Re: Economic Incentive Rebate
The smart thing? Put that money into a C.D. Make some money off of Uncle Sam if it truly does have to be paid back!
Re: Economic Incentive Rebate
Jenn it is free money ... it does not need to be claimed on next yrs taxes and it will not come out of your tax rebate next yr
Re: Economic Incentive Rebate
good thing i got what i was expecting i already spent my money :D
Re: Economic Incentive Rebate
Quote:
Originally Posted by
JoshJP7
Jenn it is free money ... it does not need to be claimed on next yrs taxes and it will not come out of your tax rebate next yr
Agreed:
Quote:
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.
Quoted from the IRS website:
http://www.irs.gov/newsroom/article/...179181,00.html
Re: Economic Incentive Rebate
Well, judging by how much my investments lost according to my first quarter financial statements, probably the best thing you could do with it is cash the check as soon as you get it and then bury the money in an old mayonnaise jar out behind your house.
Re: Economic Incentive Rebate
Im using mine to pay off a few snakes :carrot:, pay a few bills :( and keep the rest aside for a rainy day.. or a new snake, whichever comes first :D
Re: Economic Incentive Rebate
Quote:
Originally Posted by
MarkS
Well, judging by how much my investments lost according to my first quarter financial statements, probably the best thing you could do with it is cash the check as soon as you get it and then bury the money in an old mayonnaise jar out behind your house.
LOL I feel the same way.
The money may not come out of next years taxes, but it is hardly free. There is no free lunch.
Re: Economic Incentive Rebate
Quote:
Originally Posted by
rabernet
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.
Leave it to the IRS to lie with technicalities. The reason it won't alter your filing next year is because it is part of the base tax calculation, and not a bottom line adjustment.
And no, there is no such thing as free money. If you get money you didn't pay in, then someone is paying in that isn't getting money.
Re: Economic Incentive Rebate
Quote:
Originally Posted by
MarkS
probably the best thing you could do with it is cash the check as soon as you get it and then bury the money in an old mayonnaise jar out behind your house.
Unfortunately, even buried in that mayonnaise jar, it will lose value as the dollar continues to plummet. Buy gold, or convert it to Euros and bury those if you want a good investment :twisted:
Re: Economic Incentive Rebate
Quote:
Originally Posted by
Brimstone111888
The money may not come out of next years taxes, but it is hardly free. There is no free lunch.
Of course it comes out of next years taxes, they only said that it wouldn't alter your refund or taxes owed at the end of the year (not the same thing at all).
