2008 Stimulus Payments from the IRS

**Roses** · 02-14-08, 12:00 AM

IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate

Facts about the 2008 Stimulus Payments

Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits

**MacLean** · 02-14-08, 02:04 AM

Yay!

$1800 of my own money will be returned to me in the hopes that I will spend it to stimulate the economy.

I bet that makes liberals wet their pants.

**Roses** · 02-14-08, 02:25 AM

Bush Enacts Economic Aid Package

**kjlaw** · 02-14-08, 03:23 AM

Great just what I need $1000 some odd dollars to pay taxes on next year.

Now all of the "low-income" can get a huge plasma TV for their project apartment.

**Beans** · 02-14-08, 08:22 AM

I don't want it. Just going to be taxed on it and lose that amount in next years refund. Just going to stick it in the bank.

**Just KC** · 02-14-08, 02:41 PM

We have to pay taxes on it for next years taxes? oy!

I think we are getting around $2100 on that........
Only thing i am gonna get is one of the back-up cameras for my SUV. Saw them at Costco for $80. I am always in a panic when backing up out of my garage. I personally know of 2 people who ran over their child......freaks me out.

**MacLean** · 02-14-08, 06:29 PM

Who suggested you would be taxed on it?

**Willowdared** · 02-14-08, 08:08 PM

I don't think it's taxable....it wasn't last time around.

**Five-0** · 02-14-08, 10:39 PM

Originally Posted by maclean

my own money will be returned to me in the hopes that I will spend it to stimulate the economy

Bingo!

**Doc_Holliday** · 02-14-08, 10:53 PM

wait a second, WAIT A SECOND.......let me see if I understand....this "rebate"...its kinds the same thing as a tax CUT right?! I mean if they dropped the tax rates lower, we would have more money, we would spend it cause its the american way, and the economy would be STIMULATED?! If thats the case and thats the logic, why do Dems always cry about tax cuts???

**baumshoe** · 02-14-08, 11:31 PM

I am going to spend mine at www.baumshoe.com. I heard there is some cool guys that run that site..

**Pudge** · 02-14-08, 11:34 PM

Originally Posted by baumshoe

I am going to spend mine at www.baumshoe.com. I heard there is some cool guys that run that site..

+1 I've got a couple things I need to buy.

**Just KC** · 02-15-08, 12:45 AM

Originally Posted by baumshoe

I am going to spend mine at www.baumshoe.com. I heard there is some cool guys that run that site..

ROFL!!!

**213th** · 02-15-08, 01:32 AM

Originally Posted by Doc_Holliday

wait a second, WAIT A SECOND.......let me see if I understand....this "rebate"...its kinds the same thing as a tax CUT right?! I mean if they dropped the tax rates lower, we would have more money, we would spend it cause its the american way, and the economy would be STIMULATED?! If thats the case and thats the logic, why do Dems always cry about tax cuts???

Because this is a one time shot thing. The dems know that next year it won't be there and taxes will be just as high. A tax cut would be long term

**narcodog** · 02-15-08, 01:23 PM

That rebate is going to stimulate my three month fishing trip out West.

**Roses** · 02-15-08, 10:25 PM

From what I understand this won't be taxable because of the tax cuts. I also have been informed that if you have a child born in 2008 you will receive another $300.00. Your child must have a valid social security number. I'll be attending a class soon so I'm sure at that time I'll learn more about it.

**MacLean** · 02-15-08, 11:08 PM

Originally Posted by Roses

From what I understand this won't be taxable because of the tax cuts. I also have been informed that if you have a child born in 2008 you will receive another $300.00. I would think that would apply for adopted children in 2008 as well. I'll be attending a class soon so I'm sure at that time I'll learn more about it.

It isn't a tax cut, it's a rebate.

**Roses** · 02-16-08, 12:20 AM

Originally Posted by maclean

It isn't a tax cut, it's a rebate.

It's called a rebate check but it is an advance on the tax cuts for 2008. It's basically an advance on next year's refund based on your 2007 return.

From what I've read our taxes will be cut in 2008 from 10% to zero on the first $6,000 of taxable income we earn. Hence the $600.00 dollar check for individuals.

Here's another article that helps to explain it. Keep in mind your child has to be eligible for the child tax credit. Kids under 17 years of age on 12/31/07. For those who have dependents in college you won't be able to receive an additional $300.00 and since you might be claiming your college child as a dependent, your college child will not be able to receive it either even if they have over $3,000.00 of earned income because you claimed them as a dependent.

Make sure you get your 2008 tax rebate check fast