NJFBOA - Home of New Jersey's Camaros and Firebirds - What to do with your rebate check

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Quote:

Originally Posted by usp55 (Post 436900)

correct me if im wrong but this rebate is not exactly free and clear money; it is to start but come tax season you may end up paying for it.

"While the rebate depends on your 2007 income and tax liability, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.

Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income."

depending on your finacial situations and taxes for the previous year it may simply be an advance on you potential refund for 08'.

Where did you get that info??

When you get the check depends on the last 2 digits of ur social security number starting with 00 the first week of May.....I will be using mine as part of my downpayment on my pontiac g8 gt but maybe saving $100 of it for AC....:)

Quote:

Originally Posted by CamaroGirlie (Post 436959)

guess mine will be late, xx93 :(

xx38 WHO!!!!! still will take forever to get

Let me start off by saying, reading comprehension pwns all of those who said you will be getting 600 or getting at least 600 or whatever

it says you can get up to 600 not at least, not 600 on the dot. it bases how much you get on how much you made last year. there is a calculator on the site to give you a rough idea on how much you will be getting. mine said 342.00 not 600......

Hey what site did you find that calculator on?

i think it was www.irs.gov i have to find the thing that was mailed to me

Quote:

Originally Posted by usp55 (Post 436900)

Quote:

Originally Posted by BonzoHansen (Post 436952)

Where did you get that info??

I'm not seeing that on the IRS site. But I see this:

http://www.irs.gov/newsroom/article/...179181,00.html

Quote:

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.

Quote:

Originally Posted by Savage_Messiah (Post 436872)

my roth IRA...

save for your retirement! if you don't, you will have no money to retire on...

i'm gonna be calling year one when that check gets here. several mini-projects need to get done on the '69, and stimulus money well spent.

$600 means a UMI torque arm or road race k member..... maybe get teh wheels redipped. Too many choices. Mine's coming may 02 direct deposit

YES I GET 600, according to the calculator lol

Quote:

Originally Posted by BonzoHansen (Post 436952)

Where did you get that info??

http://www.whitehouse.gov/news/relea...0080124-4.html

it was on there somewhere. Its worded in a way that it can have several interpretations.

Quote:

Originally Posted by cbrrmike (Post 436962)

guess mine will be late, xx93 :(

not as late as me. xx99 :lol:

Quote:

Originally Posted by 98tadriver (Post 436973)

that's exactly what i was gonna say...we're all getting 50 bucks, although the calculator says i'm getting the full 600

Well, if we get the max I'll put $900 in each of my kids college plans.

Calculator is here: http://www.irs.gov/app/espc/

- Justin