TAX HELP!!!

[RyanbabZ71]

Today i checked my bank balance and $455 was deposited by the us gov.  I was only supposed to get back $155.  

 

ANyone have any clue where the $300 came from

 

Could it possibly be that i did not get the $300 tax check last yr? i got it this yr?

[CMNTMXR81]

Yes.  Did you fill out a 1040?  If so, there is a question on there asking if you got the $300 during the rebate from GW.  If you did, you cannot take the $300 now.  Otherwise, if you didn't you can elect to take it.

 

I don't remember off the top of my head which line it was but I couldn't take it since I got $300 back earlier in the year.

 

If you did a 1040EZ or 1040A, it may be an automatic add on their side if they see they didn't issue you the $300 previously.

[RyanbabZ71]

i didnt get it last yr because my parents claim me

[chevy4x4trucks]

Hmm, so can we get it now if our parent's claimed us?  That would be sweet, another 300, although I can't complain about the refund I'm getting this year $$$

[CMNTMXR81]

No, I don't think you should get it then.  I don't have the manual with me so I can't say right now.  I can look it up though.

[RyanbabZ71]

yea there is another worksheet you have to fill out.  If you are a dependent and didnt get the check last yr.

 

Take your value you got from the tables if this is higher than $900 you subtract $300 the value from the tables.  I didnt do this and the only place i can think of as of why i am getting $300 more.

 

Kinda nice

[chevy4x4trucks]

No, I don't think you should get it then.  I don't have the manual with me so I can't say right now.  I can look it up though.

Please do, I just finished my taxes and haven't sent them in yet.

[RyanbabZ71]

me and my dad just went through them and i didnt do that worksheet i am talking about.  Only place where a $300 difference would come from

 

Im not complaining just checking you know

 

HMMM spring break road trip may be in my future  

[CMNTMXR81]

I'll look when I get home.  To bad I sent my taxes in earlier this week cuz I had all the manuals here with me.  

[firecadet613]

What worksheet are you talking about?  I filed my taxes a month ago, and I don't think I got that extra $300.  My parents also claimed me as a dependent last year.

 

Joe

[RyanbabZ71]

its on page 20 of the 1040EZ instruction booklet

 

its called

 

"Tax computation worksheet for certain dependents line 11"

[BIFFY]

Ryan,

 

I'm a CPA tax preparer.  I do think the IRS added the $300 "advance rebate credit" to your refund.  The folks that got a check during 2001 did so based on information from their 2000 tax returns.  But the credit is really a 2001 tax reduction.  So, if your 2000 return showed you did not qualify (like, you were a dependent of another), but your 2001 return showed you did qualify - you should get it.  

 

I haven't had a situation where the IRS had to add the credit automatically for any of my clients this year (I make sure to claim it for them where necessary), but can see where it would happen.  You should get a statement explaining the change (which could take a few weeks still).

 

Enjoy!

 

Barry

[chevy4x4trucks]

Biffy, so since this year my 'rents are no longer claiming me as a dependent (even though I still live in there basement and et all there food ).  So I should add that in to get the extra 300 dollars that I did not get when the rebates were initially mailed out?

 

Hmmm, even more truck mods, maybe I should get new rims.

 

I'm getting over a grand back already, and my mom told me that I better put this money towards the truck.  To which I responded, "Oh, it'll go towards the truck."  Then she said, to pay it off.  Dang, I should watch my sarcasm, she caught onto that one.

[BIFFY]

Check this out - from "the horse's mouth"

 

IRS Info on Advance Payments

 

Barry