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Originally posted by Fremdfirma:

You know that stimulus payment they chucked us like it was some kinda benevolent gift, a while back ?

That was THE EXACT AMOUNT I OWED.

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The economic stimulus package that recently passed, the one where taxpayers will receive an additional check this year, looks to be a carryover to next year's taxes. I think this is the relevant section.

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26 USC CHAPTER 65 - ABATEMENTS, CREDITS, AND REFUNDS

TITLE 26 INTERNAL REVENUE CODE

(g) Advance Refunds and Credits-

(1) IN GENERAL- Each individual who was an eligible individual for such individual's first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.

(2) ADVANCE REFUND AMOUNT- For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (f) and this subsection) had applied to such taxable year.

http://uscode.house.gov/download/pls/26C65.txt

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....anyone may parse that as they will, but it looks like the stimulus checks are an advance loan on any refund you might get next year. I welcome any corrections to my interpretation.

The stimulus is accounted as tax prepayments of $600/individual and $300/dependent. For the individual, that's $600 you've already "paid" the IRS, which is refunding your money.

Technically that would be an advance on your refund, but every cent of it is money the taxpayer would not have seen otherwise.

http://technocrat.net/d/2008/2/9/35958/

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Originally posted by piratenews:
none of the tax you pay goes to the fed govt. You were robbed.

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