The Economic Stimulus Rebate

[Tuckervill]

I'm in the same boat as Indy and Robyn....not getting any. I am curious, for my sons sake's, whether it is an advance like last time or not. I haven't heard anything about that, either.

If we were getting one, I'd use it to offset the cost of putting new plaster in the upstairs bath ($2400!!!! ). It would probably mean I would buy the $150 pedestal sink and not the $109 one. lol.

eta: I just checked at IRS.gov.

Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same fashion as regular tax refunds.

What that means, I have no idea.

Karen

[Blueberry]

We'll be getting some small portion (I think) or none because of our income. Haven't done the calculation yet. We're down to the point where we have no "bad" debt, so I would either use it to pay off come of my remaining student loans or save it.

However, as I understand it, it's for 2008. So, if you make more money in 2008 and got the refund anyway, it's forgiven. If you should have gotten more, you get the rest when you file your 2008 taxes.

CA

[GLC1968]

We'll be getting some small portion (I think) or none because of our income. Haven't done the calculation yet. We're down to the point where we have no "bad" debt, so I would either use it to pay off come of my remaining student loans or save it.

Ditto - word for word. But, now that I see it's based on 2008 salary, we probably won't get anything or...we'll have to pay it back?!

How does that work? If you get $ based on your 2007 salary level, but you make more than the 'cut off' in 2008, will you have to give it back? And if so, I want to know this now so that we don't spend it!

[Blueberry]

The article I read said that you would not have to give it back if you made too much in 2008.

By the way - how are the move preparations going?? Are you guys going to have any free time before you move?? Farewell dinner??

CA

[Brandi]

What is the cap? How much do you have to make to get one? Is 150k per couple or 75k per person. It seems that is what I heard. Is that gross income?
All I know is if we get any it is going straight into next years tax. When we get any refunds they always get applied to next years. It just makes sence you know. It bother's me that they send this out and we still have to pay tax on it. Give it to us with no strings attached. Now that would be a refund!

[bmccasland]

If you read the fine print, it is an advance on your 2008 tax return. So I'll either pay off a debt or stick it in the bank, 'cause I don't trust them to not want it back in April 2009.

And I don't understand the economics as to how this will stimulate the economy either. Especially since they use some funny accounting in Washington - there's the US budget and the "war" budget, both sucking out of my pocket, but somehow never appearing together on any spreadsheet. Oy vey. Wish I could get away with deficit spending, can't I just print some money to buy things I NEED??? Like bike stuff.

[indysteel]

The amount you're entitled to receive is based on the 2007 tax year. The caps are based on your adjusted gross income and what you earn and/or your filing status for tax year 2008 is irrelevant.

Here's a link to the relevant section of the law: http://thomas.loc.gov/cgi-bin/query/...05TWDyA:e2351:

[Possegal]

I'll be doing nothing with it, as I won't be getting one. And I doubt that this will do much to "stimulate the economy" as I don't think the last one did anything to help. In fact, I think they say the last rebate was responsible for large numbers of errors on people's income tax filing. This will likely do the same, but then maybe I'm just a cynic at heart.

If I were getting one, I'd likely pay down some debt. No fun there, but something I need to be doing and any and all help would be welcome.

I hope lots of fun biking stuff gets bought though, so I can live vicariously through hearing about it and seeing pictures.

(and yes, like others have said, I'm not really complaining as I'd rather have my salary and not be eligible and I do hope it helps out those that get it, but I'm not hopeful it will do much for the economy in general.)