Members Crxsh Posted April 29, 2008 Members Share Posted April 29, 2008 So... I saw the little chart that tells you when to expect your tax return and I'm getting mine back on/by the 16th since I went the Direct Deposit route. But I'm a little confused as to how the stimulus package works though. Is that going to be included on top of my return? Or will it be something separate? Me and my wife both qualify ... so we should be getting a nice heap o' cash ... but I don't know when to expect it. Anyone know anything about this? Link to comment Share on other sites More sharing options...
Members pbone Posted April 29, 2008 Members Share Posted April 29, 2008 It's just an advance on your tax returns for next year I think. Link to comment Share on other sites More sharing options...
Members CiceroTJones Posted April 29, 2008 Members Share Posted April 29, 2008 On top of return. $600 for each adult. $300 for each child. $1500 MY WAY!!! Link to comment Share on other sites More sharing options...
Members CiceroTJones Posted April 29, 2008 Members Share Posted April 29, 2008 Nah Pbone, on top. Bush did it to "stimulate" the economy.He thinks if everyone (who filed a valid return this year) spends this extra money, it would boost the US out of the recession that it's headed for. Thanks Bush. Link to comment Share on other sites More sharing options...
Members TechBrother Posted April 29, 2008 Members Share Posted April 29, 2008 I recieved my tax return a month ago so I would assume that they're going to be sent seperately. Having a kid really helps you get some cash back. My tax return funded my new Gibby and my gubmint check is going towards one of these:As much as I'll like my new TV I still think that this is yet another dumb idea from our current administration. Link to comment Share on other sites More sharing options...
Members junior4 Posted April 29, 2008 Members Share Posted April 29, 2008 yeah its an extra $600 bucks on top of your return...mine is going right out the door to students loans...and maybe a Fuzz Factory...TechBrother that TV is awesome!! how big is it? Link to comment Share on other sites More sharing options...
Members dacama Posted April 29, 2008 Members Share Posted April 29, 2008 Nah Pbone, on top.Bush did it to "stimulate" the economy.He thinks if everyone (who filed a valid return this year) spends this extra money, it would boost the US out of the recession that it's headed for.Thanks Bush. I'm pretty sure pbone is right. It's kinda like a tax advance from next year. Heard it on the news and such Link to comment Share on other sites More sharing options...
Members pbone Posted April 29, 2008 Members Share Posted April 29, 2008 On top of return. $600 for each adult. $300 for each child.$1500 MY WAY!!! It's up to $600 and $300. I paid $1 in taxes, so hopefully I'll get one. Link to comment Share on other sites More sharing options...
Members Fender&EHX4ever Posted April 29, 2008 Members Share Posted April 29, 2008 I'm pretty sure pbone is right. It's kinda like a tax advance from next year. Heard it on the news and such That's what my tax preparer told me as well. He said that this has the potential to really {censored} things up next year. Yeah, thanks Bush Link to comment Share on other sites More sharing options...
Members junior4 Posted April 29, 2008 Members Share Posted April 29, 2008 yeah i think if you made an income over $3,000 you get one Link to comment Share on other sites More sharing options...
Members TechBrother Posted April 29, 2008 Members Share Posted April 29, 2008 yeah its an extra $600 bucks on top of your return...mine is going right out the door to students loans...and maybe a Fuzz Factory...TechBrother that TV is awesome!! how big is it?I'm getting a 42" Regza LCD to hang in my living room. Nothing crazy nice but I've wanted to get one for a while but my wife wouldn't let me get another expensive TV. Now that my baby daughter can walk over to the current TV and change the channels my wife is all about mounting a new TV on the wall.Sorry to hear about the student loans. I highly suggest still getting a pedal though! Link to comment Share on other sites More sharing options...
Members parkerguy Posted April 29, 2008 Members Share Posted April 29, 2008 From the horses mouth.. aka the IRS: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.and... Many, but not all, taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990There's aslo a schedule of when you can expect it http://www.irs.gov/newsroom/article/0,,id=181972,00.html Link to comment Share on other sites More sharing options...
Members Michael Patrick Posted April 29, 2008 Members Share Posted April 29, 2008 Technically, it's an advance on a tax credit that will be on your 2008 return. But since no one has filed a 2008 return yet, they are basing the amount on info from your 2007 return. Link to comment Share on other sites More sharing options...
Members Mer2112 Posted April 29, 2008 Members Share Posted April 29, 2008 My $1800 was deposited in my account this morning. Now, what to buy............. Link to comment Share on other sites More sharing options...
Members jlantsberger Posted April 29, 2008 Members Share Posted April 29, 2008 yeah its an extra $600 bucks on top of your return...mine is going right out the door to students loans...and maybe a Fuzz Factory...TechBrother that TV is awesome!! how big is it? I'm with you, I'll get about 1300 back and it's all going to the ol' credit card. And then, that $300/month I have budgeted to pay off credit cards can start going toward new gear. Stoked. Link to comment Share on other sites More sharing options...
Members Crxsh Posted April 29, 2008 Author Members Share Posted April 29, 2008 Technically, it's an advance on a tax credit that will be on your 2008 return. But since no one has filed a 2008 return yet, they are basing the amount on info from your 2007 return. What? Last year's return? That's lame.... I think I still qualify though. Link to comment Share on other sites More sharing options...
Members hangwire Posted April 29, 2008 Members Share Posted April 29, 2008 I was listening to Clark Howard on the radio, and the only SMART thing to do with this money is pay down debt... sicne it is money that you are taking away from yourself next year... bascially in his idea, you are giving yourself a loan, so why not pay down the 8-29% interest you are getting hit with monthly for yoru car loan/credit card..ect.. ...then next year at tax time, blow the amount you saved on that interest on something for you... seemed to make sense to me... $600 check thsi month to pay off debt... if you figure $30 of interest on 1 credit card, times 12 months = $360 you can spend next May on whatever and be $600 less in debt... but I know I am not in the majority when it comes to thoughts on managing/saving money ... but just wanted to throw it out there... Link to comment Share on other sites More sharing options...
Members Crxsh Posted April 29, 2008 Author Members Share Posted April 29, 2008 Yeah. All mine is going to pay off college loans probably. The sooner those are gone .... the sooner I can get a new house/car. Link to comment Share on other sites More sharing options...
Members panther_king Posted April 29, 2008 Members Share Posted April 29, 2008 I'm using mine to pay off debt.{censored} you, and your shoddy economic solutions, GW. I don't buy it. Link to comment Share on other sites More sharing options...
Members dap99 Posted April 29, 2008 Members Share Posted April 29, 2008 I was listening to Clark Howard on the radio, and the only SMART thing to do with this money is pay down debt... sicne it is money that you are taking away from yourself next year... bascially in his idea, you are giving yourself a loan, so why not pay down the 8-29% interest you are getting hit with monthly for yoru car loan/credit card..ect.....then next year at tax time, blow the amount you saved on that interest on something for you...seemed to make sense to me... $600 check thsi month to pay off debt... if you figure $30 of interest on 1 credit card, times 12 months = $360 you can spend next May on whatever and be $600 less in debt...but I know I am not in the majority when it comes to thoughts on managing/saving money ... but just wanted to throw it out there... Yeah, I would guess that the majority of Americans will NOT be spending this money. Not when gas is almost $4 a gallon. Nope, most of us will be either paying of current debts or putting it away. I did not know about this "advance on next year's taxes" idea. I'm not surprised and actually a little miffed that I didn't hear about it and that I didn't have a more skeptical attitude - I mean, there's no free lunch, right? Here's my fear: The people that will be spending the money, are people that are more likely to be in debt. So rather than use the money to pay off their current debts, they're gonna waste it and continue to be in debt. Then, as we head deeper in to the recession (let's call it what it is), the majority of us will be bailing out the people that did not save/invest/pay off debt w/ their stim. package money. My advice to all you soon to be graduating college kids: Save at least 1/2 of your check. Student loans are a byotch! Link to comment Share on other sites More sharing options...
Members junior4 Posted April 29, 2008 Members Share Posted April 29, 2008 I'm getting a 42" Regza LCD to hang in my living room. Nothing crazy nice but I've wanted to get one for a while but my wife wouldn't let me get another expensive TV. Now that my baby daughter can walk over to the current TV and change the channels my wife is all about mounting a new TV on the wall. Sorry to hear about the student loans. I highly suggest still getting a pedal though! cool congrats on the the TV!! I hope you have HD to go with that TV, and yeah thats smart to do for the baby, but games will never be the same ....but yeah my student loans are horrible, they are like $400 bucks a month for 25 years...if i didnt have a student loan I could be saving so much money and buying a lot of gear. But i do have rent and bills and insurance to pay to...welcome to the real world i guess Link to comment Share on other sites More sharing options...
Members ChuckNorris1982 Posted April 29, 2008 Members Share Posted April 29, 2008 What's the deal with this tax return business then? Do you all pay too much tax each month and then get a chunk back at the end of the year? Is that system mandetory? No such luck here, you only get a tax rebate if you paid too much by accident. Link to comment Share on other sites More sharing options...
Members Turd Furgison Posted April 29, 2008 Members Share Posted April 29, 2008 i love being bribed with my own money Link to comment Share on other sites More sharing options...
Members Michael Patrick Posted April 29, 2008 Members Share Posted April 29, 2008 What's the deal with this tax return business then? Do you all pay too much tax each month and then get a chunk back at the end of the year? Is that system mandetory? No such luck here, you only get a tax rebate if you paid too much by accident. They take money out of your paycheck based on what you think you will owe, and then after the end of the year you file a form that calculates what you actually owe. If you had too much taken out, they give it back. If you didn't have enough taken out, you send more money.The payment that is the subject of this thread is an additional "stimulus" payment that the government has concocted to "stimulate" the economy by enticing people to spend the dough on consumer goods.If they really wanted to stimulate me, they could have sent me Shakira... Link to comment Share on other sites More sharing options...
Members tonedover Posted April 29, 2008 Members Share Posted April 29, 2008 its not an advance on next years return. also, yes, theoretically, this money only really helps the economy out if its spent on new items as opposed to you paying off your debts with it.... by entering new funds into the market place we increase marketplace activity which supposedly COULD help the inflation and or decrease in value of the dollar. my theory -- buy a new $600 luxury item from either other individuals or an american based company. i bought some stuff. hmm... i wonder what YOU could do with your money.. V Link to comment Share on other sites More sharing options...
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