Hardtarget
New member
I'd bet that Wifey has made plans. Can't imagine there being a real option for me. I may be able to score a box of .22's out of this. 
Mark.
Mark.
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Whatcha going to buy with your 600 dollars?
- Thread starter Voyager AL
- Start date
ToyBox,
Are you crazy? This will NOT be free money. The Gov't will consider this an advance on your 2008 Tax return that you file in 2009. It will work against you. If you have to pay extra taxes as I, then you'll have to give it all back to the Feds. If you get a return that exceeds what you're advanced, then your return is reduced by the amount you were advanced.
Again, it's NOT FREE money
Ok, I'm confused...I've seen several posts like this...but if you go the IRS website it says this...
"What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return."
Is the IRS lying, or is this a case of people jumping to conclusions???
Playboypenguin
Moderator
People where following bad advice of some talk show hosts that were spouting off about how you would have to pay this back later. That is not the case. It functions much in the same way as the EIC and it is not a loan.
parrothead2581
New member
I have heard accountants say you will be taxed on it. No telling who is correct....
In any event, we'll likely end up "stimulating" China's economy more than our own....
In any event, we'll likely end up "stimulating" China's economy more than our own....
Forwardassist
New member
At least according to some accountants you don't have to pay the actual amount back, but it is considered part of your income in 2008 so it will be taxed.
CmpsdNoMore
New member
I'm using this opportunity to get into reloading and getting better equipment than I was planning.
For anyone interested:
"I'm spending my stimulus check on guns" group...
http://www.facebook.com/group.php?gid=14234552050
For anyone interested:
"I'm spending my stimulus check on guns" group...
http://www.facebook.com/group.php?gid=14234552050
UniversalFrost
New member
Thinking about getting another Dillon 650, or maybe towards a weatherby super varminter, or another encore (this time SS/CAMO 50 cal muzzleloader).
I already paid off my debt (except house and a few federal school loans) and have plenty in my roth, mutuals, and luckily my cash savings is in EURO sitting in a GERMAN bank, so I actually make money every time the dollar weakens.
For those of you with bills, little or no savings, and little or no retirement I would suggest putting it towards the bills, or getting a CD or Bonds or T-Bills or add to the retirement and svaings.
I already paid off my debt (except house and a few federal school loans) and have plenty in my roth, mutuals, and luckily my cash savings is in EURO sitting in a GERMAN bank, so I actually make money every time the dollar weakens.
For those of you with bills, little or no savings, and little or no retirement I would suggest putting it towards the bills, or getting a CD or Bonds or T-Bills or add to the retirement and svaings.
Playboypenguin
Moderator
No, it is very easy to see who is correct if you simply go to the IRS website and read the bill details. The money is not an advance on future refunds, no 1099 or other forms will be issued to report the money as income on future returns, and future return forms will not include a section to include this as income.I have heard accountants say you will be taxed on it. No telling who is correct....
BerettaCougar
New member
UniversalFrost
I already paid off my debt (except house and a few federal school loans) and have plenty in my roth, mutuals, and luckily my cash savings is in EURO sitting in a GERMAN bank, so I actually make money every time the dollar weakens.
Same here, my entire savings went GBP about a year ago. The dollar is garbage because our leadership is garbage. If only I could get paid in GBP.
essexcounty
New member
I have too many firearms at preasant. I'm going to be very prudent and invest in fine single malt scotches. Essex
Colt Delta Elite
New member
For all you doom & gloom types that want to turn the rebate into some type of conspiracy, rather than listening to folks who can not even complete their own 1040 or political talk show guests, go to the IRS website for the facts as Darren and PlayBoy suggest! You might have to look at more than 1 page and read some of it twice, but it is clearly spelled out.
No, the $300, $600 or $1200 is not going to be snatched back out of your pocket. However, I would not recommend blowing it unwisely. If you have debt (pay it off), if you have insufficient savings (build it up). Extra money does not come along frequently..... get the most out of it long-term!
No, the $300, $600 or $1200 is not going to be snatched back out of your pocket. However, I would not recommend blowing it unwisely. If you have debt (pay it off), if you have insufficient savings (build it up). Extra money does not come along frequently..... get the most out of it long-term!