[partyoffive]

The IRS website - irs.gov - has a bunch of information and answers to questions regarding this stimulus package - Letters start going out tomorrow telling you what your refund is - A couple of the questions I have seen mentioned here are listed below - these are taken DIRECTLY from the IRS website -

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.