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hector6man
Penny Pincher Member
USA
129 Posts |
 Posted - 04/16/2008 : 07:13:34
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I plan to purchase Silver Eagles. If the government is giving away free money, then I will convert it into real money! How about you?
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"Ninety-nine percent of the failures come from people who have the habit of making excuses." -George Washington
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 04/16/2008 : 08:40:49
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| What refund check? I still had to write a check to the US Treasury, but maybe just not as much as I would have otherwise. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 04/16/2008 : 10:33:41
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quote:
Originally posted by texcattlerancher
What refund check? I still had to write a check to the US Treasury, but maybe just not as much as I would have otherwise.
The "refund" is related to 2008 taxes not 2007. So you will be getting an "advanced refund check" this summer along with most people no matter if you owed on 2007. Of course, you may have to give it all back in 2009 when your 2008 taxes comes due.  |
Edited by - horgad on 04/16/2008 10:34:46 |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 04/16/2008 : 11:33:02
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| Thanks for that Horgad. Obviously, I did not understand the process. About how much will this "advanced refund check" be? |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/16/2008 : 11:48:20
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The govt. spent several million dollars to send out a postcard telling you you might be getting this check. They will be spending more of our tax dollars later to send another mailing to tell you it is almost in the mail. I think the "advanced refund" is supposed to be $600 if you are single, $1200 if you are married.. a little more if you have little ones and only $300 if you are on something like Social Security Disability and really need the money.
Most folks have already spent it just to pay for the increase in gas and groceries this year.
When folks file their taxes a year from now they will find out they are probably not getting as big of a refund or might even have to pay because of this little shell game.. but by then, the election will be over. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 04/16/2008 : 12:20:47
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quote:
Originally posted by HoardCopperByTheTon
The govt. spent several million dollars to send out a postcard telling you you might be getting this check. They will be spending more of our tax dollars later to send another mailing to tell you it is almost in the mail. I think the "advanced refund" is supposed to be $600 if you are single, $1200 if you are married.. a little more if you have little ones and only $300 if you are on something like Social Security Disability and really need the money.
Most folks have already spent it just to pay for the increase in gas and groceries this year.
When folks file their taxes a year from now they will find out they are probably not getting as big of a refund or might even have to pay because of this little shell game.. but by then, the election will be over.
Yeah that seems about right, but the details get a bit complicated.
Other rules include a phase out if you made too much in 2007 and a phase in depending on how much tax you paid in 2007.
For example a couple with 2 kids could get a maximum of $1800 ($600 x 2 plus $300 x 2), but they only get the $1800 if their 2007 income and taxes paid hits the sweet spot (which is fairly large). The sweet spot for a family of 4 is at least $1,200 paid in taxes before the child tax credit, but less than $150k earned. If they hit anything other than the sweet spot, the rebate could be anything from $0 to $1799.99.
Nothing is ever simple with the IRS...
Check out the Scenarios section to get a quick idea of what you might get:
You must be logged in to see this link. |
Edited by - horgad on 04/16/2008 12:22:54 |
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Nickelless
Administrator
USA
5580 Posts |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/16/2008 : 16:15:09
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Probably put the pre-refund money towards some house repairs, either that or just into savings.
I think I've purchased all the silver I can for now, and I've still got over $2,000 of the $3,000 I allocated to the pennies left to convert into copper.
The wife won't let me spend all of our paper/electronic money on metals.
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Sorting In Northwest Mississippi |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 04/16/2008 : 17:01:23
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| I'll pay more down on my mortgage. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 04/16/2008 : 17:48:19
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quote:
Originally posted by Tourney64
I'll pay more down on my mortgage.
I was throwing a lot of extra money at my mortgage principle for the past year. Then I mentioned it to one of the attorney's I work for, (a real estate lawyer), and he said it was a bad idea to spend today's dollars paying off debt. I walked away thinking he was full of bs, but lately, it's beginning to make sense. Why payoff today's debt, when high inflation is upon us now, and most likely will get worse.
If we see double digit inflation by the end of the year, (likely IMHO), and it goes on for a couple years, then a couple years down the road, your mortgage balance has essentially been reduced (by a falling dollar). Also, your home is not likely to appreciate much in the near future.
Also, pay raises, if they come at all, generally lag inflation by months or years. In the meantime, it may be helpful to have some extra coin on hand.
I've stopped making extra payments, for the time being at least.
Oh, and I'll believe the "stimulus check" thing when it clears into my bank account. |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 04/16/2008 : 18:36:33
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So maybe I should get a home equity loan and buy stuff. Sorry - I'll use my deflating dollars to pay my mortgage.
I don't want to be a slave to my bank. My best investment of the money is to buy pennies and silver, but I have invested very heavily there right now and yet to return any profit. I can earn more than what I can at the bank and more than the market with that cash by paying down on the mortgage so that't what I'm going to do. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 04/16/2008 : 19:53:40
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quote:
Originally posted by Tourney64
So maybe I should get a home equity loan and buy stuff. Sorry - I'll use my deflating dollars to pay my mortgage.
I don't want to be a slave to my bank. My best investment of the money is to buy pennies and silver, but I have invested very heavily there right now and yet to return any profit. I can earn more than what I can at the bank and more than the market with that cash by paying down on the mortgage so that't what I'm going to do.
I am ABSOLUTELY NOT suggesting getting in more debt,I was speaking specifically of first mortgages, hel, I don't even have a credit card (by choice). And if you've got a nice hoard, then yeah, pay off the mortgage. My situation is a little different, I was putting everything towards the mortgage without having a nice cushion-hoard, so that is my priority now. Just trying to think long term what is the best use for my floundering FRN's |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Edited by - Delawhere Jack on 04/16/2008 19:57:19 |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/16/2008 : 23:20:16
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| Buying more silver of course! |
My hobby: collecting real money 1 copper cent or nickel at a time.
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/17/2008 : 06:11:25
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I like the idea of paying the mortgage off early too, but not at the expense of having an emergency fund or doing some investing.
But I'm with you Tourney64 in that I am looking forward to that wonderful day when I own my house outright and am no longer beholden to the bank. The mortgage is our last debt, and my wife and I are pretty committed about not going into future debt.
If the economy does go into a depression (but not totally collapse into anarchy) then having zero debt and a paid for house will be a huge advantage. Having some food and water reserves will be important, as well as having precious metals for bartering. Of course having a "secure" job would be a big advantage too, if that's possible.
Especially if the coming depression is an inflationary depression. While I didn't live through it my understanding of the last depression is that, if you actually had cash, you were able to buy what you wanted pretty easy since prices went down.
We probably won't be so lucky next time. |
Sorting In Northwest Mississippi |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 04/17/2008 : 21:19:07
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Ummm. I've heard this idea that it is an advance on next years taxes.... But the IRS or government has not said that as far as I know.
I am quite certain it is an urban legend!! The Stimulus money is 'FREE MONEY' without any lowering of refund or repayment next year.
If someone can refute this, please do. But I've heard this 'through the grapevine' but yet seen it substantiated.
As for what I'm going to do? Pay off the Credit Card balance from what I used to buy a little silver(on a new credit card with a 3 month no interest special..... hope the rebates come in soon!) |
"May your percentages ever increase!" |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 04/18/2008 : 11:24:40
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This was on survivalblog:
"I pledge, in honor of the late Charlton Heston, that if I receive any funds from the US Government's economic stimulus rebate program that I will spend the money on guns and ammo." |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 04/18/2008 : 12:07:59
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quote:
Originally posted by wolvesdad
Ummm. I've heard this idea that it is an advance on next years taxes.... But the IRS or government has not said that as far as I know.
I am quite certain it is an urban legend!! The Stimulus money is 'FREE MONEY' without any lowering of refund or repayment next year.
If someone can refute this, please do. But I've heard this 'through the grapevine' but yet seen it substantiated.
As for what I'm going to do? Pay off the Credit Card balance from what I used to buy a little silver(on a new credit card with a 3 month no interest special..... hope the rebates come in soon!)
There was/is a lot of confusion about the "free money" do to a lack of available information, but it looks like this question can finally be put to rest thanks the the IRS. Of course, in the end, we will all pay for it one or another if not by paying future taxes then by inflation...
You must be logged in to see this link.
"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.
" |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 04/18/2008 : 12:13:31
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| We will all ultimately pay for this bribery by our politicians. |
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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 04/19/2008 : 01:42:56
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| 100 boxes of pennies from bank of the West |
my machine is running! |
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misteroman
Administrator
USA
2565 Posts |
Posted - 04/19/2008 : 01:53:48
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| wheat pennies from Art tatum |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/19/2008 : 08:37:08
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| I think we might put it towards a swimming pool. My wife has always wanted one and hey, if the SHTF we will at least have water. |
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Think positive. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 04/19/2008 : 16:18:50
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quote:
Originally posted by wolvesdad
Ummm. I've heard this idea that it is an advance on next years taxes.... But the IRS or government has not said that as far as I know.
I am quite certain it is an urban legend!! The Stimulus money is 'FREE MONEY' without any lowering of refund or repayment next year.
If someone can refute this, please do. But I've heard this 'through the grapevine' but yet seen it substantiated.
As for what I'm going to do? Pay off the Credit Card balance from what I used to buy a little silver(on a new credit card with a 3 month no interest special..... hope the rebates come in soon!)
This should help clear it up......or not...
You must be logged in to see this link.
It's basically an advance on your 2008 tax refund.
Not true, according to NPR and CNN. While it is true that the 2001 rebate was an advance on your 2002 tax refund, this stimulus check is not an advance but money back to you.
It is an advance on your 2008 refund but is different then 2001 in that it also is a reduction in your 2008 taxes by the same amount. So it's not a situation where your refund for the next year would be different then it would have been without the rebate.
The reason that it should still be considered an advance is that if for some reason you didn't qualify for the refund based on your 2007 taxes but in 2008 do qualify you will get the rebate added to your refund for that year.
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 04/19/2008 : 21:20:28
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Just got this from one of my friends. New word.
Intaxication: Euphoria at getting a tax refund, which lasts until you realize it was your money to start with.
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Know Common Cents
Penny Pincher Member
195 Posts |
Posted - 04/20/2008 : 10:59:49
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| Several people I know have abandoned their plans of some extravagant spending of their check. They're now opting for survival CIF (cash in fist) as opposed to CIB (cash in bank). Not such a bad idea. |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 04/20/2008 : 20:05:06
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I was told by my tax person I'm not getting one. 
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Topic |
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What are you going to do with your refund check?
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