The stimulus check is not something that you need to pay back to the government like a loan, nor do you need to pay taxes on it come tax time in April. The stimulus check is considered free money for you to do with as you please. The main reason for it was that you would spend it in hopes of stimulating the economy, hence the name, stimulus check.
To repeat, you do not have to pay back the stimulus money that you received during the year.
For those who are employed and have been receiving the tax cut in the amount of $20/week or so, that is also free money that you don’t need to pay back to the IRS, that is why you got it in the first place. Otherwise you would get a large deduction on your taxes come April instead of the $20/week spread over the course of the year.
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Yes You do have to pay back the stimululus checks. I did last year and so did all ameicans. The way to check this is easy. Go to one on the free tax preparers sites on IRS. gov. When You are filling out Your taxes You will find a box that You check with the amount. Leave that blank and go on figuring till You get to where it has done all its computing. It will tell You what Your taxes are. In My case I owed roughly 750.00 taxes. Then go back and edit Your taxes and go to the box where You check if You had a stimulus check. Check yes and put in the amount You recieved. Again go through the tax computations and You will see that You now owe exactly the amount of Your stimulas check. In My case I owe 1000. This was the same thing they pulled last year
if they give out 2010 stimulus checks this year please contact us at the email we posted
You most certainly do have to pay it back. When I filed my 2009 taxes, the $800 credit (for joint filers) was not enough to cover the federal taxes that I underpaid. So I am ending up paying almost $1400 for that lousy $60 extra that I rec’d monthly last year. And to really top it off, I was supposed to pay an add’l penalty of $21 because of my underpayment of federal taxes.
when i made out my income tax form
my account said that for me & my wife the irs took back the 2009
stimulus cheks that amount was a total of $500.00 deducted from my income tax return ,is that true that we had to pay back the 2009 stiumulus checks that we received thank you john arato sr