Stimulus tax credit

[BABY1]

We will supposedly see more in our paychecks, but when income tax time comes, we will be taxed on it and if you are used to getting money back, I bet you will get less back.

It is just like claiming zero on your w4 form and having more money come out of your check which you usually get back at the end of the year.

This proposed tax credit, is like claiming one or more on you w4 and having more money in your paycheck and less refund at income tax time.

Just a thought that we are really not getting a tex credit of any kind, it just appears that way.

[pigmeat]

Re: Stimulus tax credit

i just did my taxes and the 1800 check i got last year was not taxed..dont know why this one would

[FUZO]

Re: Stimulus tax credit

i just did my taxes and the 1800 check i got last year was not taxed..dont know why this one would

at the end of the year you have your gross income and on that you pay taxes. so if you have more money in your check each time it will fall into your gross income. its different then getting a check like last time. we have had checks in the past years and had to pay taxes on it.

[BABY1]

Re: Stimulus tax credit

i just did my taxes and the 1800 check i got last year was not taxed..dont know why this one would

Remember that stimulus was under Bush so it doesn't mean it will be the same. Years ago we got a stimulus check also and that one was taxable at income tax time. By leaving extra in our paychecks, it will count as towards gross income at year end.