Not correct, RRasco,

The 2008 Tax Stilmulus WILL NOT AFFECT your 2008 taxable income. Am I the only one who remembers when they did this the last time? Everyone got a $300 rebate check across the board, and it did not count as taxable income.

I'm not even in default or late on my student loans and somehow they intercepted $100 of my state refund this year. Should be interesting to see what the $600 does.

Everyone who filed will get a refund of at least $600.

If you made less than $75K filing single, $600
Less than $150K filing married, $1200

An additional $300 per child on top of everything.

 

YOUR 2008 RETURN WILL NOT BE AFFECTED BY THIS STIMULUS.

That's why it's calleda, "stimulus." and not an, "advance." The governemt is adding the monitary loss of the stimulus to the natinal deficit.

Do your homework!

 

my friends using his to pay off his loan for his transmission so he can get a bike (his parents wont co sign for him until he pays off another loan first) lol

 

I think this was the article I read that led me to believe that. I honestly don't know, and frankly, I hope I'm mis-informed.

http://money.cnn.com/2008/01/18/news..._how_it_works/

 

Not your fault, it's purposefuly vague and misleading.

However after sifting through the jargon and bureaucratic BS, I've come to my conclusion. While I can't say for absolut certainty it's impact on now and later taxes, I've spent 3 years in school and 4 years in practical applications of government-speak. And let's be honest, the onyl thing that seperates them from us is their daily use of BS jargon.

 

There seems to be a lot of different takes on what is going on here. I'll give you mine, mostly based on this article:

http://articles.moneycentral.msn.com...axRebates.aspx

This is just an advance on the tax return we would normally get in spring of 2009 for most of us. The exception is for people that will not pay that amount of taxes but still get the refund. But for most of us we are just getting some of our money back a little sooner. For example, let's saythis rebate never happens and when I do my taxes next year my federal rebate is $1200. But with the rebate, I would only get back $600, because I already got back $600 from this new rebate. So it really just allows me to spend (or save) my own money about 8 months earlier.

 

/\ thats what I thought.

 

From my way of reading it, the, "rebate," is being shouldered by the national deficit. Not by your anticipated income status of 2008.

 

If I use my kicker check to pay what I already owe the IRS (internal revenue service...hahaha), will that help the economy any?

 

i'm buying stock in walmart

where is everyone going to spend that 600 dollars?

walmart.