DISQUS

Sara · 10 months ago

Thanks for posting this. I had no idea

Suldog · 10 months ago

Wonderful. Tax on your tax refund. Swell.

asoldierswife · 10 months ago

LOL....Sul you are funny.

UNLIKE the Government Stimulus package that will likely never be repaid, this was just an advance that everyone would have deducted from this year's tax return......

so it isn't really taxing your refund. I just do not think people understood that when it came out.....and now they have to enter it into their income taxes this year.....it was based on your taxes from last year, that is why everyone's was subjected to theirs being different....some got only part of it, some did not get any of it......based on their income being too high (they would not get an income tax refund, they would owe) or too low (they would not pay in enough taxes or have enough qualifying income to get any back) to receive the stimulus check so that their income tax return would off set the payment....

Unfortunately by people not being aware of this information, they are going to be some mighty surprised folks out there come tax time......

Sort of like the NEW FIRST TIME HOME BUYER TAX CREDIT THIS YEAR...which basically means you have not owned or bought a home in three years......maximum amount of $7500..... but you have to pay it back.......it is a tax credit....not free money.....people see the money up front and forget, it is just an advance you qualify for if you bought a home between April 9, 2008 and July 1, 2009 and your income is less then $75k for someone that is single or less then $150k for married couples, that you can claim this year on your taxes....but you have to begin paying it back within 15 years......the IRS rarely does anything without expecting to get it back in some way.....the government may never pay itself back, but they sure as hell will never forgive the money they "let" us have early......

Look at the child tax credit.....even it is limited.....income based, and YOU LOSE IT when your child turns 17......they must be under age 17 at the end of the year..... I have an 18 year old who is a senior.....who never failed and began school at the legal age she was supposed to.....not like I'm not fully supporting her, but I lost the child tax credit on her, two years ago.....because she turned 17, 7 weeks before the year ended.....

Off topic, but on topic too with taxes.....

Her father and I will be supporting her in one form or another for the next 5 years while she is in college and possibly part of grad school....and then her sister and brother.......sure I will be able to claim them and deduct the interest on their loans, but also have to claim their scholarships......not like the government really DOES much to help, except count every single tax exempt dime we make against her financial aid.....

Got to love FAFSA! I hate tax season.

cannwin · 9 months ago

I don't have to worry about this... I'm to poor. In fact, it's been awhile since the government didn't have to just give me all my money back!

lol... someday when I'm to old to appreciate it people tell me I won't be poor anymore, that all this hard work is supposed to pay off. I'm still waiting. ;)