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Old 02-17-2008, 03:43 PM   #41
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Originally Posted by mmfergView Post
Here is the cap info from the irs.gov website:
  • An individual with AGI of $80,000 and federal income tax liability in excess of $600 would qualify for a basic rebate of $600. Because this individualís AGI exceeds $75,000, however, her rebate is reduced by $250 (the credit is reduced by multiplying the amount of AGI over $75,000 by 5%). The taxpayer receives an economic stimulus payment of $350.
  • A married couple with two children, AGI of $160,000 and federal income tax liability before the child tax credit exceeding $1,200 qualifies for a basic rebate of $1,200 and an additional qualifying child credit of $600 for a total rebate of $1,800. But because the coupleís AGI exceeds $150,000, their rebate is reduced by $500 (the amount of AGI over $150,000 multiplied by 5%). The couple receives an economic stimulus payment of $1,300.
OMG - where are the Philadelphia lawyers? Why can't the government EVER make anything simple? Ye gods!

At any rate, part of my $$ will be spent on vacation and part of it will be spent on Christmas presents, all on American-made goods, I hope.
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Old 02-17-2008, 05:57 PM   #42
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We never get a refund, or if we do it's tiny -- DH has our taxes/deductions/withholdings figured pretty close to exactly what they should be. Getting $$ back will be a novelty for us!

We'll put it toward DD#2's wedding -- she's getting married in October.
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Old 02-18-2008, 04:29 AM   #43
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They say you have to file 07 taxes before you get it too. They are going off 07 taxes for your income. We will probally use ours for vacation.
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Old 02-18-2008, 08:34 AM   #44
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Please note that you have to file a tax return to get the rebate. I believe that social security benefits count as earned income for the rebate. I know I am filing a return for my parents even though they are retired and receive SS benefits because I think they will qualify for the $1200 total rebate even if they do not owe any taxes.
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Old 02-18-2008, 09:01 AM   #45
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I'm holding off till I see how much the check will end up being (just started a new job in August so not much in the way of taxable income for most of 2007), but if I qualify for the full $600 then it'll cover airfare to SLC this summer and I can go to Convention!
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Old 02-18-2008, 09:06 AM   #46
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Originally Posted by MomofonesonView Post
Most of ours will be spent the American way, we are doing a mini vacation to Niagra Falls/Darien Lake. Matthew gets 100.00 of the 300.00 to spend on what he wants and then I need a TTL flash and diffuser for my dSLR and I may fork over the cash for a new lens. Don't think I will be buying stamps though that may change.
Just make sure you spend it on the American side! heehee

I plan on doing the spend some/save some thing with it. Seriously, most people will end up spending it. I remember the extra $600 a few years back and we spent it and enjoyed spending it. No worries.
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Old 02-18-2008, 12:58 PM   #47
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I am ready to do my part to stimulate the econony- send me the money! Seriously- I have already spent most of my regular tax refund so hopefully I will be able to save some of the rebate. As a single Mom I am not sure what I will get exactly- but every little bit helps!!
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Old 02-18-2008, 01:43 PM   #48
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If I calculated correctly, we will getting $2100. Some of which will be spent on taking a family vacation and the rest will go to home improvements.
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