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Re: Regarding the "tax stimulus" refund....
There is no penalty. This is free money (as free as gov't debt can be).
Next year there will be a federal income tax credit for the amount you received so you are not taxed on it.
EDIT: From the IRS FAQ:
Quote:
Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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Last edited by DaveF : 03-24-2008 at 07:27 AM.
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