question about these rebate checks.

GoAt · Feb 12, 2008

When i get the check, do i need to claim it as income on my 2007 tax returns? or can i just spend it and never worry about it again?

If it has to be claimed as income, there really is no point in spending it since you will have to repay it april next year.

i think its any income over $500 you have to claim as income, but since this is a rebate check, and coming directly from the treasury, is it different since its my money anyway.

Rukee · Feb 12, 2008

You don`t report it as income, it`s more of an advance of your 2009 refund. So, you`ll get a bigger check this year, but next year you may not get anything, or a reduced check.
That way Bush goes out of office looking good, and the next guy starts out looking bad.

GoAt · Feb 12, 2008

so instead of paying 3900 in taxes, and getting 300 back, i can pay 4100 in taxes and pay 400 more!!!

what fun...

Rukee · Feb 13, 2008

GoAt said:
so instead of paying 3900 in taxes, and getting 300 back, i can pay 4100 in taxes and pay 400 more!!!

what fun...

Yea, you get the idea. That way if a Dem wins the office, in 2012 the Rep`s will be all like... "Remember how little monies you had when so-and-so took over, and how good you had it the year before when Bush jr. did so much for our economy even with a war going on."

Rukee · Feb 13, 2008

The best thing to do would be to not spend the refund, but keep it in a safe no-risk investment fund to help offset next years increased tax burden. Or, if you must spend it, either use it to reduce your debt load, or buy only American made items. That`s going to be the only way the extra refund money will stimulate the US economy.

GoAt · Feb 13, 2008

Rukee = wrong.

http://online.wsj.com/article/SB120286096062963791.html

And your safe no-risk investment?

to put $600 in a Certificate account at 4.15% (this is what my credit union offers)
in 10 years, 600 turns into $909.

OMGBBQ! THATS 300 DOLLARS MADE IN 10 YEARS! IM GONNA BE ABLE TO RETIRE EARLY!!!!!111

Certificate accounts are only viable when you deposit huge sums of money in them, and then, they are more suited for items like college funds.

Mutual funds are much better, but involve risk, and most (if not all) require you to make a contribution every so often.

Rukee · Feb 13, 2008

Granted, 'investment fund' may have been poor word sellection. I was talking more like an account that was safe from risk. In other words, a savings or checking account rather then stocks or the casino.

GoAt · Feb 13, 2008

....

There is no investment in a checking account.
savings have an APY of .25% to 1%

WOOT!
i get SIX dollars a year!!!!

I bet i can find that much after 20 min of looking in the couch.

Rukee · Feb 13, 2008

Well then there ya go, spend the check and save your couch.

Frisket · Feb 14, 2008

Rukee said:
Well then there ya go, spend the check and save your couch.

This brings up a serious issue in today's college towns: couch burning. We need to save those couches people! They have feelings, too!

Rukee · Feb 14, 2008

...and good cents.

oosyxxx · Feb 16, 2008

GoAt said:
When i get the check, do i need to claim it as income on my 2007 tax returns? or can i just spend it and never worry about it again?
QUOTE]

No, but when pressed by big men with teh steelie, you gotta claim it went up the nose.

airmoron · Feb 23, 2008

It's a 'rebate" meaning you allready paid it as tax, so it is not "income.

QUALTHWAR · Apr 12, 2008

GoAt said:
When i get the check, do i need to claim it as income on my 2007 tax returns? or can i just spend it and never worry about it again?

If it has to be claimed as income, there really is no point in spending it since you will have to repay it april next year.

i think its any income over $500 you have to claim as income, but since this is a rebate check, and coming directly from the treasury, is it different since its my money anyway.

7

Nachimir · Apr 18, 2008

Unfortunately for the American economy, many of the $600 cheques will be used to pay down already maxed out credit cards, or go straight to Asia via imported goods. W's stimulus package is more like a stimulus sock down the front of his end of term thong.

Sir_Brizz · Apr 18, 2008

People getting out of debt = people spending more money in the economy instead of on credit cards. So I still think it works there.

Paying out to Asia won't help much though. I've heard lots of people recommending that others spend it on American goods. Personally, I'm taking a much needed vacation with mine.

Nachimir · Apr 18, 2008

Point taken... but many people are likely to also just max out their credit cards again rather than even try to get out of debt

I hope the whole thing works. I can't convince myself it will though.

Sir_Brizz · Apr 18, 2008

You make a strong and true argument

It's really just the nature of the society we live in. I think we re likely to see a massive increase in bankruptcies over the next three years than anything.

Cat Fuzz · Apr 19, 2008

I'll be buying tacos with my money. From Jack-in-the-Box. American made tacos. Well, assembled in America from foreign made components.

You're welcome America.

Nachimir · Apr 20, 2008

Sir_Brizz said:
You make a strong and true argument It's really just the nature of the society we live in. I think we re likely to see a massive increase in bankruptcies over the next three years than anything.

Harsh but likely; I expect this isn't the worst I'll see in the news. Hopefully it'll foster a savings and investment culture, rather than people habitually cashing in housing equity for holidays and cars.

oosyxxx said:
No, but when pressed by big men with teh steelie, you gotta claim it went up the nose.

question about these rebate checks.

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