2008 Tax Rebate Stimulus Plan Payout Update

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

I have been asked by a bunch of readers what the stimulus plan payout schedule is going to be for the 2008 Tax Rebate. Unfortunately they still have not released an updated payout schedule yet. My source inside the IRS says it should be coming in the next few weeks, so please keep checking back as I will post it as soon as it is public knowledge.

Another item that I have received a bunch of questions on is whether or not we will have to pay taxes on the rebates that we qualify for. The good news is no.  Check out the IRS Frequently Asked Questions Site and at the bottom you will find this:

Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

This is definitely great news, because if I was going to have to pay taxes on it I was just going to save it, but now, that Xbox 360 is looking better and better.

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