Stimulus Checks Going Out Early

[Rhoni]

Originally Posted by Ron

So I should not shop at Wal Mart because it is American?

Wal-mart just janks the chains of the public. They are not what they profess to be [kind of like our view of hypocrits]. I say, "Boycott Wal-mart and put them out of business".

[Ron]

Originally Posted by Rhoni

Wal-mart just janks the chains of the public. They are not what they profess to be [kind of like our view of hypocrits]. I say, "Boycott Wal-mart and put them out of business".

True. I understand shopping American, I would encourage other Canadians to do the same in shopping Canadian first!

[Rhoni]

Originally Posted by Ron

True. I understand shopping American, I would encourage other Canadians to do the same in shopping Canadian first!

Absolutely! I think America should get their oil from you Canadian's anyway...at least you aren't terrorists and you live peaceably on our borders

[Rico]

BTW, anyone looking for a good charity to send some of their stimulus money can send it to a newly formed charity called the Feed Rico's Children Fund. I went to the grocery store today and spent over $400!!!!!!! Anyone needing the address pm me!!

[seguidordejesus]

Originally Posted by Pressing-On

You still have to account for it in next year's tax return. It isn't free money.

That's the main reason I'm saving it...so I don't get bit next year!

[Rhoni]

Originally Posted by seguidordejesus

That's the main reason I'm saving it...so I don't get bit next year!

Good thinking Squiggy

[AmazingGrace]

Originally Posted by commonsense

No plans for the money just yet. Maybe it will pay for our vacation in July.

Gas, hotel, food...we're going to a conference just north of Dallas the 9th-12th of July. AND I've never been to TX!!!


Margie,
I love garage sales. I aim for one Fri or Sat a summer to just look for all the good deals.

Hey where just north of Dallas? I live a hop and a jump north of Dallas... who knows maybe we can meet up for a meal or so...

[joyful]

Originally Posted by Pressing-On

You still have to account for it in next year's tax return. It isn't free money.

According to the IRS website, the stimulus payments will not be counted as taxable income for 2008. Here is some info that I found at the irs.gov site for anyone that is interested:

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.

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

[Pressing-On]

Originally Posted by joyful

According to the IRS website, the stimulus payments will not be counted as taxable income for 2008. Here is some info that I found at the irs.gov site for anyone that is interested:

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.

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

Thanks for the info. I've been given different information on this. When I read your post I called my best friend, whose husband is our tax guy. She's going to have him call me.

[Fiyahstarter]

Originally Posted by Pressing-On

You still have to account for it in next year's tax return. It isn't free money.

According to my accountant, THIS IS FREE MONEY.... (unlike the last time, when you had to account for it the following year).

In my house, we are getting $600 for husband, $600 for spouse, and $300 for "every child who was under the age of 17 on 12/31/2007"...

ALSO NOTE: People who are living on social security and do not usually file a tax return SHOULD FILE ONE THIS YEAR to be considered for this stimulus check!!!