I have read in a few scattered places, including a comment in the local paper that the 2008 economic stimulus rebate check is in fact, an advance on your 2008 tax return refund. I know all the IRS literature says you will not be taxed on the rebate check, but it doesn't specifically say that you won't have to pay it back or that it's an advance against potential refunds on next years tax form.
If it's an advance, what happens if I'm not due a rebate next year? If I get a rebate on my taxes, I'm lucky if I get 2-300. The rebate check I am due is $600. If I'm not getting back that much of a tax rebate, will I owe them money? It's very difficult to ferret the information out and I think it's important to know.
I mean, let's face it. If I'm going to owe the money back the next time I do taxes, then I'm just going to have to save it and not spend it. But I'd like to know the answer and the official literature has so far been not helpful in figuring out.
Does anyone else know?
Tags: