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| Economic Stimulus Check (Read 609 times) |
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posted: 4/29/2008 at 2:19 PM |
What are you going to do with yours? We have three kids, so we'll get a pretty good check. It's going right into our emergency reserve fund. Being self-employed, "they" say that we should have about six months of income saved. We're at about 7 days worth right now!
I hope other people will have more fun with their money!
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| Maine Coast HM, September 21 |
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RAer |
posted: 4/29/2008 at 2:21 PM |
| the check is going to our son's savings. |
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| view log formerly RacingThoughts |
posted: 4/29/2008 at 2:24 PM |
| We're going to put 1/3 of it in savings, buy a new weedeater and a couple of other things we need around the house, then split the rest. My portion is going to running shoes and other gear. |
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| view log Stinky Fiend |
posted: 4/29/2008 at 2:30 PM |
Our intent is to put in into savings, but we haven't planned our vacation entirely yet and it may go there.
Also, the stimulus check is really a 2008 tax credit, based on your 2007 tax status. Anyone with a favorable status change in 2008 will be able to request more when they file their 2008 taxes. My wife and I have a baby due in July, so we'll be able to request an extra $300 next year! |
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| view log Got The Life |
posted: 4/29/2008 at 2:31 PM |
We are thinking a mid-Summer weekend in Vegas. Our belated honeymoon isn't until late October but we want at least a weekend to play before then.
And, Vegas rocks.
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| The Gaijin Samurai. a.k.a The attorney dissin' attorney.
Read and Listen
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| view log |
posted: 4/29/2008 at 2:31 PM |
| We are using it to build a new deck on the side of our house. Well, it will at least cover part of the deck. That is just our portion of the money. The $300 per kid is going into each of their college funds. |
"80% of success is showing up." ~ Woody Allen
"Go that way... really fast. If something gets in your way... turn." ~ Charles DeMar
God doesn't give you what you want. He gives you what you need, the rest is up to you. |
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posted: 4/29/2008 at 2:37 PM
modified: 4/29/2008 at 2:44 PM |
| Quote from Mishka on 4/29/2008 at 2:30 PM: Our intent is to put in into savings, but we haven't planned our vacation entirely yet and it may go there.
Also, the stimulus check is really a 2008 tax credit, based on your 2007 tax status. Anyone with a favorable status change in 2008 will be able to request more when they file their 2008 taxes. My wife and I have a baby due in July, so we'll be able to request an extra $300 next year!
I hope everyone saves the money - just to stick it to the man.
Your second paragraph is interesting to me - are you sure about that? If it's based on your 2007 status why would a change in your 2008 status affect it? Does this apply to the income limitations as well?
Modified:
I just searched the IRS website and it looks like you are correct! Probably this applies to income limitations also. From the IRS website:
Not eligible at the current time? If you're not eligible this year but you become eligible next year, you can claim the economic stimulus payment next year on your 2008 tax return.
http://www.irs.gov/newsroom/article/0,,id=179211,00.html
A little income deferment into 2009 (or having a child etc) could very well help you qualify for that money next year. Will research some more, thanks for the info.
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2008 Goals:
2000 miles for the year
100 mile week
Sub 3:10 marathon
Sub 19min 5K |
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| view log Stinky Fiend |
posted: 4/29/2008 at 2:48 PM |
| Quote from kencamet on 4/29/2008 at 2:37 PM: I hope everyone saves the money - just to stick it to the man.
Your second paragraph is interesting to me - are you sure about that? If it's based on your 2007 status why would a change in your 2008 status affect it? Does this apply to the income limitations as well?
I should clarify that. They use your 2007 status to estimate your 2008 status. The intent being to get the cash into peoples' hands sooner. If your actual status at year-end 2008 has changed favorably, yo can apply for the difference. If it has changed unfavorably, the IRS will not require you to pay back the difference.
As far as income limitations, I'm not sure. Based on what I read (and I don't remember the source), I'd think that if you had an income limitation when you filed your 2007 taxes, but will not in 2008, you could apply for more in 2008. I can't verify that though. |
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posted: 4/29/2008 at 2:50 PM |
| I'm spending about 80% of my money on booze, women, and gambling. The remaining 20% I'll probably waste. |
| "Good-looking people have no spine. Their art never lasts. They get the girls, but we're smarter." - Lester Bangs |
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RAer |
posted: 4/29/2008 at 2:54 PM |
| Quote from Lank on 4/29/2008 at 2:50 PM: I'm spending about 80% of my money on booze, women, and gambling. The remaining 20% I'll probably waste.
Which is the same thing as the eighty percent. |
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| view log Got The Life |
posted: 4/29/2008 at 2:56 PM |
| Quote from Lank on 4/29/2008 at 2:50 PM: I'm spending about 80% of my money on booze, women, and gambling. The remaining 20% I'll probably waste.
POD |
| The Gaijin Samurai. a.k.a The attorney dissin' attorney.
Read and Listen
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| view log I must break you. |
posted: 4/29/2008 at 3:20 PM |
Anybody know where all this money is coming from? It would seem to me that while we're spending tens of millions of dollars per day in Iraq and Afganistan, shouldn't we be paying more taxes?
Then again, I'm no economist. I don't know much.
But, to the original question posed, I'll probably donate it to some Vetern's charity. I feel like I should be doing something. |
Ben
"A jug fills drop by drop"--Budda
Hey, careful, man, there's a beverage here! |
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| view log No one's nemesis |
posted: 4/29/2008 at 4:00 PM |
I'm not sure what we'll do with ours. I just love the word, stimulus.  |
Rick
"The will to win means nothing without the will to prepare." - Juma Ikangaa
"I wanna go fast." Ricky Bobby
runningforcassy.blogspot.com
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PudgyRunner |
posted: 4/29/2008 at 4:08 PM |
| Getting married next year, so photographer for the wedding, or something along those lines. |
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