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Entry bubble Answering Income Tax "What Ifs"

By: Jake | February 09, 2009 | Category: Money

Tax prep photoAs Jess's post last week demonstrated, people are busy preparing for the 2009 tax filing season. Unfortunately with the economic downturn, a lot of people have fallen into "what if?" situations as they tackle their Internal Revenue Service forms. A "what if?" would include situations where you dipped into your IRA or lost your job.

Last week a colleague forwarded me an email from the IRS explaining people can answer many of these "what ifs" by searching the IRS homepage. I went ahead and did the searching for you and created the list of links below to help answer your "what ifs?" If by chance you have more "what ifs," contact the IRS or leave me a comment and I'll see if I can answer it for you.

Job Related

What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value?

Debt Related

What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?

Tax Related

What if I can’t pay my taxes?
What if I can’t pay my installment agreement?
What if I can’t resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can’t afford it? 

| Post a Comment | View Comments [7] | envelope E-mail This Entry | Tags: economic_downturn   income_tax   jake   job_loss   taxes   unemployment  

Comments (7):

blue comment bubble Posted by Web Design Birmingham on February 09, 2009 at 09:51 AM EST

Great post - we all need advice at this time.

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blue comment bubble Posted by Mary Jo on February 09, 2009 at 10:51 PM EST

Is the Economic Stimulus Payment we received last year taxable? If so, where do I list it on our return?

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blue comment bubble Posted by Jake on February 10, 2009 at 09:03 AM EST

Mary Jo,

No the economic stimulus payment from last year is not taxable. Here is what the IRS says about the economic stimulus payments.

Stimulus Payments Not Taxable:
Taxability. The economic stimulus payment is not taxable and it should not be reported as income on the 2008 Form 1040, 1040A or 1040EZ.

For more info on this go to http://www.irs.gov/newsroom/article/0,,id=201641,00.html

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blue comment bubble Posted by yours truly,,AL,GW,BC,JFK. on February 14, 2009 at 01:44 AM EST

"THE GOVERNMENT" what IS IT;OR BETTER YET WHAT THEY ARE AND WHAT THEY REALLY DO:SEE THE GOVERNMENT ISN'T A LAW OR A COMMON WORD ITS NOT A, I RESPECT THE GOVERNMENT CAUSE THEY PROVIDE,PROVIDE WHAT THEY, JUST EVERY YEAR ROB US EVEN MORE AND ANOTHER THING WHAT IS IT WITH THE SECRET THING ABOUT HIDING THINGS FROM US THIS IS A CONTINENT AND THEIR FOR SHARE IT WITH ALL OF US,EVEN IS ITS YOUR MOMS BUG COLLECTION YOU HAVE TOO SHOW AND TELL THE GOVERNMENT A DANGEROUS WORD COMING FROM SOMEONE THAT KNOWS TOO LITTLE OF IT.BUT THE TRUTH WILL COME TOO ME. AND WHEN IT DOES YOU'LL KNOW IT.

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blue comment bubble Posted by clyde on February 14, 2009 at 11:17 AM EST

to all states in the usa beware of your local government officals and police depts. with this new use of redflex limited from australia which will be soon monitoring your every movement on your local roads and hwys. and these hard times of trying to earn money they are setting up shop in a state near you to take your hard earn cash to help pad city budgets state budgets there budgets and to provide money for ther stock holders which some of them just might be your mayor; council; police; governor;etc. write to your congress to stop this civil unjust and have the high courts look into this new way of life. and if we have to have this system in place then fines should be $10.00 first offense $20.00 for any after that not 120.00 up to 200.00 dollars like in the area i live. i don't no what there charging in other states. beware fight back speak out before its to late they already control 22 states and about 267 cities and they claim this is only 10% of a multi-billion dollar money maker. watch out you could be next happy valentine's day.

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blue comment bubble Posted by dassnagar.co.uk on February 20, 2009 at 04:30 AM EST

Right post on right time. We needed it and got it. Thank for the post.

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blue comment bubble Posted by Jeff on March 03, 2009 at 02:31 PM EST

I guess I'm confused. Whats the point of the Federal gov't giving us some of our taxes back when the states are turning around and raising local taxes to correct their own inefficiencies, i.e. property taxes, food tax, car registration, etc. here in Utah). The fed might as well cancel what they are giving us and start paying the bills for wall street and big banks!

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