 

Same here. Did TaxCut online, and the stimulus didn't seem to affect the amount of my return...?

 

No, it wasn't taxable. I believe the previous one was, but this one wasn't.

Essentially, the way I understand it, the stimulus was a $600 credit on this year's taxes, paid in advance. If you didn't qualify at the time, but you do now for whatever reason, you're still entitled to the $600. If you DID qualify then, but don't now, they don't take it back.

If your refund this year is $200, then officially it's $800. But you already got $600 of it.

As for situations like Gola's, I would assume they kept the stimulus because it's easier than mailing you a check for $600 and then you mailing them one in return. So your credit was applied to last year's taxes, instead of this year's.

But I'm not a tax professional, so it's entirely possible I don't know what the hell I'm talking about.

 

Don't trust H&R Block. Ever. You couldn't pay me enough money to go back to those fuckers. The number of people I know, including me, who got ganked by those people...fuck 'em. I'm not sure they even take classes.

Go ANYWHERE else.

 

Like their Web site?

I think this is the fourth year I've used TaxCut, and I've yet to have problems...*knocks on desk*

 

Gee, my mother worked for H&R Block for more than 15 years. She even went to classes and all. Hell, she worked her way up to management. I have heard of people having "problems" with H&R Block. They do take their fair share of profit, but as does any process/business unless you do it yourself.

I myself have never had a problem in the years I've been to H&R Block, and even in the years since mom died, I've never had a problem with them.

 

Stimulus...not a clown car.