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Financial Planning / Tax Strategies


Subject:  Re: Water Cooler Talk Date:  1/27/2009  8:52 AM
Author:  billjam Number:  104005 of 127616

I'm confused. How is stimulus check taxable? It was an advance on the refund you would receive in 2009. How many times did Phil tell people "Don't change your withholding or estimated payments"? If some people went ahead and changed it anyway that's tough. Did they consult their tax preparer first? OP said they were still getting a refund. It just won't be enough to buy a car with. The fact that they save for a car by giving an interest-free loan to the gov't tells it all.

Disclosure: I got a stimulus check but made no changes to estimated tax. Looks like I'm getting a $60 federal refund and will owe $20 to the state. Federal is due to not being able to exactly predict amount of qualified mutual fund dividends. State was intentional. They have no cash so refunds could be delayed.
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