Shouldn't get my hopes up...
...But, Jane just got her Stimulus Package check from the government this week. According to the list I posted here a few months again - she wasn't supposed to get hers until the end of August! I really hope we get ours soon, Paul & I have decided to buy a new mattress with our check - as the one we're sleeping on was his from when he still lived with his family.
That's only going to be half of our check though, and I don't know what we'll do with the other. I'm tempted to revamp my wardrobe as I feel frumpy and completely unattractive lately - what I wouldn't give for a tailor! I know Paul wants to buy a Wii - since we don't have enough money (not even with out entire check) to get him a new computer like he wanted.
If we were responsible, we'd put it towards our credit card debt. However, our debt is not out of control anymore and the check is meant to be spent - not saved. They keep talking on the news about how this whole scheme will only work if people spend it and not just save it or pay bills. Its so difficult though to think of spending money on potentially frivolous things when you have bills to pay and a family to take care of.
What are all of you guys doing with your checks?
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Since my car needs between $450 and who-knows-how-much work done this month, I'm putting my $600 toward that and hoping there's money left over. If there is, I'll treat myself to a couple of gallons of gas -- my commute uses $100/ week using the prices from a few days ago. It went up since then. :(
They sent me a few warnings, so I finally called to schedule and appointment and to my horror, the 30k is $410 (without taxes and taxes in $400 is a lot). Then, I need brakes.
Remember I drive 300-500 miles a week and go through 56 stop lights a day... not counting the stop signs. I drives a lots!
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.
I see where I got mixed up: my state was originally going to tax us but MO apparently changed their minds. I listen to so many shows I get mixed up.
Sorry, Maura for putting untruthitudes in your vox!
It is a loan...but it's a loan for a tax credit that gets applied on your 2008 taxes. It's a little confusing.