Deadline for the IRS is coming. I was struggling with the Federal 1040 Form over the weekend. Does anyone know which line on the 1040 form I should report the stimulus payment from the Fed last year? I forgot to report it one time and got the IRS audit. Thanks.
Help with Federal Form 1040
- Thread starter sifan
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No, unfortunately I am over 50k a year.
My understanding is the stimulus payment was actualy a credit on your 2008 taxes, paid an advance. As such it is not taxable. If you Google 2008 simulus payment taxable you'll find lots of info on it.
I did not qualify for any simulus payment last year based on my excessive income in 2007, but since I retired in 2007, my 2008 income did qualify and I received a $1,200 credit on my 2008 taxes.
Tom NJ
I did not qualify for any simulus payment last year based on my excessive income in 2007, but since I retired in 2007, my 2008 income did qualify and I received a $1,200 credit on my 2008 taxes.
Tom NJ
Check out TAXACT.COM its a free download, free efile, works great has for years.
The short story is the stimulus payment is NOT taxable. The only reason you would need to report it on 2008 taxes is if you think you were underpaid by the Federal government. This is your chance to get that corrected, as reported by Tom NJ.
Google 2008 Stimulus Payment Taxable, and a lot of links will show up, including IRS links to tell you that it is NOT taxable. You will only get a credit on 2008 taxes if the correction to your stimulus payment applies.
Google 2008 Stimulus Payment Taxable, and a lot of links will show up, including IRS links to tell you that it is NOT taxable. You will only get a credit on 2008 taxes if the correction to your stimulus payment applies.
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Originally Posted By: sifan
No, unfortunately I am over 50k a year.
LOL, talk to your employer and explain the situation. I'm sure they'll be willing to drop your earnings to 49,900.00.
No, unfortunately I am over 50k a year.
LOL, talk to your employer and explain the situation. I'm sure they'll be willing to drop your earnings to 49,900.00.
It's line 70 on the long form.
Better read the instructions though.
Better read the instructions though.
I wish I had seen your post while doing my tax last night. I thought I was very carefully reading every line instruction before mailing both Fed/State forms before bed. I guess I am going to get audit again. Thigh...
Originally Posted By: xlt4me
Originally Posted By: sifan
No, unfortunately I am over 50k a year.
LOL, talk to your employer and explain the situation. I'm sure they'll be willing to drop your earnings to 49,900.00.
More like talk to the Obama administration.
Originally Posted By: sifan
No, unfortunately I am over 50k a year.
LOL, talk to your employer and explain the situation. I'm sure they'll be willing to drop your earnings to 49,900.00.
More like talk to the Obama administration.
Originally Posted By: sifan
I wish I had seen your post while doing my tax last night. I thought I was very carefully reading every line instruction before mailing both Fed/State forms before bed. I guess I am going to get audit again. Thigh...
You were audited before, and you are taking a chance with the IRS for the second time. Just spend $16.95 if you can next time, and save yourself a headache.
http://www.taxact.com/
I wish I had seen your post while doing my tax last night. I thought I was very carefully reading every line instruction before mailing both Fed/State forms before bed. I guess I am going to get audit again. Thigh...
You were audited before, and you are taking a chance with the IRS for the second time. Just spend $16.95 if you can next time, and save yourself a headache.
http://www.taxact.com/
Drew,
No free info for Sifan or will you charge him for your professional tax advice ?
No free info for Sifan or will you charge him for your professional tax advice ?
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