Taxes Part 5: The End of the Line
Posted by moonimus on Apr 18, 2008
We recently eceived our state tax refund. I was pleasantly surprised to see that New York increased our refund by $100! It was electronically deposited into our savings account and won’t be used until Baby Moonimus’ birthday. Now we’re just waiting for our $1,500 tax rebate that should arrive in early May.
I’ve been thinking about how the refund will be treated on our 2008 returns. So I did some snooping and ran into this.
Essentially, the rebate will have no effect on your Federal taxes but you may have to report income on your state return. Since we live in New York, we will not have to pay any taxes on our rebate for our 2008 returns. Hopefully, you won’t have to pay any taxes on your rebate either.
