Your $600/$1200?

[hyunelan2]

So, if Bush's economic stimulus package goes through, what will you do with the money? If you don't know what I'm talking about, read below:

WASHINGTON (AP) -- There could be tax rebates of as much as $800 for individuals, and $1,600 for married couples.

Those details are emerging from lawmakers and staff members involved in the talks on Capitol Hill about an economic stimulus plan.

Officials say President Bush told congressional leaders that he favors tax rebates for people, and tax breaks for businesses. He's
expected to spell out his ideas today, without going into specifics.

His spokeswoman says Bush will demand that any package be effective, simple and temporary.

During testimony to Congress today, Federal Reserve Chairman Ben Bernanke supported the idea of putting money into the hands of those who would spend it quickly and give the flagging
economy a boost.

According to senior aides to House Democrats and Republicans, the plan that's emerging would include the tax rebates for individuals, the tax breaks for businesses, and more money to help
food stamp recipients and the unemployed. There's also talk of providing additional aid to help states complete construction projects.

The talks are taking place amid mounting fears that a severe housing slump and a credit crisis could cause people to clamp down on their spending, and cause businesses to stop hiring. That could put the country into its first recession since 2001.

The fears led to another big drop on Wall Street


Ironically, if we get our $1600, my wife will probably want to use it on our vacation to Mexico this summer... which would be ironic because instead of helping boost the U.S. economy, it would go to the Mexican economy. In my mind though, since we've already got that trip paid-for, I might just apply it towards my new bike purchase.

It's a weird thing to think about getting this money... normally if I get a $1000ish check, it should pay for something or go into savings. In this case, it is being given to people to buy new things (i.e. it doesn't help the economy to save it, or to pay of debt).

[Doohickie]

Actually I think I'm gonna owe about that much so if I'm lucky it'll just be break-even.

[babot]

With $800, probably, I will buy a set of Rota Slipstream wheels along with new tires.

[Tricked]

So if you file before (if) this goes through, would you get another $1600 check? I could use it for my BVI vacation in October.

[BobMs_wht2k2]

Probably pay for another of the wife's grad classes.

[hyunelan2]

If this goes through, it will be a separate tax rebate check - independent of your annual IRS filings. So, you will pay your taxes (or get your refund) like this isn't going to happen. Then, they will mail out a check to every taxpayer for $800 (at a cost of about $145 Billion to the government).

[SuperGLS]

$1600. I'll probably use it for a month of rent and bills.

I could use a 37" Vizio LCD ($750 at Costco) for the bedroom though.

[sciphi]

Pay off a couple things and save some for a rainy day. Probably take the gf out to a nice restaurant. Hey, it's our money, just put back into our pockets.

[SuperGLS]

Oh, I forgot to mention how this is a good political move for the Republicans. Well done. Even if Mr. Bush can't get reelected, it's still a nice touch. But, let's keep this thread to the extra money and our spending of it.

[slyderdai]

My sister works for the IRS she and I were talking about this yesterday and said it will most likely be passed through in a futile attempt to save the economy from recession. It would be june or july before anyone would receive checks. With that I will probably buy the kids clothing for next winter. Maybe also take a trip to D.C. to the Smithsonian.

[Munky]

Student loans.

[Vampyrate]

id save it for a while, get headers later down teh road and then pay towards college

[evan938]

hmm. i dont know. maybe you'll see a thread labeled "my new toy, v3.0" :)

or ill get a new mattress, since im sick of sleeping on an extra firm one. lol

[hyunelan2]

Just from the replies in this thread - you can see why this will not stimulate the economey. Almost everyone is going to spend the money on paying down debt, paying bills they already have, or putting it into savings.

To truly do anything for the economey, everyone would have to get this and have the mentaility of: "sweet, $800/$1600! Let's go to the mall and blow it!"


The "responsible" side of me says: "save it." The fun-loving side of me is saying "the government wants you to go blow $800/$1600 - get in the car!"

[toymachine566]

^^^^^thats a good point and if thats the case then either a wii or ps3 for me :D yay

probably going back into our savings account for us. Since we will be paying off our credit card and paying back our checking/savings account with our tax refund money.

(we'll see what the wife says)

[J-Shazzle]

LAMBO DOORS!!!!!!!!!! IT would be kick ***. Anytime I get a refund I spend it ALL on my self. I look at is as money I've worked for all year. The xmas bonus I get in spring. Man the doors would be pimpin. OR I could finally do my complete interior swap. OR a killer sound system. The choices a boy has to make with his toys.

[ndbeatty]

I will use my check for student loans. If I did not have that student loan I would be set!

[j0hnh0lmes]

I'll pay off some of my credit card...

[yamaha]

Pay off debt.

[Tricked]

To truly do anything for the economey, everyone would have to get this and have the mentaility of: "sweet, $800/$1600! Let's go to the mall and blow it!"
Isn't that the american way?:rolleyes: I think, if I get it, I'll finally get my front end fixed and get it painted. Munky, why not do the same? Come on, help the economy.;)

[SuperGLS]

You know Mike, maybe they could come up with something in which you get some type of gift card that has to be used within 3 months or something like that. Then if you don't use it, the money goes back to Uncle Sam.

People would definitely spend it then. Perhaps they could even put some restrictions on what types of purchases could be made (like not using it for CC debt, or student loans, or car payment).

I think that would work then.

[Pete03GLS]

if i get any of this money... im sending all of it towards my credit card debt. even the 1600$ wouldnt be enough to fully pay of my debt... but any help would be great! lol

[CornbreadXD]

that would go towards tuition for me and maybe $300 for tires

[theWorst]

i'd definitely pay off one or two of my credit card bills..

then i'd use some to pay off money i owe to a friend...

and springs/struts and get my coil pack connector fixed.

[knottravesty]

I've bought everything I've wanted lol... I guess a new couch...

[Alucardabyss]

Towards a down payment on a car for me, I hate my truck.

[Cypher]

Well, like Mike, part of me is saying "extra money put it towards loans/debt!" the other part is saying "$800! hmmm what can I buy with that?". I will have to think on it but I would probabyl spend it on tires in the spring/summer and maybe something else.

[Tommy]

economics blows my mind. Government is trillions of dollars in debt and they want to give me $800?


hey whatever. Im for sure not a republican, but I could damn sure use some money for a new something. A new dishwasher, a couple car payments, sounds good to me.

[TDO]

Pay off debt. Thats my goal and has been for awhile. It's not because of any economic crisis just that I'm thinking about my future and retirement plans.

[Pete03GLS]

my only concern right now... is gettin rid of my credit card debt... and nothing else... once thats gone... ill be happy to go spend some money. ha, on maybe, a new car or something! :D

[nadcicle]

I've bought everything I've wanted lol... I guess a new couch...

Oh the irony.. i would use it to "PAY OFF" my couch instead of getting a new one.. :smiley_ac

[slyderdai]

NADCICLE- you have to have the coolest screen name ever dude! Sorry for the O/T.

[soullesselantra]

i would put it with a little of my actual return, then get a Banks Sidewinder turbo kit for my truck :D

[OPZ]

Rims/tires, car mods, etc.

Or maybe put it in the bank. Im not sure yet, I'm well off as I am now, so who knows. Depends if they put stipulation's on it.

[PSUsouthpaw]

Well, if it doesn't show up until July and all goes well, I'd likely blow it on a nice diamond ring for my girlfriend.

Or I'd use it to start investing.

[ba_feitl]

Probably it would go into the bank to build up savings but it might be the new wedding bands the wifey and I have talked about getting for our 10 year anniversary.

I still don't get the concept of giving away money boosting the economy. Its like CPR but you only compress the lungs once and expect someone to breathe again.

Keep the money it's a ploy to get another republican in office

Brad

[nadcicle]

NADCICLE- you have to have the coolest screen name ever dude! Sorry for the O/T.

Why thank you !! sorry O/T again. Back on topic.. sad thing is even if i got 1600 between me and my wife i would still owe like 500 bucks on my sofa. Sad really, damn sectional. I go to get a plain old couch and come out with a huge friggin black thing with cupholders and a place to put your remotes. It's those damned salesmens fault i tell you.

[Silentwolf]

I doubt i will see that much since i didn't make much this past year. Doubt i even sent Uncle Sam $800. My spending comes from Student loans and grants i put a lil towards car, myself and credit incrued during the last semester. This round is going to be going a bit more towards credit due to the surgery and jobless, hence why I am only doing brakes this time. Whatever comes from IRS is going towards cred and living expences, perhaps a bit will go towards my spring break trip up north.

Probably it would go into the bank to build up savings but it might be the new wedding bands the wifey and I have talked about getting for our 10 year anniversary.

I still don't get the concept of giving away money boosting the economy. Its like CPR but you only compress the lungs once and expect someone to breathe again.

Keep the money it's a ploy to get another republican in office

Brad

Just because i get money back dont mean I'm going to vote Republican and wont be anyways. (sorry Bob ;))

[04 elantra cvvt]

Add it to the down payment on a house.

[05ElantraHB]

Add it to the down payment on a house.

Me too......

[moonlite5hadow]

gas $$


110mile round trip PER DAY for work is ridiculous.

[toymachine566]

gas $$


110mile round trip PER DAY for work is ridiculous.

werd......i have the same distance trip every day as well. 54mi each way to be exact lol

[SuperGLS]

I have a commute of 0.9 miles. 1.8 miles roundtrip. I wonder how long $800 would last me?

[04 elantra cvvt]

I have a commute of 0.9 miles. 1.8 miles roundtrip. I wonder how long $800 would last me?

My wife's commute is exactly the same. I tell her to go the "long" way home just to warm the car up...

[djarsonist]

Use 500 to pay off some debt, and 300 to party with...



PEACE

[TDO]

I have a commute of 0.9 miles. 1.8 miles roundtrip. I wonder how long $800 would last me?

I'm at exactly 0.5 miles. Tank of gas lasts me 2 months easy if I don't go anywhere else. When summer comes I won't have to worry about gas just walk or ride my bike. Hey I could buy a somewhat decent bike with 800$.

[rusto85]

Part of my summer term tuition? maybe....if not some extra goodies for the computer I'm going to build soon.

[Pete03GLS]

My wife's commute is exactly the same. I tell her to go the "long" way home just to warm the car up...

lmao. i used to work that close to home, when i worked at a middle school. about a 10-15 minute walk. :D

[hyunelan2]

Woot! Details: http://www.cnn.com/2008/POLITICS/01/24/economic.stimulus/index.html?eref=rss_topstories

Money is slightly less. $600 per individual, $1200 per married couple - if you make less than $75K single / $150K married and pay income taxes. If you do not pay income taxes, and made more than $3,000 you will get $300/$600.

Also, there will be an additional amount per child you have. Somewhere around $300 a kid. Checks should show up in mailboxes in June.

[PSUsouthpaw]

I'm a little confused by that. How can you not pay income taxes?

Either way, FREE MONEY! WOOT!

[slyderdai]

I'm a little confused by that. How can you not pay income taxes?

Either way, FREE MONEY! WOOT!
Some people are tax exempt i.e. the amish and churches and other non-profits. Oh and Illegal immigrants.

[babot]

If your total income is small enough, you don't pay income tax (returned tax = paid tax).

such as... the default deduction.

[Pete03GLS]

hell, ill take what i can get.. even 600 is better than 000! lol and... about the child thing... would my parents get extra money for me??? im 19 right now... idk if once i turned 18 im not longer considered a child by the government? hows that gonna work?

[SuperGLS]

Only $1200, now I'm even less likely to spend it on something cool.

If your total income is small enough, you don't pay income tax.

Right. Under $6K or something like that. Say if you work at a grocery store for a summer that pays minimum wage (sounds like I know what I'm talking about, huh?).

[yamaha]

Still better then nothing. Thats 600 dollars I didn't have.

[hyunelan2]

hell, ill take what i can get.. even 600 is better than 000! lol and... about the child thing... would my parents get extra money for me??? im 19 right now... idk if once i turned 18 im not longer considered a child by the government? hows that gonna work?

If you go to school full time, your parents can still claim you as a dependent until 23 (I think it's 23, maybe 22). If you are claimed as a dependent, I'm guessing you probably won't see the tax rebate.

[PSUsouthpaw]

Ahh dammit, there went that.

[Pete03GLS]

wait... what!? i do go to school as full time... but if that means no money for me then goodbye school.... what the ****... i ****ing go to school and work, i ****ing better c that money.... **** **** **** **** ****!@

[hyunelan2]

If your parents claim you as a dependent, they will get the $300 for you, instead of you getting $600. That's the way it worked when they did this back in 2001, and I was in school.

[Pete03GLS]

k well my mom said they dont claim me any more so thats good news... woot

[hyunelan2]

Looks like there's a possibility of this getting held-up in the Senate:

http://www.cnn.com/2008/POLITICS/01/29/economic.stimulus/index.html?eref=rss_topstories

[Tx_boy]

I thought they where also going to give like $200 for each kid too. If it is just the $800 I might repaint my caddi but that would cost me that check and another $200 but if the kids come through too than that would be $1200 so I would but the kids something nice too.

If you make between $13000-$15000 you can get a nice return. I have been making that for the past two years and claimed two and got $6500 and $7100 the past two years!! It should be about the same income but those two years I also claimed 0 on my federal but this year I really needed the money so I claimed 1 on my federal so it should go down a little but I did pay like 5 times more in daycare this year than before so I am not sure what I will get.

[HeadOfMax]

I am considering using it to move out of the country.

[krodammi]

I've decided that with my check I'm going to try my first mod...I want the light around where the key goes to be blue ^_^ It will match my steering wheel cover!

And here is where you all point and laugh at the noob.

[hyunelan2]

The bill was passed through congress yesterday. It is on the way to the white house to be signed by the president today. He says he will sign it, and people should start receiving their checks in May.

[Keyan]

free moneeeyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy y

[Cypher]

score! so is it $800? or is it a $600? because a guy at work was reading an article which stated $600

[Tommy]

Yea, $600. checks should start rolling in May.

[Cypher]

Nice. Might be time for a clutch then.

[yamaha]

600 dollars, still better then nothing.

[toymachine566]

sweet. its going towards my alpine turbo kit v2.0 :D

---------------------

sarcasm ended above the line

[yamaha]

You mean that one I helped wire and get your on your feet, and then it disappeared?

:)

[toymachine566]

no no, i meant a down payment on another one. since the car has been running so well n/a i figured why not mess with it again and go back into debt :D

[krodammi]

sweet! i love free money ^_^

does anyone know the specifics of exactly who will be getting the checks? both my brother and my bf worked last year but only for a very short time so is it based on who filed taxes or worked last year or only if they paid so much in taxes? i never understood that part

[Pete03GLS]

im gonna b like the last person to get a check.. my last name starts with a W... so ill probably get mine in like... 2009... haha :D

[Tommy]

sweet! i love free money ^_^

does anyone know the specifics of exactly who will be getting the checks? both my brother and my bf worked last year but only for a very short time so is it based on who filed taxes or worked last year or only if they paid so much in taxes? i never understood that part

the way it was stated originally said that you had to earn at least $3k last year and have paid income tax on those earnings.

[hyunelan2]

I edited the thread title to now represent the correct values.

Here are the details: http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?cnn=yes

[krodammi]

ok so i'm pretty sure i will get one but kevin and brandon won't cuz they didn't make enough money. the one question it didn't answer if i will get my rebate or if my parents will get it because they claimed me on their taxes this year cuz i was a full time student for more than half of 2007. i'm going to be pissed if they get the money and i don't >_<

[hyunelan2]

I'm not positive how that will work. When they did this back when I was in college and claimed as a dependent, the parents got the money not me.

If you are claimed as a dependant, your parents should get $300 for having a child, which would probably leave you SOL from getting $600.

[moonlite5hadow]

ok so i'm pretty sure i will get one but kevin and brandon won't cuz they didn't make enough money. the one question it didn't answer if i will get my rebate or if my parents will get it because they claimed me on their taxes this year cuz i was a full time student for more than half of 2007. i'm going to be pissed if they get the money and i don't >_<

if they claim u as a dependant they get $300 and you get a big fat $0.

[Pete03GLS]

so my parents say they dont claim me anymore, so i hope to god i get that 600$ + w/e i get out of what i earned.

[krodammi]

DAMNIT!!!! that is such a crock! :mad: :mad: :mad:

[SuperGLS]

I'm not the type of person that has ever had a new and cool phone, but I really like the iPod Touch because of what it can do with the internet, add that with the iPod features and it's pretty neat. But, then I'd have to carry that and my phone, which is too much, so that leads me to the 16GB iPhone. I have about 9GB's of music, so that leaves plenty of room for anything else I might have/need in the future.

I know there are other internet capable phones, but I haven't seen any that allow you to view webpages as well as the iPhone (plus you all know I'm an Apple fan). Service is only $60 a month, and that has an unlimited data deal (which means free internet when in a wifi zone... like at work where I don't have a computer, or anywhere in my house if I'm too lazy to get to the computer, but I don't see that happening).

Of course, all that said, I need to do my timing belt service. So maybe most of the money is better spent doing that. Responsibility is crap.

[evan938]

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return

so....whats this mean?

[Tricked]

I figured out what I'm doing with mine. I'm do exactly what it's meant for and stimulate the economy. I'm going to buy a mac-daddy front load washer and dryer. It will save me money on water, electricity and detergent in the long run.....not to mention, more new ****! :cool:

[yamaha]

so....whats this mean?

It means you will get 600 less back on your 2008 return. Example, if you were supposed to get back $1,800, you'll only get back $1,200.

[j0hnh0lmes]

If they are taking this money out of tax-returns we should have already received then how in the hell are we making money to stimulate the economy?

[seanski]

Ahh dammit, there went that.

yeah, +1

[hyunelan2]

It means you will get 600 less back on your 2008 return. Example, if you were supposed to get back $1,800, you'll only get back $1,200.

That's not true. Your economic stimulus tax rebate will not effect what you are likely to pay/receive when you file your 2008 taxes in 2009. Here is a simpler way of seeing it in a post from a financial forum:

The will be tax credits on your 2008 return that should offset the rebate you receive in May. The net effect on your 2008 return “should be” zero.

In other words, if they were not issuing a rebate in May. The credit would lower your 2008 tax liability on your 2008 return – either producing a lower amount due to the IRS or a higher refund. The rebate is just an advance payment of that credit.

I agree, keep things simple. If they want to give a credit they should just wait until you file your return to give it to you. I wonder what the administrative cost is to run this “rebate” program at the IRS instead of just letting it happen naturally on tax returns.

Basically, they are saying when you file your 2008 taxes, they are giving you what you would be owed +$600. However they are just giving you the $600 now, instead of making you wait until later.


...but I've been wrong before.


From MSN Money:

Question:
Since the tax rebates are actually rebates against 2008 taxes and not 2007, will they decrease the size of the refund we will get next year? If we would normally get a $500 refund, but receive a $1200 rebate check, will we end up owing $700 to the IRS next year? Or, is this really free money?

Answer:
t’s free money. You won’t have to pay taxes on your 2008 return on any rebate you receive and you won’t have to give it back next year. If you’re due a $500 refund from paying too much withholding tax in 2007, you’ll get it all back — plus the $1200 check you'll get if you and your wife don’t make more than $150,000 in adjusted gross income. Any refund you get in 2009 will be based solely on how much you overpaid the government for income earned in 2008.

[j0hnh0lmes]

I'm confused...

So they "might" have given you the 600 back on your refund instead of sending a seperate check? If so how could I tell?

[05xd]

I don't care how I get it,it's gone anyway.Bills,bills,bills

[Silentwolf]

Ya, can someone explain this better?
We still getting and extra 600? or is it being cleverly hidden in reduce tax rebates or such?

[hyunelan2]

Ok. Here's how it works. Congress changed the tax laws for 2008 only, reducing everyone's bracket by $600. So, when taxes come due in a year from now, you will owe $600 less than you normally would (which means you would either pay less or get a bigger refund). Now, because the economy sucks, they figured they would just give us this money now, instead of making us wait until a year from now. So, in effect they are just giving you $600. You will still have a refund/tax-bill equal to what it would be if this didn't happen (because taxes are reduced by $600, but they already gave you $600 - so that's a wash and all that remains is your normal tax).

[Silentwolf]

So when we file in April 09 we will get 600 less?

[hyunelan2]

Not really, because you are being charged $600 less in taxes.

Here's an example. This year, let's say you owed $5000 in taxes. You paid $6200 from your paychecks, meaning you get a $1200 Refund.

Next year, you will owe $4400 in taxes. You paid $6200 from your paychecks, which means you should get $1800 back. however, they already gave you $600 - so you get $1200 back again. So, it's essentially the same as just disregarding the $600 and pretending it's free money.

[CornbreadXD]

wha? that confused me and i knew how it worked.

[Silentwolf]

Um ya, i dont follow.

[SuperGLS]

It's $600 FREE DOLLARS. Go SPEND IT!

Simple enough.

[j0hnh0lmes]

ok, the point I don't get b/c you confusing us all. Will we get the check through our tax refund or seperate in a check mailed to us?

[Silentwolf]

are we still getting a $600 check in May? yes or no?

How they play around with the accounting dont matter to me. I hated accounting. As long as it isn't some clever scheme to short us on money next year.

[hyunelan2]

It's a separate check. The rebate will either be mailed to you, or direct-deposited. That depends on how you asked for your refund to come. If you setup your refund to be direct deposited, your rebate will also be direct deposited when those go out, beginning in May.

Yes, separate "check/deposit" coming STARTING in May - some people may not receive them for a month or two, depending on the efficiency of the IRS :rolleyes:

No, not being shorted money.

[j0hnh0lmes]

kk...lol that was confusing.

[RotaMan99]

Isn't it UP TO 600 and UP TO 1200 so singles may get $100. It seems to be dependant on your 2007 tax return. Seems a bit shaky because I read at one point it says the return will be the same as the 2007 return but than it says it will be UP TO $600/1200.

I hope to get $600 and will be paying off some of my bills. Im not dependent on it though, to me, I wouldn't be suprised if I saw the $600 or $50 in 2 years from the time we are supposed to get it.

[hyunelan2]

It is $600/$1200 +$300 per child, unless you made more than a certain amount (I think $75,000/$150,000). If you did, the money you receive will be less. You also need to have made at least $3000 in 2007. If you are a dependent (someone else claims you, aka your parents) you get nothing.

I'm not sure anyone here will have made more than the cap... if they did - Good Job!

[Silentwolf]

Whew least i made 5k.

Last year was horrible for me. 5 months no job and a surgery.

[RotaMan99]

finally the rich are being SCREWED!!! YAH!!

[SuperGLS]

I'm not sure anyone here will have made more than the cap... if they did - Good Job!

I think there might be a couple people actually. Not us. We made $20K less than the previous year, yay!

Apple iPhone here I come.

[evan938]

finally the rich are being SCREWED!!! YAH!!

right. im sure people making 150k/year as a couple give 2 ****s about 1200$.

i know if i made money like that, i would periodically wipe my *** with it because i could.

[Tricked]

It is $600/$1200 +$300 per child, unless you made more than a certain amount (I think $75,000/$150,000). If you did, the money you receive will be less. You also need to have made at least $3000 in 2007. If you are a dependent (someone else claims you, aka your parents) you get nothing.

I'm not sure anyone here will have made more than the cap... if they did - Good Job!

If they did, I seriously doubt they're driving an Elantra. :rolleyes:

[RotaMan99]

right. im sure people making 150k/year as a couple give 2 ****s about 1200$.

i know if i made money like that, i would periodically wipe my *** with it because i could.


True, but I see more rich folk being more cheap when they have money, than when the poor has money.

From having a lil bit of experence in realestate, its the rich mother ****ers that hold the money from the poor.

Any money being withheld from the rich is excellent!

[SuperGLS]

i would periodically wipe my *** with it because i could.

I'm not sure that would be very easy or comfortable.

[Cypher]

Holy ****! I just checked my bank account online and I got my rebate today! :D

[SuperGLS]

I meant to post in this thread before. We are getting $922/1200. That's not bad.

[KeWLKaT]

Cool. I got money back (just taxes though not your cool thing you guys get) but I just paid my plates and my insurance for the whole year and goddamn I am back to the bottom, hahaha.

[Silentwolf]

Well ur set for a year at least on couple expenses.

No money yet for me but (IIRC and rumors are correct) my last two digits are in the 30s so it could be a few more weeks. Have no idea how much i am getting tho.

[slyderdai]

here's a link to the page with estimated arrival dates. I get a whopping $1800 Yay for kids!
http://usgovinfo.about.com/b/2008/03/18/irs-announces-tax-rebate-schedule-calculator.htm

[2001GLS]

My $600 is going to pay down bills. Won't be buying anything else which is what .gov wants you to do with the money.

[SuperGLS]

I'm in the May 30 bunch it seems. We'll see.

I think it might be a while on my refund though since I had to do mine the old fashioned way and send it in by mail.

[Munky]

I'm in the very first batch! Hell yeah.

[PSUsouthpaw]

ahh damn it, not until June...

[krodammi]

i would have been near the top but i don't get squat...boo:mad:

[jacob]

I'm not American so I don't get the stimulus cheque, but if it were me i'd be purchasing beans, rice, red winter wheat, 5 gallon buckets, mylar bags, oxygen absorbers and a wheat grinder.

I'd also invest in a bulk of vegetable seeds for long time storage.

[bdiggy]

I'm going to fill my gas tank with mine. Figure by the time that check comes around it ought to be just enough to top her off!:tongue:

[Keyan]

wooohooooo I got an extra 600 bucks in my bank account!


It's like I won the lottery..:D

which i am going to promptly pay off my bills so I don't have any debt incase we have another depression, haha.

[Ugzz]

I sure as hell HOPE it does go through.. i already spent 700$ i didnt have on wheels/tires that i hope to get in soon :D It's going strait toward that, if i dont get it.. well thats 700$ of more debt i didnt need..

[Silentwolf]

Ya i've got to get new tires, but have to wait till second week of may, plus i only get ~300 and i need close to 400 for the tire job. :(

[Alucardabyss]

Paying off some of the loan for my Integra, not sure what else.

[vsolo]

Subject: federal rebate

Help America - spend your rebate wisely.

The federal government is sending each and every one of us a $600
rebate. If we spend that money at Wal-Mart, the money will go to China. If
we spend it on gasoline it will go to the Arabs. If we purchase a computer
it will go to India. If we purchase fruit and vegetables it will go to
Mexico, Honduras, and Guatemala. If we purchase a car i t will go to Japan.
If we purchase useless crap it will go to Taiwan and none of it will help
the American economy. The only way to keep that money here at home is to buy
prostitutes and beer, since these are the only products still produced in
the USA. Thank you for your help.

Signed,
Governor Spitzer.

[SuperGLS]

Prostitutes it is.

OR... everyone could donate half to EXD.

[ArunSenior04]

Prostitutes it is.

OR... everyone could donate half to EXD.

Ha...we already bought a 360.

[SuperGLS]

Why dwell on the past Mr. Reece?

[2001GLS]

I'm getting back $600 which will promptly be used to pay down a few bills. This whole rebate idea is retarded. $600 per person will do very little for the economy in the long term. The government is taking in too much of our money (and wasting it) as it is now. They should have cut taxes instead.

[dmiller66]

So, how do they determine how much you get back...$600 or $1200??

[hyunelan2]

Single = $600. Married filing jointly = $1200. Add another $300 for each kid.

You must have made at least $3000 last year, filed taxes, and are not a dependent.

[kennef]

Also...


The payment, including the basic amount and the amount for qualifying children, will be reduced by 5 percent of the amount of income in excess of $75,000 for individuals and $150,000 for those with a Married Filing Jointly filing status.

[hyunelan2]

I keep checking my bank account (my SSN has me in the first group to get the rebate), but so far no extra money.

[Ugzz]

we should all save all of it and see how many weeks it lasts using it on Gas alone :P

[Cypher]

haha Rob. Mine was gone the second it hit my account. Paid off a loan.

[PSUsouthpaw]

we should all save all of it and see how many weeks it lasts using it on Gas alone :P

Not a bad idea. Though I imagine none of us would like the results. I think using it to purchase items that will reduce your energy use might be a wise use, in addition to just gas

(i.e. CFLs, bicycles, solar panels, etc.)

[BobMs_wht2k2]

right. im sure people making 150k/year as a couple give 2 ****s about 1200$.

i know if i made money like that, i would periodically wipe my *** with it because i could.

You are such an idiot. You really think $150k is RICH? Wow, you don't get out much do you? My inlaws almost make that, but then again their house is smaller than mine, on a fraction of the property and cost 3 times as much. $600k. That would be a $3k/month mortgage. Location determines wealth. $150k/yr here is really good money. In Socal, not by a long shot.

Screwing the rich. . . yeah. Great plan. Let's take away all the incentives to work hard and get ahead in life. THat'll teach 'em! Morons.

[dmiller66]

Ok, so, IF I was stupid enough to get married, then I would get an extra $600....sounds kinda discriminatory.

[BobMs_wht2k2]

I feel we're being segregated and discriminated because we don't have kids. We chose to not have them, so therefore we must pay more taxes, not get the refunds, pay for their schools AND deal with their snot nosed kids running around screaming in the resteraunts.

[KeWLKaT]

Hahaha. I guess if you get kids then the gov. wants to thank you since they'll be making mucho $$$ from them when they start paying taxes?

[PSUsouthpaw]

Ok, so, IF I was stupid enough to get married, then I would get an extra $600....sounds kinda discriminatory.
If you get married, isn't that check just sent to both you and your wife? I don't know for sure, but I think that the same amount is going out on a individual person basis, just sent as one for married couples filing jointly.



Screwing the rich. . . yeah. Great plan. Let's take away all the incentives to work hard and get ahead in life. THat'll teach 'em! Morons.

How dare people have motivation to be more than the lowest common denominator! For shame! Everyone is supposedly equal here in America! Those people who climb up tall better get cut down to height by the lawnmower that is government! That'll make people feel good about their laziness!

Seriously, I think that there are poor who are in desperate need of help, but the government is the last entity capable of giving that help.

[hyunelan2]

Ok, so, IF I was stupid enough to get married, then I would get an extra $600....sounds kinda discriminatory.

$600 for you, $600 from the girl you would marry's rebate = $1200 you would get if married filing jointly.

[dmiller66]

Ok, and she would get $600 even if she doesnt have a job? Or does she get the $600 only if she works full time?

[hyunelan2]

Same rules apply for everyone. If she made at least $3000 last year (part time, full time, doesn't matter), filed taxes, and wasn't claimed as a dependent, she'd be getting $600 like everyone else.

[Ugzz]

didnt someone say you dont get it unless you made over 3k. so if you were jobless you dont get it, it wouldnt take much to make 3k either a minimum wage 2 day a week job would put you well over. hell youd make NEAR 3k with a 1 day a week job @ minimum..

[babot]

right. im sure people making 150k/year as a couple give 2 ****s about 1200$.

i know if i made money like that, i would periodically wipe my *** with it because i could.

Probably, this is why you can't be `rich'. :D

[hyunelan2]

Yeah, and even though you "have" more, you spend more - so you never really realize you have more. For example, if you would have told me 5 years ago that I would be making over 2x my 2003 salary in 2008 - I would have imagined that I'd be living la vida loca (hehe).

But, you trade the cheap rent on a small apartment for a mortgage and all the other expenditures that come with homeownership; your relatively cheap used car turns into payments on your wife's new car; your hobbies become more involved and expensive; things you do and the places you go cost more. Since this change doesn't happen instantaneously, you never realize that it does. You just slowly adapt to life changes. Granted - my bank account is much larger than it was 5 years ago, but there's a reason for that (i.e. not living la vida loca).

[BobMs_wht2k2]

^ Ditto. As you grow, so do your tastes. Luckily, my wife has relatively bland taste so the cheap stuff is fine for her.

[SuperGLS]

Mine too! Well done Bob.

[slyderdai]

^ Ditto. As you grow, so do your tastes. Luckily, my wife has relatively bland taste so the cheap stuff is fine for her.

Mine too! Well done Bob.

Ha ha my wife is the same way. This is our couch it is brand new from 1972 (it was in an old furniture store that was just sold and all it's contents auctioned off. Got the couch, loveseat and matching chair for 18 dollars. It matches perfectly with the house we rent that was built in 1980 and never renovated. I swear if you were to walk in here it would be the Brady Bunch with the paneling
and whatnot.
http://i185.photobucket.com/albums/x99/03xd/100_2254.jpg

[Munky]

I was in the batch for May 2nd (last 2 digits are 09) and I got mine three days early, on Tuesday of this week.

[hyunelan2]

I was in the batch for May 2nd (last 2 digits are 09) and I got mine three days early, on Tuesday of this week.

I'm in the first group (ends in 20), and still haven't received anything.

[Silentwolf]

Same rules apply for everyone. If she made at least $3000 last year (part time, full time, doesn't matter), filed taxes, and wasn't claimed as a dependent, she'd be getting $600 like everyone else.

Wrong, you get up to 600 and at least 300 if you made 3k and independent.

[hyunelan2]

Wrong, you get up to 600 and at least 300 if you made 3k and independent.

Um. No. Everyone gets $600. The only way you don't get $600 is if you made less than $3K, or more than $75K/$150K (single/married) in 2007. If you are claimed as a dependent, you get nothing.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17.

So the only way 'you' get $300 is if you are a dependent - and the money technically goes to your parents.

http://www.irs.gov/newsroom/article/0,,id=179211,00.html

[Silentwolf]

INCORRECT! I made 5151 last year, i am independent (i'm 25), and i will be getting $300. The numbers are $300 up to $600.

Hell look at your quote above "will receive up to $600"

[hyunelan2]

Up to $600, because children are less than that. [edit: you are right, $300 is the bottom amount, I just know nobody that is only getting the bottom amount]

Have you received your rebate yet?

According to the rebate calculator $5151 is enough for $600 - who told you you are only getting $300? <-EDIT I was wrong, put the 5151 in the wrong field.

http://www.consumerismcommentary.com/2008/01/28/economic-stimulus-tax-rebate-calculator/



Part 2 would be your situation, I suppose?

1) the "taxpayer" has $3000 in qualified income (earned income, social security, railroad retirement, and/or veterans' benefits)

OR

2) the "taxpayer" has gross income greater than the basic standard deduction plus one exemption (two exemptions for married couples filing jointly) (see table below) AND the "taxpayer" has a net income tax liability which is greater than zero

then the "taxpayer" qualifies for the minimum "rebate" amount of $300 ($600 for married couples filing jointly) plus an additional $300 per child. [Note that, for many of these "taxpayers", this is not a rebate, but rather a hand out (of some other taxpayer's money), since they are receiving more "back" than they paid in taxes.]

[dmiller66]

$600? Big stinking deal, thats nothing compared to what I had to pay in. I have a better idea, keep the $600 and reduce my taxes so I dont have to work 3 full days a pay period just to cover the taxes.

[hyunelan2]

Just thought I'd post that I was officially economically stimulated today.

[lcanajoharie]

So was I. Paid credit card bills. Glad I could do my part to spend it on things last month to stimulate this mess we're in.

P.S. When i spent it last month, i believe it was on gas and electricity.

[Keyan]

So was I. Paid credit card bills.

so did i.

[Munky]

Just thought I'd post that I was officially economically stimulated today.

That sounds so dirty...

[Slapshotman7]

Just thought I'd post that I was officially economically stimulated today.

I was supposed to get mine today.. but I didn't..

Whats the deal?

EDIT: Went back a page, someone from '09' got theirs, my last two are '00', bastages.

[jobzombi]

Me pay of my credit card. Sucks I would have had it paid off but I had to spend 500 on new wheels! Then rip my hair out with my school loans!!!

[Munky]

I was supposed to get mine today.. but I didn't..

Whats the deal?

EDIT: Went back a page, someone from '09' got theirs, my last two are '00', bastages.

Did your return get mailed to you, or direct deposit?

[hyunelan2]

Mine is actually not going to pay off any bills. I'm going to use it for new carpet & tile downstairs. Nothing "really" wrong with the stuff we have, but it was the basic level 1 construction grade stuff that came with the house 3 years ago. We'll get some nice carpet for the living room, and replacing the vinyl tile in the kitchen/hallways with some 18" ceramic/stone tiles.

[Slapshotman7]

Did your return get mailed to you, or direct deposit?

Direct Deposit.

[Munky]

Direct Deposit.

Hm..that's odd. You should have it by now.

[Slapshotman7]

Hm..that's odd. You should have it by now.

Exactly what I was thinking. It said BY the 2nd, then I looked and other people have it. Damn Govt. Can't give away money without ****ing it up haha

[04GTboySC]

i got mine yesterday and my last two are 33

with mine im gona pay off some of a credit card and fix my lip kit problem and exhaust problem uggg

[hyunelan2]

Exactly what I was thinking. It said BY the 2nd, then I looked and other people have it. Damn Govt. Can't give away money without ****ing it up haha

You didn't "forget" to file taxes last year did you? Or owe money to Uncle Sam that you haven't paid?

[Tommy]

i got a surprise $600 today from my morgage company. apparently i over paid into my escrow account and they cashed it out and sent me a check. SO, for 2 fridays in a row, ill be getting 600 i didnt do anything for!

[Slapshotman7]

You didn't "forget" to file taxes last year did you? Or owe money to Uncle Sam that you haven't paid?

Nope, I got money back, and I've always filed my taxes. My girlfriend found somewhere that said even though it was BY the 2nd, they still have 2 weeks.

[04GTboySC]

well in a since im getting 1200 since my roomie (bf) is getting a 600 dollar check to haha

[RotaMan99]

I got 600 today. Paid off my Chase card and worked on my Shell Card.

Im surprised though because it was 300 / 600 / 1200. According to an only calculator it seemed if I filled single and had no children I was getting back 300 but if I had one kid I would get back 600.

Everything I read always stated "Up To" 600 or 1200.

well in a since im getting 1200 since my roomie (bf) is getting a 600 dollar check to haha

Thats just plain evil!

[quickfingerz]

I'm throwing the money in the bank. WAMU is paying 3.3% so I'll earn an extra $4.13 cents more in interest (currently earning ~$570 per month).

[skeetre]

Mine's going to pay for the wife's new laptop and credit cards... we should be getting $1500.

[RotaMan99]

(currently earning ~$570 per month).

WOAA! You must have some serious cash in the bank earning that much a month!

Is that 3.3 annualy? If so... I must have done this wrong but that seems to come out to around..welll....bit over....just about, $207,000 in the bank?

[nadcicle]

My question is .. Me and my wife filed joint. However, i received a credit for 600 stimulus in the bank and on the deposit it said my last four of MY social. Does that mean there will be another credit in her social or was that it? Man i'd be disappointed. Can anyone vouch for having the full 1200 as one credit or was it a dual deposit?

[Munky]

WOAA! You must have some serious cash in the bank earning that much a month!

$570 is not much, are you insane?

I bring home $550 a WEEK. This day and age, I doubt you could even live off of $570 a month.

[Keyan]

$570 is not much, are you insane?

I bring home $550 a WEEK. This day and age, I doubt you could even live off of $570 a month.



he meant 570 earned interest

[Munky]

he meant 570 earned interest

Ohhh, okay. Thats a BIG difference. I was wondering if that was supposed to be sarcastic or something.

Nevermind. :) Thanks for clarifying.

[quickfingerz]

I have that much in the bank because I'm buying a house soon and would like to purchase a foreclosure with cash. Wife and I have always rented one room in someone's house, when we lived in rancho cordova, we paid $550 for a room and it included utilities, high-speed internet, and cable. That's $275 per person rent.

A lot of the money is not even mine. I have two 0% APR, balance transfers at $23,000 sitting in my bank account. So I'm earning about $750 for 12 months off money that's not mine.

I like to make money off of credit card offers too. 50,000 point bonus AMEX card gave us a $500 home depot gift card for signing up and BofA IOWA card gave us $500 for signing up just to name a few.

Oh BTW, I'm a stay at home dad and DW works part time for the california air resources board.

[evan938]

A lot of the money is not even mine. I have two 0% APR, balance transfers at $23,000 sitting in my bank account. So I'm earning about $750 for 12 months off money that's not mine.

hows that work? bank says "we'll allow balance transfer of X amount at 0% for this long", you max it out and deposit it, let it sit until the 0% offer is up, and pay off with the money you put in the bank, and just suck up the intrest?

FWIW, i got mine tuesday. i was thinking of blowing it, but, ive got a few nice payments of money coming that i dont count/rely on. got about 200$ check from the bank caus the loan for my car was a bit more than what the total cost was, will have almost 300$ off my june rent for resigning lease, 600$ from uncle sam, and after taxes, about a 900$ bonus check from work.

gonna combine all that (about 2k total), im to the point that by july, ill be a month ahead on ALL my bills, so my 2 checks for july will be spending cash for vacation. looks like ill have up to 3600$ to blow if i decide to. VERY doubtful ill go over 1k, but its nice to know its there if i wanted to. i think thatll be the most extra cash ive ever had in my life

[Silentwolf]

hows that work? bank says "we'll allow balance transfer of X amount at 0% for this long", you max it out and deposit it, let it sit until the 0% offer is up, and pay off with the money you put in the bank, and just suck up the intrest?


Exactly. U skim the cream off the top (aka Interest accrued) and pay back the money you borrowed.


And got my measly 300 bucks in. Now to get some tires, if i can.

[SuperGLS]

I got my regular refund. Now I have to wait until May 30 (hopefully before) for my economic stimulus.

[rckozma]

I feel we're being segregated and discriminated because we don't have kids. We chose to not have them, so therefore we must pay more taxes, not get the refunds, pay for their schools AND deal with their snot nosed kids running around screaming in the resteraunts.

I always get a kick out of you. Brings a smile to my face just about everytime. You should feel lucky, you don't see me whining about not getting anything back. I could raise just about the same argument, I pay my taxes like everyone else (at least those that are getting the extra rebate), I have 3 kids, and just because I made over $150K (working a lot of overtime to do it, which means working probably 90-95% harder than most people who are getting the refunds) I don't get anything back?

[noisewatter]

I plan on using mine to have a car alarm/remote start/keyless entry system installed.

[vsolo]

i got a surprise $600 today from my morgage company. apparently i over paid into my escrow account and they cashed it out and sent me a check. SO, for 2 fridays in a row, ill be getting 600 i didnt do anything for! Those are the best surprises.. :halm: Humm,, with all this talk I have to look & see what number they are suppose to be up to I'm a 66 :confused:

I feel we're being segregated and discriminated because we don't have kids. We chose to not have them, so therefore we must pay more taxes, not get the refunds, pay for their schools AND deal with their snot nosed kids running around screaming in the resteraunts. That's cause your eating at the wrong type of restaurants :D

[Ugzz]

mine came through over the weekend. already cleared too. which is awesome becasue i spent 300$ last week. That may not sound like alot to some of you, but i only get about 200-300$ of spending money per month.. if im lucky. So thats really really bad for me to do.

thats what i get for starting to date again ..

[Jlivan]

I rec'vd my 1200 last Monday & spent it all this weekend. We bought a new new bed and a PS3 with GTA4!!!!!!

[DJ Hellfire]

Got ours too. Got $1500 (cuz of the baby). It's all going to bills!

[rusto85]

I got a letter in the mail stating I'm eligible for $600 and that I should see it within 6 weeks!!! yay....now I must wait. Though I know for sure I'm getting one.

[rusto85]

Got mine....errrr...yesterday. Now, that money is going into my new computer build - Q9450 or E8400 here I come!!!

[Silentwolf]

Get AMD man!

[rusto85]

I'm actually crossing over to Intel. I've been AMD for 8 years....There's nothing that is catching my attention right now from them. Even their latest chips have been updated versions of old technology for the most part. Though they do have the tri-core chips coming out...if not out already. But nah, I'll go into the dark side and join the big Intel machine. (there goes half of my money....hehe)

[BobMs_wht2k2]

We're paying for this fall's class for the wifey.

[SuperGLS]

Mine will be in the bank tomorrow according to my online account information. Who knows how they came up with $922 for us... some deal with our education (loans, tuition, etc) I believe.

Most of it will go to some recent bills and then like Bob's situation, fall tuition for me.

[Alucardabyss]

I only got 300 kinda lame! Don't think i made enough last year idk.

[quickfingerz]

hows that work? bank says "we'll allow balance transfer of X amount at 0% for this long", you max it out and deposit it, let it sit until the 0% offer is up, and pay off with the money you put in the bank, and just suck up the intrest?

Yup, exactly. I even have my bank's billpay pay the bill automatically so I don't have to worry about missing a payment. You see the offers everywhere. I've been doing this for years.

Oh, It's really bad for your credit score temporarily. I drop to the 500's with two maxed out CC's totaling 23,000. Once I pay the CC's off, my score jumps back to the 700's.

[Ugzz]

I rec'vd my 1200 last Monday & spent it all this weekend. We bought a new new bed and a PS3 with GTA4!!!!!!

how did you get a bed, a ps3, and gta4 for 1200? hehe
my bed was near that alone, and ps3s with a game aint cheap!