refund checks...

oh yeah, i dont believe anything that comes out of george bush's mouth or the irs. so ill stay cynical until this actually happens next year.

LOL, I can understand not believing Bush but the IRS is law, doesn't have an "opinion" of its own. Congress makes up the IRS laws and this whole package is from Congress, not Bush or the IRS. Bush merely wanted it; our Congresspeople made it happen.

It's not a refund check, but an "economic stimulus" check. Doesn't have anything at all to do with our taxes/income it's just that the IRS is the most logical agency to distribute it. Everyone gets the same amount, etc.

Here are some promotions various stores are having, hoping one will spend one's check with them :-)

http://www.reuters.com/article/CMPSR...50683620080425

I am personally pissed. When I heard this, I knew that I could assist the economy by going into any shoe or clothing store and spending this money in less than 10 minuets. I was going to have a "Stimulus Check Release Party."

Then we go to do our taxes and find out that since the money my husband took out of his 401K in order to help us with the down payment on our house........gets added on as part of our income. So that puts us over the bracket and we do not get the check.

I will be sending out invitations for the "Stimulus Check Funeral."

LOL, Pink. We had the opposite happen; we're retired and weren't eligible for the check but then my husband found some way we were. Every little bit helps. It will help pay for pet sitting my cats when we're away in June; that's almost as expensive as therapy, I swear!

On February 13, 2008, President Bush signed into law the $168 billion bi-partisan economic stimulus package sent to him by Congress. One part of the three-part package will give tax rebate checks ranging from $300 to $600 per taxpayer, plus $300 for each dependent child in the household. The rebates are limited to individuals with adjusted gross incomes of less than $75,000, and married couples with adjusted gross incomes of less than $150,000. The purpose for the tax rebate is to ease stress on consumers, and to encourage spending.

The second part of the package includes tax incentives for businesses to expand and invest in equipment. It is hoped that giving businesses these incentives will result in employment, further spurring spending and growth.

The third part of the package increases the limits of mortgages that conform to federal guaranty standards.

<font color="blue"> If it has anything to do with future tax bills, then there will be many who receive monies but don't have to share in paying it "back."

It begins to taper off (the amount you get) until you go over the $150,000 for a couple.

(PS. It's best to have your money in an Non-taxable ROTH IRA. Also, you have a period of time to replace the money in an IRA (that you withdrew) so you don't get hit with income tax.)

TC

Whatever you guys say, if I get a stimulus check I intend to send it back. It will not be on my conscience. I will not have to pay taxes on it. I will have sent a message in my own small way.

Actually I enclosed a short letter with my taxes this year saying I would send back any stimulus check.

So there!

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pachyderm said:
Whatever you guys say, if I get a stimulus check I intend to send it back.

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Okay, my address is.........

if you send it back you may wind up being audited, its better to stay under the radar with the irs

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pachyderm said:
Whatever you guys say, if I get a stimulus check I intend to send it back. It will not be on my conscience. I will not have to pay taxes on it. I will have sent a message in my own small way.

Actually I enclosed a short letter with my taxes this year saying I would send back any stimulus check.

So there!

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You might want to hold on to it until next year....because as I said earlier, these checks are going to screw up your taxes next year.

At least if you hold on to it, when you have to pay, you will have the money. LOL

Wow I really got a topic rolling! Did I mention before I got married my initials were IRS?