Economic Stimulus Handout... anyone got theirs yet?

[sumbride]

Date: 5/5/2008 3:53:20 PM
Author: gwendolyn

Date: 5/4/2008 8:33:50 PM

Author: MC

Date: 5/4/2008 8:10:56 PM


Author: ZoeBartlett


Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

You get extra for having kids.



From the IRS site:



http://www.irs.gov/newsroom/article/0,,id=179164,00.html

*snip*

So, according to that link, I got the bare minimum. That really makes sense, since my income was right around the poverty line [sarcastic]. Oh well, it''s a handout, so I guess I shouldn''t complain. Better than nothing.

technically it''s a "rebate" not a handout, so it makes sense that you won''t get much since you didn''t pay much in taxes.

 

[Elmorton]

We''re still trying to figure out if we''ll get $600 or $1200 since I was a full-time student until May of last year and only worked for part of the year (ugh!). If we get $600, then it''s all going straight to bills. If we get $1200 it''s going to bills/debts AND a pair of studs to celebrate our 1 year anniv!! Hey, gotta be a good American. Anyway, the suspense is killing me, but I''m trying not to keep my hopes up.

I was listening on NPR and apparently, economists say this will still stimulate our economy - because even though something like 75% of Americans SAY they''ll put it in savings or spend it on utilities/paying down debts, it''s estimated that most will actually use the surplus in retail venues. In other words, we''re stupid, and we have it coming to us - I can''t wait to read my grandchildrens'' history books...

 

[Independent Gal]

Interesting! I wonder if they will be able to track this somehow. I''ll be curious to see.

I''m also curious whether mine has arrived... (actually, I''m not 100% sure I''ll be getting it... I''m a resident taxpayer, but not a citizen... hmmm...)

 

[sunnyd]

Doing my duty as both a good American and a good PSer and putting it toward my ering setting.

Indy, I''m not a citizen either but I''m pretty sure we''d get the rebate...we better, or BF and I are in trouble (not a citizen either)! Ering is counting on it!

 

[shel]

Haven''t gotten the checks yet, but we''ll invest ours. The $1,200 could potentially grow to ~$5,593 in 20 years at an 8% annual growth rate.

 

[zoebartlett]

Date: 5/4/2008 8:17:27 PM
Author: thing2of2

Date: 5/4/2008 8:10:56 PM
Author: ZoeBartlett
Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

I think couples get $600 each, so $1200. And I think people who don''t make that much money, like students, only get $300. (Friend''s girlfriend is a waitress and she only gets $300, also.) I''m not sure about the $1500 figure someone said they were getting.

Thanks for explaining it! My FI''s not sure if he''s getting one and we could really use it.

 

[MustangGal]

We got our $1,200 last Friday. I put half in savings, bought hubby the $250 bicycle he''s been oggling, and left the rest in checking for upcoming bills from fixing DH''s truck. I also went shopping over the weekend and spent $50 on clothes

 

[katpaw]

We got our $1200 last week. Probably most of it will go to pay bills.

 

[tawn]

We haven''t received our yet (forecasted for May 9th), but we were expecting $1200 for us + $300 for our son....but we''re only getting $1198?

How they came up with that number...?? My husband did spend over 90 days working in a combat zone last year, and you don''t pay certain taxes during that period, so I''m assuming that''s why we''re getting an odd amount?

I''m using some of it to upgrade the shank of my ring with diamonds!

Yaaayyy!!

We''re also buying our son some new motorcycle safety gear...since he''s grown 5" since last year!

The rest will go for groceries to feed the rapidly growing child!

 

[tawn]

ELMORTON

__________________________________________________________________________________________________
We're still trying to figure out if we'll get $600 or $1200 since I was a full-time student until May of last year and only worked for part of the year (ugh!). If we get $600, then it's all going straight to bills. If we get $1200 it's going to bills/debts AND a pair of studs to celebrate our 1 year anniv!! Hey, gotta be a good American. Anyway, the suspense is killing me, but I'm trying not to keep my hopes up.
__________________________________________________________________________________________________

You can go onto the IRS site...and do the "Where's my Stimulus" calculator feature. You'll need your tax return for a few things, and it will tell you exactly how much you're getting...and when!

Good Luck!

 

[diamondsrock]

I''m probably going to stick ours in the bank. Our oil bills were so high I had to use some of my savings so I want to replenish it!
Of course the thought of bling crossed my mind!

 

[partgypsy]

I checked our account and we got our credit yesterday whee! (don''t get me wrong, I am against this idea, but I''m not going to give the money back).

When people asked me what I was doing with it, said I don''t know, see when I get it. Now I can say. Basically spending all of it in a way; putting 1300 towards heloc (which is paying for replacement windows already purchased and installed last summer) and sticking 500 in high yield savings account, which will be used for a trip to the beach this summer with my mom and sister. Have to do my part

.

 

[Gypsy]

Nope. Will have to check the mail tonight, thanks for the reminder. I''ll be spending it on BLING. Not. Wedding. Will pay for invites and alterations.

 

[ljmorgan]

For those of you unsure about your stimulus payment status, you can go to the IRS website, enter your information, and it will tell you your payment amount and expected day of delivery. Hopefully that will clear up some of the confusion!

IRS: Where's My Stimulus Payment?

Also, I am sort of confused about why people are against the stimulus payments? It sounds like people think that the payments are magical money that they government previous had to put towards other things, or is now just driving us into debt further. All of you should WANT this check -- why? Because it is YOUR money. This is an advance on a new credit that will be delivered in 2008. Next year where you file, if you would have received an even bigger credit as part of your refund, they'll also give you the difference. This payment that you're receiving over the next few months is part of what would be your refund next year. So who cares if you get it now or then? I'd rather have it now, so I make interest on the money instead of Uncle Sam!

 

[partgypsy]

"It sounds like people think that the payments are magical money that they government previous had to put towards other things, or is now just driving us into debt further."

Exactly. Lindsey, where do you think this money is coming from? Our government has a close to trillion dollar deficit. It gets this money by borrowing it, at interest from other countries. So yes we are getting this money, but we (or our children) will have to pay for it many times over because it is borrowed money.
Borrowing money from yourself is not a good idea in personal finance, not a good idea for a government either.

Bread and circuses all the way baby!!!

 

[ljmorgan]

Date: 5/8/2008 5:31:22 PM
Author: part gypsy
''It sounds like people think that the payments are magical money that they government previous had to put towards other things, or is now just driving us into debt further.''



Exactly. Lindsey, where do you think this money is coming from? Our government has a close to trillion dollar deficit. It gets this money by borrowing it, at interest from other countries. So yes we are getting this money, but we (or our children) will have to pay for it many times over because it is borrowed money.

Borrowing money from yourself is not a good idea in personal finance, not a good idea for a government either.


Bread and circuses all the way baby!!!

Hey part gypsy, but it''s not borrowed money. For instance, right now I have a job, and I have federal taxes taken out of each paycheck to pay those taxes. Next year I will file my taxes for 2008, and if I have paid too much money for my tax bracket and deductions, I will get a refund. Next year we have a tax credit on top of other tax credits and deductions -- and instead of giving us the credit then, they are giving us the money now. It''s not borrowed, because they have already received well over $600 in federal tax money from me. They are giving me back my money now, that they would be giving me next spring. I guess I just don''t see how that''s borrowing? I''ve already given them the money they''re giving back to me.

I totally understand the deficit, and if you want to argue that our government shouldn''t give tax credits, that is a totally understandable point, but I don''t see how it relates to these checks being borrowed money.

 

[Gypsy]

I lied. I was direct deposited last night. Invites and alterations.

 

[ljmorgan]

Oh and I also wanted to add that I was originally posting to say that these checks are not "handouts" because they''re advances on your tax return from next year. Everyone can debate about whether they''d like the government to pay down the national deficit instead of issuing tax credits next year, but I never hear anyone say that they government should pay down the deficit instead of giving them their mortgage deduction

So I repeat -- Congress is not adding money to the budget (which really means borrowing me) to make these payments -- they are taking money already paid in 2008 taxes and refunding part of it earlier than next spring, when they would have done it anyway. That''s why folks without social security numbers or folks that don''t make a certain amount of money aren''t getting these. I think people were upset saying "the lowest income families should get these checks" but it''s a misunderstanding -- these aren''t free handout checks from our national budget, they''re advances on next year''s return from a special credit -- if you don''t make enough money to pay federal tax, you can''t really get federal tax money back.

 

[ljmorgan]

Date: 5/8/2008 5:49:14 PM
Author: Gypsy
I lied. I was direct deposited last night. Invites and alterations.

Weddings are so lovely... it seems like the expenses keep coming, huh?

 

[diamondsrock]

Found out that dh needs a new transmission so there goes my check!!!! It won''t even cover half of it!

 

[laine]

Actually, Lindsey, the rebates have nothing to do with your normal tax refund. It is a tax credit that will show up on next years tax form, but it is above and beyond the taxes you owe or the rebate you will receive. They wouldn't have given us the extra 600 anyway.

So while you have already paid the gov't money, they already had all that income budgeted for. You aren't paying an extra 600 in taxes, so unless the gov't had some huge surplus of money (which they don't, they have debt), this is borrowed money that they are giving you.

 

[ljmorgan]

Date: 5/8/2008 6:18:41 PM
Author: laine
Actually, Lindsey, the rebates have nothing to do with your normal tax refund. It is a tax credit that will show up on next years tax form, but it is above and beyond the taxes you owe or the rebate you will receive. They wouldn''t have given us the extra 600 anyway.


So while you have already paid the gov''t money, they already had all that income budgeted for. You aren''t paying an extra 600 in taxes, so unless the gov''t had some huge surplus of money (which they don''t, they have debt), this is borrowed money that they are giving you.

Sorry, I guess I wasn''t clear before. I thought I wrote that this was an additional credit provided to us next year on top of our normal refund. These checks are an advance on that credit. But you''re right on that they''ve probably already spent all of the taxes they''ve already collected so far this year...

 

[laine]

Date: 5/8/2008 6:21:01 PM
Author: *Lindsey*
Sorry, I guess I wasn''t clear before. I thought I wrote that this was an additional credit provided to us next year on top of our normal refund. These checks are an advance on that credit. But you''re right on that they''ve probably already spent all of the taxes they''ve already collected so far this year...

Sorry if I misread what you said. If at the end of the year, the gov''t said "Oh look, you all paid us all this money and we didn''t spend it all. Here, we''ll give some back," then yeah, I would totally agree with you. But thats not the case, the gov''t already spent all that money before they had it in their hands. The problem is, this money they are giving us didn''t exist in any budget until they just came up with this stimulus plan a few months ago. The gov''t has no surplus money, so this is either borrowed money putting the gov''t into more debt, or it is being taken from other programs. I''m not going to turn down the free money, but I don''t think it was a good plan.

 

[Gypsy]

Date: 5/8/2008 5:52:46 PM
Author: *Lindsey*

Date: 5/8/2008 5:49:14 PM
Author: Gypsy
I lied. I was direct deposited last night. Invites and alterations.

Weddings are so lovely... it seems like the expenses keep coming, huh?

Yes. But I''m stimulating the economy. That''s what I keep telling myself anyway. It''s not working though. Why does the word wedding add an extra ZERO to every bottom line? LOL.

 

[purrfectpear]

Thanks to the phaseout rules, I doubt I''ll get enough to even notice. I guess the Govt. thinks I''ve been stimulating the economy enough with my paycheck

 

[vslover]

Date: 5/8/2008 5:52:05 PM
Author: *Lindsey*
Oh and I also wanted to add that I was originally posting to say that these checks are not ''handouts'' because they''re advances on your tax return from next year. Everyone can debate about whether they''d like the government to pay down the national deficit instead of issuing tax credits next year, but I never hear anyone say that they government should pay down the deficit instead of giving them their mortgage deduction

So I repeat -- Congress is not adding money to the budget (which really means borrowing me) to make these payments -- they are taking money already paid in 2008 taxes and refunding part of it earlier than next spring, when they would have done it anyway. That''s why folks without social security numbers or folks that don''t make a certain amount of money aren''t getting these. I think people were upset saying ''the lowest income families should get these checks'' but it''s a misunderstanding -- these aren''t free handout checks from our national budget, they''re advances on next year''s return from a special credit -- if you don''t make enough money to pay federal tax, you can''t really get federal tax money back.

LOL...lots of people get the Earned Income Credit and get back MUCH more than they paid in. We won''t be getting the rebate...DH makes too much money.

 

[Elmorton]

TAWN!!! Thanks so much!!!!

We did the calculator, and it said $1200! Wahoo! My ears are soooo happy

 

[tawn]

Elmorton....

Our Stimulus thingy showed up today! And, you can see where I spent some of it in SMTR. I had some bling added to my ring!

Have fun with yours!

 

[violet02]

Neither my FI or myself qualified for this. Totally lame!

We live in such a friggin'' expenseive area too. No economic stimulus here!

 

[tberube]

Mine''s going in the savings for the wedding, since I haven''t saved enough...because I''ve spent so much on GAS lately!!