The Economic Stimulus Rebate

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Originally Posted by CA_in_NC

Mr. Silver-

As usual, you have provided such a thoughtful response, with incredible perspective. We, too, have been re-assessing and trying to make sure we're doing what we want to and what we can with the funds available to us. It's a process everyone should go through, I think, on a regular basis.

Thank you for continuing to be a part of TE - the world is definitely a better place with the Silvers in it!

CA

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HERE HERE!!! I love the silvers! I'm still waiting for the day we can rendezvous on the redneck riviera for a proper southern cocktail! :D

If, as bmccasland says, it is an advance like last time, then all it means is that we are getting our tax refunds back a few months early, but I guess it makes them look like political heroes just in time for the election. Last time, most people did not understand this little catch, and when they went to have their taxes figured, SURPRISE!!! I do my own taxes and understood this last time, and there actually is a place where they ask the amount of your refund, but my principal argued with me. Said it was just a "gift". He was one of the ones whose taxes were held up because he figured it incorrectly as another poster mentioned.

So, in January 2009, my son on the USS Eisenhower will be shipped back to the middle east (yeah, he has already been told) and I will get $600 less on my tax refund. Guess how I'm voting????

I don't recall it being as you describe last time...and I don't think it's as you fear this time

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Originally Posted by uforgot

I will get $600 less on my tax refund.

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But, keep in mind: The use of the word refund is misleading. You are either "over withheld" (this is when you get money back) or "under withheld" (this is when you owe money).

Based on your situation (income, deductions, etc), your tax is what it is. This "stimulus package" is effectively a retroactive reduction of last year's tax rates (I think:confused:))

Now, to your concern: what if, because of gov't spending, they need to raise taxes this year (meaning you're "under withheld" when filing for '08)...then that's a different issue entirely...but I don't think they're giving you something now and intending to take it back next year.

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Originally Posted by Mr. Silver

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it's not going to have the desired effect...because most of us are going to save it or pay down debt...

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True that.
The part I really don't understand is why this went off without a hitch but that's not really the point of the post.

Question: if I am a member of a couple, but the only one who works, do I qualify for the check if I make < $150K or only if I make < $75K? And which size check? Based on a single or a couple (no kids)? I admit I haven't read up on this at all, just heard a couple quickie reports on the news, so right now I'm unsure of whether we'll be getting a check or not!

I do know, unfortunately, that we owe about $1700 in taxes due to cashing in some investments to purchase our sailboat, so I'm hoping I do qualify for the stimulus check to help offset that.

Emily the Ignorant

Emily-

I *think* if you file jointly, you get the 150 limit, but I'm not sure:confused::confused:

CA

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Originally Posted by CA_in_NC

Emily- I *think* if you file jointly, you get the 150 limit, but I'm not sure:confused::confused:

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That's what I am hoping! It would seem to make sense since I am the sole breadwinner for two. I make more than the cut-off for singles, but far less than the couple cut-off. I could certainly use it (to help pay down our home equity loan, not for new purchases!)

Emily