Stimulus check Poll

[flapbreaker]

I'm just curious what people are planning on doing with their stimulus check? Spend it or Save it? Personaly I plan on saving it because somehow I feel that they will want it back over the next few years.

[dre5063]

Your stimulus check will be deducted from your refund next year. If you pay on a yearly basis, now you will pay all the more. At least that's how I understand it.....

[ampersat]

Originally Posted by dre5063

Your stimulus check will be deducted from your refund next year. If you pay on a yearly basis, now you will pay all the more. At least that's how I understand it.....

The straight dope from the IRS:
Q. Is my Stimulus Payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.
Q. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?
A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]
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.

[fish_on]

pay my quartiles.

[dre5063]

Well there you go Ampersat somebody in the know! Thanks for setting me straight. Do we know if it will effect your Oregon taxes?

[gweedo#1]

Bowtech here I come!!!

[Jeremy]

Originally Posted by dre5063

Well there you go Ampersat somebody in the know! Thanks for setting me straight. Do we know if it will effect your Oregon taxes?

your federal income effects your oregon taxes so indirectly yes, they are bumping up the payments by 4 days to "Boost the Economy" too so expect to see your refund early next week if you use direct deposit on your taxes. The dates are off since they are moving it up but you can get a general idea of when to expect your check based on the last two of your SSN:

DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted by:
00 through 20 - May 2
21 through 75 - May 9
76 through 99 - May 16

PAPER CHECK

Last two SSN digits: Payments will be mailed by:

00 through 09 - May 16
10 through 18 - May 23
19 through 25 - May 30
26 through 38 - June 6
39 through 51 - June 13
52 through 63 - June 20
64 through 75 - June 27
76 through 87 - July 4
88 through 99 - July 11

[Freakwater]

Does paying down debt count as spending?

Freakwater

[ampersat]

Originally Posted by dre5063

Well there you go Ampersat somebody in the know! Thanks for setting me straight. Do we know if it will effect your Oregon taxes?

The straight dope from the State of Oregon Department of Revenue


Will Oregon tax the rebate?

No, the federal rebates and allowances are not taxable by Oregon. **
** - read up on the URL provided as it does have some impacts for some people.

[Michelle K]

It's all going in my gas tank. Gotta pay for those upcoming trips to the Big D!

[Just_learning]

Originally Posted by Freakwater

Does paying down debt count as spending?

Freakwater

No. That is called being wise with your money.

Mine will not be hitting the stores. I will be sending it to my broker the day it shows up in my account. Fixing the economy is not my problem. If this administration thinks that a measley $600 check is going to "fix" anything or win over hearts and minds, they dont realize that this recipient has at least half a brain and a memory that remembers events that happened more than four weeks ago.

Thanks, I appreciate the gesture - but it doesnt change the way I feel.

[Two Fister]

Originally Posted by fish_on

pay my quartiles.

At least part of them. Not all that stimulating, but it all comes from the same well.

[Reel_Big_Fish]

Most likely it will go towards school loans. But what I'd really like to do is finally get a flat screen TV

[flapbreaker]

Originally Posted by Freakwater

Does paying down debt count as spending?

Freakwater

I should of included debt reduction in the poll. Definately a worth while thing.

[Axeman]

Boat gas!

[Erich_870]

Originally Posted by flapbreaker

I should of included debt reduction in the poll. Definately a worth while thing.

x2, maybe a Mod can update your poll.

Erich

[Pinecone]

Originally Posted by Just_learning

. . . . Fixing the economy is not my problem. If this administration thinks that a measley $600 check is going to "fix" anything or win over hearts and minds, they dont realize that this recipient has at least half a brain and a memory that remembers events that happened more than four weeks ago.

Thanks, I appreciate the gesture - but it doesnt change the way I feel.

But we'll probably still spend it. Most likely on house projects, or kid supplies. (gotta feed 1 year olds....go figure...)

[wthr4d]

Has anyone actually gotten a letter for the government that says how much you will get? All I got was one that reitterated what everything else said about how to calculate the amount I MIGHT get.

Paul

[Just_learning]

Originally Posted by wthr4d

Has anyone actually gotten a letter for the government that says how much you will get? All I got was one that reitterated what everything else said about how to calculate the amount I MIGHT get.

Paul

UNder 75k you get the full $600
Children get $300 apiece.

[Pinecone]

Originally Posted by Just_learning

UNder 75k you get the full $600
Children get $300 apiece.

Or if your married filing jointly, I think you get $1200 plus $300 for each kid.

...which I guess is obvious since that's $600 per person...(duh)

[Danno]

Why does having a 17 yr old kid that is still in high school exempt me from the child tax credit AND this refund (for her part of the refund anyway)?

[Just_learning]

Originally Posted by Danno

Why does having a 17 yr old kid that is still in high school exempt me from the child tax credit AND this refund (for her part of the refund anyway)?

To the best of my knowledge you should receive the $300 credit for her as long as she appeared as a dependent on your taxes. I do not believe she will get anything.

[Uncle Roman]

Viva Las Vegas!!

[wthr4d]

Nothing is obvious with the Federal Gubment!

by your calculations I (married with two kids) should get $1800? I know I did less than $75k last year. thats a good chunk of change!

paul

[Cornbread]

I still have a little debt left over from all the legal stuff I had to go through with my ex. I think my stimulus check will just about cover it and I will throw in a little from savings and that should put me completely debt free.

[purplepassion]

I'm going to use it to put a down payment on a Gloomis rod.

[Pink Salmon]

Gonna give my wife the annaversary give she deserves, even if she don't think she needs it. And maybe a little something for me.

[Thumper]

What check?

[CW59]

Me and the wife will finally get away, OH but she has to be able to get time off.
Hopefully this summer we can head up to Sunriver or Bend and take three days to relax.....Oh maybe....

CW

[Got One!]

I see the theory in this, I just think spending is not the issue. Gas is the issue, cost of living is the issue. I can guarantee you if you "found" $1000, you wouldn't be $1000 ahead of last year. Anyone buy groceries? Gas? anything? Prices are shooting up way past any raises or cost of living increases. So them (the government, also known as "us") "giving" (us back) money, really isn't stimulating anything, its more of trying to catch up to where we were last year.

The same thing is happening now, that happened in the great depression. The very wealthy are growing wealth disproportionately to the rest of us. No middle class and it will all crash down again. Also another factor is the manufacturing jobs that made the USA such a power to be reckoned with are all going away, and each extra dollar that gets exported that goes from us, the working stiff, goes right in a CEO's pocket, not back to the guy that lost his job.

[brshooter]

1040-ES due by 6/16/08.

It will still mean some surplus money to go somewhere. I'm sure the local economy will see some of it.

[1pump]

How do you know if it's direct deposit or not? My tax refund was direct deposit. I don't recall any forms coming in the mail for the stimuli.

[matttheduck]

It's automatic if you used direct deposit on your 1040.

[Pink Salmon]

Originally Posted by 1pump

How do you know if it's direct deposit or not? My tax refund was direct deposit. I don't recall any forms coming in the mail for the stimuli.

If you had your tax return from 2007 taxes direct deposited, then you will just get your check earlier. This return wont be direct deposit, I belive you get an actual check.

[Fishingfanatic]

I cant understand some people. Here we are talking about getting checks in the mail and yet people complain. My take is this, if I get a $1500 check in the mail (married with 1 kid) then that is $1500 I didnt have yesterday. If you dont like or appreciate the check you will get then pm me and I will send you my address and you can give me the check. I promise, i wont complain.

[Twitchs_Tackle]

Originally Posted by Axeman

Boat gas!

X 2

[BornToFish360]

Well first thing was going to be vegas but i won a trip to vegas through my work so... i think sum to hunting this deer and elk season since i finally put in for a draw i wanted and i know ill get with my points..... Probably new ammo and orange vest.... Sum in savings for me and sum insavings for daughter and the rest will go to my gas food and bills...

[Joe C]

putting it right in the bank.

[Dave G]

Spent it before we even got it.

[anglingaddict]

With us having 6 kids we're getting a nice little "bonus" this year. Ours will be split to paying down debt and working capitol for our kettle corn business. Working on the only 2 payments we have left each month, suburban and house!!! It's fun seeing our 2 oldest children (13 and 11) get excited about it too teaching them about getting rid of the debt that we built up!


A.A.

[mullert]

Savings account, here it comes!!! We're going to let it sit for awhile, and may end up using some to do a couple (very) small jobs around the house.

[CaughtSteelin]

New floor in the boat. Or debt.

[willierower]

Glock 23 FTW

[thresher]

two options:

a.) Pay off some debit

b.) If i find a second job to pay off debt. Im gonna take this check and blow it on something i dont need. Say a new flat screen TV or a new computer graphics card or a turbo for my car or go to a nice restraunt or... well i dont know. Ill figure it out as i havent found that second job yet.

[Bucolic buffalo]

Fill up my diesel truck and buy a bag of rice.

[Cliff D.]

That should just about take care of it B.B.

[BrotherWolf]

WELL I had thought about paying it to some people for gas money on some tuna trips...but geeeeze I wouldnt wont to get a ticket for it..LOL

[Bonita]

I still don't know if I'm going to get a check, I'm just confused by the whole thing so I'm not expecting anything. If a check shows up in late June...<----- will be what I look like!

[redfish89]

Originally Posted by Thumper

What check?

[RidgeRunner]

Buing new tires for the truck, set aside the rest until hay season.

[driven2fish]

I'll be buying a fly fishing setup with mine.

[twobullz]

I was told I am buying a shed with it, and time to clean out the garage. Does not sound like much fun, but is needed.

[Spindrifter]

Buying (2) Avet 2-speed reels to go on the 2 new rods I just bought

[bassettmama]

I get acouple hundred just to spend and each of the kids get a hundred, unfortunately the hubby gets a couple hundred also(which will probably go to the money pit he calls a boat). Then pay bills with the rest. Does that count as spending?

[cimfl]

So, if I owe back taxes, (I do)....do they deduct the check from the back taxes I owe? For example, I owe $4000 in back taxes.....do they take the $600 off that? I doubt they will. I also doubt I get a check!

[mike5097]

It gets applied to the taxes you owe.. Sorry.

Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?
A. Yes. For this purpose, the Stimulus Payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support.

[Chromaflage]

I see part of mine dumped into the boat tank and another part invested in my business for capital equipment. Just in time!!

[Ryan Pultz]

We are putting it in savings and then in October is nothing changes then we will be going to disneyland rp

[tnj8222]

hopefully a swimbait rod a few swimbaits, and and and..... bills.

[Herring Problem]

Gonna pay off a loan. Just paid off credit card debt. Slowly climbing out of debt and will be free from the payment bully.

Oh retirement is getting so close every day I get up to go to work.