I didn't see a topic for this so I thought I would start one. I am personally going to use it to pay off a few things. I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.
It'll probably just go into my savings account for a "rainy day".
I am going to put it in the bank.
I don't get a tax rebate.
i'm going to do exactly what bush doesnt want me to do with it, I'm going to save it.
quote:
Originally posted by inteller
i'm going to do exactly what bush doesnt want me to do with it, I'm going to save it.
(http://bp1.blogger.com/_nSTO-vZpSgc/R57ax-UG3EI/AAAAAAAAB_0/LoeoDxkgXCs/s400/non-borrowed-reserves.png)
I think the banks NEED people to give them their cash.
I haven't upgraded my computer since December 2003.... married with 1 child...
(http://c1.neweggimages.com/WebResource/Themes/2005/Nest/LOGO.gif)
:)
It'll be going to debt, unfortunately.
I'd LOVE to be a good American and buy a flat screen tv with it, but unfortunately the terrorists will win this time.
*shakes fist at Citibank card*
I plan to invest in some lottery tickets. It is the least I can do to help the schools. I was thinking of also buying some of the local brewed beer that should be out about the same time I receive the check. If the dates work, I plan to also buy some corndogs and turkey legs at Mayfest.
The rest I will just blow on non-essential stuff.
Sending it to Andrew Rice.....
I'm thinking of visiting St. Augustine or Key West, perhaps both.
quote:
Originally posted by FOTD
Sending it to Andrew Rice.....
Maybe I will send part of the refund to Mr Rice. Good Idea here FOTD.
I'm going to get a new backyard fence and some new backyard lawn furniture.
quote:
Originally posted by TheArtist
I don't get a tax rebate.
That makes two of us, (and millions more.) This rebate plan is just pure political pandering and will do very little to stimulate the economy. Only time, the passing of normal economic cycles, and seriously reducing the U.S. national debt will have any major long-term impact.
In fact, this "stimulus rebate" will only add to the national debt and further increase the burden and likelihood of real economic depression, on future generations. But what do we care today, we will be dead so just let our decendants worry about it.
quote:
Originally posted by Steve
quote:
Originally posted by TheArtist
I don't get a tax rebate.
That makes two of us, (and millions more.) This rebate plan is just pure political pandering and will do very little to stimulate the economy. Only time, the passing of normal economic cycles, and seriously reducing the U.S. national debt will have any major long-term impact.
In fact, this "stimulus rebate" will only add to the national debt and further increase the burden and likelihood of real economic depression, on future generations. But what do we care today, we will be dead so just let our decendants worry about it.
I don't understand. Why don't you get free money like everyone else?
quote:
Originally posted by we vs us
quote:
Originally posted by Steve
quote:
Originally posted by TheArtist
I don't get a tax rebate.
That makes two of us, (and millions more.) This rebate plan is just pure political pandering and will do very little to stimulate the economy. Only time, the passing of normal economic cycles, and seriously reducing the U.S. national debt will have any major long-term impact.
In fact, this "stimulus rebate" will only add to the national debt and further increase the burden and likelihood of real economic depression, on future generations. But what do we care today, we will be dead so just let our decendants worry about it.
I don't understand. Why don't you get free money like everyone else?
Because my main source of income over the past few years has been from savings interest and investment return dollars, not so called "earned income" although I certainly earned the $ to invest. Not to mention dipping into the "principal." Those receiving the recent "rebate" checks must file a 2007 tax return, and have at least $3000 in earned (not interest or investment) income.
Competence, in the form of thrift, savings and prudent investment, is not to be rewarded by our government.
When I get the May/June check, that part will likely go entirely to debt retirement. I might spend some of my regular refund on other stuff.
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Originally posted by sgrizzle
When I get the May/June check, that part will likely go entirely to debt retirement.
Wise choice. Too bad our federal government doesn't have the same foresight.
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Originally posted by Steve
quote:
Originally posted by sgrizzle
When I get the May/June check, that part will likely go entirely to debt retirement.
Wise choice. Too bad our federal government doesn't have the same foresight.
I can't claim too much foresight. If I did, I wouldn't have as much debt to retire.
I will be saving/investing the money when it actually comes in. In spirit though, it will buy a new fridge when my current 20 year old model gasps it's last breath. That and 2 or 3 other things that I want to do with it that I will justify spending cash on by saying that I'm just spending the free money (that we borrowed from China and my son will have to repay with interest).
BUT, the general discussion of the underlying issues is a great place to mention another example of what's wrong:
I checked my credit the other day (annualcreditreport.com NOT the scam freecreditreport.com that signs you up for a subscription credit protection program). For an extra $5 you can run get an assessment (credit score and explanation).
I learned that my credit has declined recently because:
1) My outstanding debt load is not high enough.
2) I have too much equity in my house (should have a second mortgage?)
3) My available balance on credit cards is not high enough (I do not need a 15K limit)
4) I do not have enough open credit lines (one credit card, student loan, mortgage, no car loans or bestbuy or whatever else).
[from TransUnion]
Now, apperently it did not effect my credit too adversely because I'm just fine. But REALLY? How messed up is that. One would think a creditor would be happy to see someone who doesn't miss payments and is not over extended. I'd have a better credit score with a second mortgage, 3 credit cards, loans on both my cars, and struggling to make payments instead of struggling to save more.
No wonder the card house is falling apart. Stupid creditors.
By the time I get my state refund, pay the feds, pay for Turbo Tax and e-filing. I think I can buy a burrito at Chipotle and a 12 pack. So, I pretty much come out even.
Our tax preparer was right last year when she said when we had to pay the feds almost $900 last year. She said have a kid. Sure enough, we owed less than $100! We learned that the $1000 tax credit for a kid is great, if you combined family income is less than $110K. Otherwise, they take of $50 for every $1,000 that you are over.
A tax break for having kids?
No wonder my parents had me after already having two others. I thought it was just that they believed the older two needed help with the yard work.
tax rebate?
what tax rebate?
I spent $3,000 on child care, $1,200 to add him to insurance, $1,000 for Tae Kwon Do, $250 for Zoo and Aquarium memberships, $700 on plane tickets, $1000 for clothes/coats/shoes, $3000 on food and drink, and on and on and on...
So there's $10,000 to offset the $1,000 the feds credited me. All in all a bad investment. [:D]
quote:
Originally posted by TUalum0982
I didn't see a topic for this so I thought I would start one. I am personally going to use it to pay off a few things. I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.
I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless. I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.
quote:
Originally posted by tulsa1603
quote:
Originally posted by TUalum0982
I didn't see a topic for this so I thought I would start one. I am personally going to use it to pay off a few things. I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.
I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless. I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.
Heck with the IPhone get a high quality hooker!!
I'm going on an Alaskan cruise at the end of May, so I'm hoping to get the rebate in time to use it for some spending money on that. But if not, I plan to finance another trip to Austin City Limits Music Festival with it.
quote:
Originally posted by tulsa1603
quote:
Originally posted by TUalum0982
I didn't see a topic for this so I thought I would start one. I am personally going to use it to pay off a few things. I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.
I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless. I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.
If you do blow it on an iphone, there is an option to add our homepage to the main screen, which I wholly support. I created the graphic earlier today for the home screen icon.
(http://www.tulsanow.org/apple-touch-icon.jpg)
I strive to make sure that even the nerdiest members of the forum are accomodated.
Tried it out. Nice having the icon.
quote:
Originally posted by tulsa1603
quote:
Originally posted by TUalum0982
I didn't see a topic for this so I thought I would start one. I am personally going to use it to pay off a few things. I would assume most people are going to go out and spend it which is what they want you to do, but there are many people with a ton of debt.
I don't have any debt outside of my mortgage, and paying that down by a few hundred dollars seems so...pointless. I'll probably do the "responsible thing" and blow it on an iPhone and a hooker.
Paying down mortgage debt may seem pointless, especially if you are not going to be living in your home for the long term. But by golly, I paid off my mortgage years early in 2003, and for those intending to make their home a true "homestead," it is a great feeling to own your house free from debt. Of course, there is ever rising property taxes, my current major gripe.
The Federal gov't cuts taxes and the states raise them. My rebate is going to pay bills. I think the only thing that would help the economy would be lower fuel prices. People are spending huge amounts of money for gasoline instead of using it to buy things. That's money out of the economy... They say fuel will hit $4.00 a gallon this summer, Diesel is already near that point. The little rebate check won't do diddley, I think if instead of the rebate money they would do better to use federal money to help pay the cost of gasoline or issue gasoline coupons to U.S. Citizens that should have much more of a effect. This $3.00 a gallon gasoline has cut my spending on other things. I'd hate to think what $4.00 a gallon will do to my budget.
600 junior bacon cheeseburgers.
no tomatoes, please.
That's an idea, invest the tax refund in burgers. Maybe buy a few Whataburgers, or for me in the midwest a few sacks of White castle burgers since we have no Whataburgers here where I live...[B)]
First half of real estate taxes. Anything left over will pay other bills.
quote:
Originally posted by RecycleMichael
I plan to invest in some lottery tickets. It is the least I can do to help the schools. I was thinking of also buying some of the local brewed beer
you just reminded me. I need to have a case of Arrogant Bastard Ale shipped to my halfway house in Arkansas.
Does anyone know if you owe taxes will the rebate be applied to that amount? I haven't done my taxes yet, is there anything about it on the forms? Thanks.
I don't believe that they will be applying the rebates automatically. The checks aren't going to start getting issued until May and will end sometime in July.
(http://www.aww-kittah-aww.com/up/files/1103/SNAG-00%288%29.jpg)
I plan on using it to fly to DC and tell my government they are fired! [:D]
Naw, I will use it to pay down any debt I have.
For the one who is confused about their credit score despite you are doing all the "right" things...you forgot, the FED does not want you to save. If you save, then there is less of a need for the Federal Government to need to borrow the money.
Sorry, just don't pay attention to it. People need to start calling it what it is, predatory lending practices. You are better off telling the lender that they can take a hike if they are going to use such an unethical approach. The fun part is telling it to them like "How could you suggest that!" Their face is priceless.
I hope everyone alive who gets this check pays off debt. Then, if they have no debt, buy commodity, not stocks or paper.
Fuel is not high because there is a shortage of it. It is going up because it is still tied to the dollar so much. Notice the value of the dollar keeps dropping as the price of oil goes up. In other words, in Japan or Europe, the cost of the same barrel doesn't "hurt" as bad because they are able to buy more barrels with their "dollar" Since the creation of the Euro the dollar has dropped almost 50% in value. Hence we feel a 50% increase on the global "cost" of the same barrel. This is why when you travel to Europe, a soda is $3.
^#@$!# we won't receive ours until September. Slow donkey government. :( So much for upgrading my computer any time soon.
Plan on spending mine quick.
quote:
Originally posted by unknown
(http://www.aww-kittah-aww.com/up/files/1103/SNAG-00%288%29.jpg)
There is another schedule for people who use direct deposit, which shows 'checks' going by direct deposit much earlier, like the beginning of May.
Last 2 digits of my SSN is "03"
Rock On.
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15
Direct Deposit Payments
If the last two digits of your Social Security number are:
Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20 May 2
21 – 75 May 9
76 – 99 May 16
quote:
Originally posted by TulsaMINI
Does anyone know if you owe taxes will the rebate be applied to that amount? I haven't done my taxes yet, is there anything about it on the forms? Thanks.
Saw this on the rebate calculator on IRS.gov
quote:
The estimated payment amount could be reduced, however, if you have an unpaid tax liability.
So it sounds like the answer is yes.
I checked the FAQ on IRS.gov and it says you CANNOT apply the stimulus rebate to 2007 taxes owed.
quote:
Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?
A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]
Oh well.
Next question: If my last two digits of my SSN are higher than my husband's last two digits, when does the payment occur?
Back to the FAQ...
quote:
Originally posted by TulsaMINI
I checked the FAQ on IRS.gov and it says you CANNOT apply the stimulus rebate to 2007 taxes owed.
quote:
Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?
A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]
Oh well.
Next question: If my last two digits of my SSN are higher than my husband's last two digits, when does the payment occur?
Back to the FAQ...
It's based on his SSN
And yeah, you might rack up $1 in interest.
Oh, and IRS has different mail dates:
Paper Check
If the last two digits of your Social Security number are:
Your check should be in the mail by:
00 – 09 May 16
10 – 18 May 23
19 – 25 May 30
26 – 38 June 6
39 – 51 June 13
52 – 63 June 20
64 – 75 June 27
76 – 87 July 4
88 – 99 July 11
But if you filed 2007 for electronic deposit...
Direct deposit payment
If last 2 digits of your SS# are:
Your rebate should be sent by:
00-20 May 2
21-75 May 9
76-99 May 16
Yeah, that was covered fourth post up. [:P][:)]