Economic Stimulus Check (Read 949 times)

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!

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.

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.

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.

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.

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.

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.

Getting married next year, so photographer for the wedding, or something along those lines.