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Economic Stimulus Package?

D

DisgruntledVirus

Lifer
So I got into a talk with a coworker about the package, and we started sending emails with links back and forth as to if its an advance on the 2008 tax return or not. So which is it a $600 advance on my return next year, or a check that will just be added to our income for 2008 (but not affect our return other then adding that amount to our 2008 income)?
 
The IRS web site does not indicate taht this is an advance.

Because it is based on the filing status for your 2007 taxes, consider it to be an additional credit for the 2007 tax year.

Congress could change the rules to have it assigned to the 2008 income, but unlikely.
However, politicians are well known to not do the proper thing for the coutnry.
 
Right now its not a advance but of course it kinda is in the sense it has to be paind back 2 fold by the time the defiect goes up and we have to pay in the future.
 
Originally posted by: DisgruntledVirus
So I got into a talk with a coworker about the package, and we started sending emails with links back and forth as to if its an advance on the 2008 tax return or not. So which is it a $600 advance on my return next year, or a check that will just be added to our income for 2008 (but not affect our return other then adding that amount to our 2008 income)?
Click to expand...

It's neither. It's a rebate for your 2007 return, not an advance on next year. It will not be taxed as income for 2008.

http://www.theday.com/re.aspx?...4e00-beed-656cf52c3e50
http://www.lakesunleader.com/a...2008/02/22/news/04.txt

From the IRS:

"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. You will need to know this amount next year when you fill out your 2008 return.

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 or increase your refund when you file your 2008 return."




 
Originally posted by: allisolm
Originally posted by: DisgruntledVirus
So I got into a talk with a coworker about the package, and we started sending emails with links back and forth as to if its an advance on the 2008 tax return or not. So which is it a $600 advance on my return next year, or a check that will just be added to our income for 2008 (but not affect our return other then adding that amount to our 2008 income)?
Click to expand...

It's neither. It's a rebate for your 2007 return, not an advance on next year. It will not be taxed as income for 2008.

http://www.theday.com/re.aspx?...4e00-beed-656cf52c3e50
http://www.lakesunleader.com/a...2008/02/22/news/04.txt

From the IRS:

"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. You will need to know this amount next year when you fill out your 2008 return.

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 or increase your refund when you file your 2008 return."
Click to expand...

Thanks for the IRS link, I didn't even think about looking there 🙂
 
Originally posted by: Marlin1975
Right now its not a advance but of course it kinda is in the sense it has to be paind back 2 fold by the time the defiect goes up and we have to pay in the future.
Click to expand...

Thats my kids problem. We just need to hold the line until I'm dead.
 
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
 
Originally posted by: PingSpike
Originally posted by: Marlin1975
Right now its not a advance but of course it kinda is in the sense it has to be paind back 2 fold by the time the defiect goes up and we have to pay in the future.
Click to expand...

Thats my kids problem. We just need to hold the line until I'm dead.
Click to expand...

Great mentality.
 
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.
Click to expand...

But that is the joy of the American way. "I want it now so I will just put it on credit and deal with it later". Its too bad our government spends the same way....

I will be paying it back if I enjoy the refund or not, so might as well enjoy it/put it in savings to earn $ for me.
 
Originally posted by: Capitalizt
No..it's not an advance. It is a rebate/refund of taxes paid in 2007.
Click to expand...

It is neither. It is a redistribution of wealth, plain and simple.
 
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
Click to expand...

3/10 since you actually are wealthy by 95% of the World's standards but you are still complaining. Good effort though.
 
Originally posted by: LegendKiller
Originally posted by: PingSpike
Originally posted by: Marlin1975
Right now its not a advance but of course it kinda is in the sense it has to be paind back 2 fold by the time the defiect goes up and we have to pay in the future.
Click to expand...

Thats my kids problem. We just need to hold the line until I'm dead.
Click to expand...

Great mentality.
Click to expand...

I was being facetious. If I really thought that I would at least have the good graces to lie about it.
 
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
Click to expand...

So just how much did you pay?
 
what I have yet to find is whether there is a cap on the additional child credit. My wife and I get $1200--I got it. But if I had 10 kids, would that be another $3000 or would it max out after a certain number of kids.
 
Originally posted by: thepd7
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
Click to expand...

3/10 since you actually are wealthy by 95% of the World's standards but you are still complaining. Good effort though.
Click to expand...

Ironically, I still have a negative net wealth (will change in 7 days). That's sad.

Sure, I make a lot, but then I also pay 40k in rent.
 
It's a tax rebate. Look up the definition of a rebate vs. an advance. They can't give you an advance from next year's taxes because you don't know what they're going to be---that would never be done.
 
Am I the only one who read the title as "Erotic Stimulus Plan"? I was hoping for boobies in this thread, damn it! 😕
 
Originally posted by: LegendKiller
Originally posted by: thepd7
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
Click to expand...

3/10 since you actually are wealthy by 95% of the World's standards but you are still complaining. Good effort though.
Click to expand...

Ironically, I still have a negative net wealth (will change in 7 days). That's sad.

Sure, I make a lot, but then I also pay 40k in rent.
Click to expand...

go BUY a house, my god. 40k in rent........id be shooting myself for wasting that much on rent.

 
Originally posted by: ViviTheMage
Originally posted by: LegendKiller
Originally posted by: thepd7
Originally posted by: LegendKiller
No, it's an additional bonus check funded by China, Japan, Social Security, and anybody else who buys our government debt. Enjoy your $600, because you're going to be paying interest on it for 30 years and screwing over future generations.

Perhaps I am bitter because my wife and I paid more in taxes than most people make in this country this year. We aren't even close to "wealthy" when you consider we have massive student loans and pay a crap-ton in rent due to living in NYC. But that's OK, the government doesn't consider COL adjustments when calculating income tax, so even though what I make here is equiv to half as much anywhere else, I get uber-screwed by taxes.

Enjoy it though, honestly, while you're at it send a thank you note to China and Japan.
Click to expand...

3/10 since you actually are wealthy by 95% of the World's standards but you are still complaining. Good effort though.
Click to expand...

Ironically, I still have a negative net wealth (will change in 7 days). That's sad.

Sure, I make a lot, but then I also pay 40k in rent.
Click to expand...

go BUY a house, my god. 40k in rent........id be shooting myself for wasting that much on rent.
Click to expand...

His profile says NYcity. So 40k would not buy/pay much of any "house" in NYcity. 😉

 
Originally posted by: LegendKiller
Originally posted by: ViviTheMage
Yeah, id rather commute an hour or so into NYC instead of renting at 40k a year...just my opinion though 🙂
Click to expand...

lol, commuting an hour doesn't get you much either.
Click to expand...

Well shit, move outta NYC if he cant take the heat ^_^.

I thought they had something on the taxes for renters?

 
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