"Economic Stimulus" check - whatchagonnabuy??

[drhardee]

So,
King George and his buddies have decided that the US of A isn't yet in enough consumer debt, so he's sending everyone a check..either $300, $600, or $1,200 or more depending on the number of chirrun you have. The hope is that everyone will run out to their favorite store and spend themselves into a frenzy!

The checks will be directly deposited into those people's accounts who have their 2007 tax refund checks directly deposited beginning on May 6. Those with lower (last two digits) SSN's will be served first, but everyone should get their direct deposit or their paper check by August. Checks will be printed after all DD's are done. One has to file some sort of a 2007 tax return to play the game!

My heart says "ooh...that $600 is the major part of a new GE Harmony washer in black!" The head says "...queen, you need to put that money in savings,and keep right on walkin' past that appliance showroom!"

So, will you spend it, save it or use it to pay off existing bills?? Survey says....

 

[toggleswitch]

~The head says "...queen, you need to put that money in savings,and keep right on walkin' past that appliance showroom!"

LOL been there, done that.

I will continue to re-invest in staging my house to sell it.

 

[brant_ix]

Pay Toward Credit Card Debt

... Or Savings Acct. Too uncertain if I'll have a job in the near future with companies doing layoff's.

 

[jaxsunst]

I just got a letter saying that they were going to send another letter when (if) it is coming.

Going straight to the bank.

 

[rocketeer500]

Going toward comsumer debt...

I know the money ain't free... like the one we all got in 2003, but I'm going to put it toward paying off credit cards. At 24% interest.... I'll pay less in taxes, when I file my 2008 return, than paying interest on a credit card.

 

[DADoES]

Clarification, please ...

Is the "stimulus" an advance on the 2008 tax balance, assuming one would be getting a refund? I'm not clear on that point. If the stimulus is an advance refund credit against 2008, then I'll have to make adjustments accordingly. I try to purposely arrange my tax balance so that I *owe* a small amount. I *never* want to be due a refund ... that means I paid-in too much to the gubbermint through the year, and they don't pay interest.

 

[rp2813]

The '50 GMC pickup quit today while plying city streets (not currently capable of higher speeds) and wouldn't start again. The tow bill alone was $50 over the amount of miles AAA will haul at no charge. If I'm lucky enough to get even $300, all of it will probably have to be put toward the repair bill. It's probably just ignition or fuel issues but I'll have the guy give it a thorough going over while it's there. It has a couple of pre-existing issues. I just met this mechanic today. When the truck has been to this shop before I have dealt with the proprietor. I'm entering dangerous territory, as this guy is a cool 30-something dude/cub/bear type, stubble with a hint of grey, dark goatee and ball cap look. And the most cordial guy you'd ever want to meet, walked up, into'd himself and extended his big blackened hand, which I was only too happy to grip. He's gonna be able to tell me anything is wrong with the Jimmy and I won't be the least bit inclined to argue with him.

 

[washabear]

Economic stimulus?

I can't really think of anything I want. I'll probably put it in savings or make an additional principal payment on my mortgage. I'm sure Ric Edelman would be frothing at the thought of that, but what can I say?

Guess I'm not very stimulated.

 

[launderess]

Right Into The Bank

With maybe a portion for investments.

Now is not the time to throw around money.

L.

 

[rocketeer500]

Economic stimulus?

DADoES, based on my knowledge of this "advance", it will be applied against your 2008 refund, assuming you'd be receiving one. The mechanics are the same as 2003: you get an advance from the refund you would receive in the current tax year (2008). You would claim the advance in your 2008 return as a reduction of your total refund (so, your total 2008 refund would be less the advance). If you don't have a refund coming, instead you would be owing Fed. Tax, you may be be penalized with Alternative Minimum Tax (AMT); it would behove you to make sure you have at least the amount of the advance for your total refund to avoid AMT. Either way, the typical tax payer will get screwed in tax year 2008... plain and simple! And the down side is that one can't "refuse" the advance. It's forced cash, compliments of King George... and he doesn't want you to complain!

 

[zipdang]

From the IRS website (www.irs.gov)

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. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

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.

 

[qsd-dan]

I certainly keep Ebay afloat with all of the $$$ I've been sinking into the restoration of my 1959 Pontiac wagon.

I need to buy a few parts for the 63 Frigidaire washer pretty soon. Hope I can still get them!

 

[toggleswitch]

Do what the former governor of New York State did.

Hire a hooker using public/governent funds. Get the most bang for your buck to re-start the troubled economy.

 

[hoover1060]

I spent...

about 1/3 of my tax return for this...it was sorta needed.
A new Dell XPS1530 laptop...

I finally parted out my old 2000 Dell Dimension desktop...

So far so good, but Windows Vista is taking some getting used to!

 

[whirlcool]

And remember the government spent $42 million just notifying people of the upcoming money!
It just goes to show you how out of touch Bush, Cheny, et all are of the middle class plight. It'll take them 8 months just to get the money out there. $300.00, $600.00? A mere pittance.
And in the meantime the war in Iraq wages on........

 

[scott55405]

I'm a regular stimulator of the economy all on my own, and while I can't imagine really that sending all these people money is doing much good for our deficit or whatever, if they're gonna send it to me, dammit I'm gonna spend it.

Well, half. I think I'm going to get a Bosch mixer. They just came out with a new design, and I've always wanted to play with one. I haven't had a new toy in some time. I also want one of the new Miele upright vacuums, but they don't come out til 4th quarter in the US so says Andy, so I'll get myself that for Christmas, or save this for it later if I decide against the mixer.

Save? Invest? My savings interest has gone down nearly 2% just inside two months, and the stock market falls 300 points every other day. I do the 401k to get the match and have a monthly savings automatic deposit, but until things turn around and it's worth my while to do more, p*ss on it. I might as well enjoy myself.

 

[tolivac]

Use it to pay down the rest of a credit card balance.

 

[polkanut]

Our check will probably be deposited in our property tax savings account. Screw Bush, Cheney, and the whole thieving lot of 'em. I'd like to give them all a stimulant that they would never forget for the rest of their miserable lives.

 

[toggleswitch]

May I come vist you in jail?

Promises, promises!