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| The Following User Says Thank You to mooler For This Useful Post: | ||
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2008-04-07
, 04:16
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Posts: 11,700 |
Thanked: 10,045 times |
Joined on Jun 2006
@ North Texas, USA
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#2
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No, because if you read the fine print, you realize that this is actually a LOAN, and will be deducted from next year's tax refund (assuming).
Stick it in savings. You'll be glad you did.
UPDATE: reports more recent than what I read over a month ago (still not found) say we won't have this deducted from next year's payout after all. Consider me skeptical still.
Last edited by Texrat; 2008-04-07 at 16:49.
Stick it in savings. You'll be glad you did.
UPDATE: reports more recent than what I read over a month ago (still not found) say we won't have this deducted from next year's payout after all. Consider me skeptical still.
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Nokia Developer Champion
Different <> Wrong | Listen - Judgment = Progress | People + Trust = Success
My personal site: http://texrat.net
Last edited by Texrat; 2008-04-07 at 16:49.
| The Following User Says Thank You to Texrat For This Useful Post: | ||
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2008-04-07
, 04:37
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Posts: 213 |
Thanked: 27 times |
Joined on Oct 2007
@ Detroit, MI
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#3
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I know I know. No matter what we do with that "refund" we will be taxed on it. Whether it is deducted from next year, or put into savings...taxed on the interest. Uncle Sam CAN have his cake and eat it too. 
FROM IRS.GOV
Q. Is my Stimulus Payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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.
Last edited by mooler; 2008-04-07 at 04:42.
FROM IRS.GOV
Q. Is my Stimulus Payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
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.
Last edited by mooler; 2008-04-07 at 04:42.
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2008-04-07
, 04:41
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Posts: 159 |
Thanked: 21 times |
Joined on Jan 2008
@ Houston, texas
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#4
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Originally Posted by Texrat
I spent a good 20 minutes on the IRS website looking for that fine print, didn't see it. I spent another 10 minutes scouring google results.
No, because if you read the fine print, you realize that this is actually a LOAN, and will be deducted from next year's tax refund (assuming).
I did find that it could be completely deductible against and that it will not affect your 2008 tax refund.
Where are you getting this info? I'd like to see it.
Thanks
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2008-04-07
, 04:44
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Posts: 159 |
Thanked: 21 times |
Joined on Jan 2008
@ Houston, texas
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#5
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Originally Posted by mooler
Not entirely true, but it makes for a couple of good anti-IRS posts from the libertarians in the room.
I know I know. No matter what we do with that "refund" we will be taxed on it.
I also read that the only way that it can increase the amount of taxes that you owe is if you see a significant increase in interest, if mathematically possible.
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2008-04-07
, 04:48
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Posts: 213 |
Thanked: 27 times |
Joined on Oct 2007
@ Detroit, MI
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#6
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I edited my post, and, like cashless, I searched the IRS website and found that there is no indication of having a reduced refund or increased tax liability for our 2008 returns...
So getting back to the topic of my thread....who's gonna buy something with the money they get in May?
So getting back to the topic of my thread....who's gonna buy something with the money they get in May?
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2008-04-07
, 04:48
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Posts: 110 |
Thanked: 9 times |
Joined on Nov 2007
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#7
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well, just put it in savings, thats why they're giving it to you, to save those d*mnable failing banks
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2008-04-07
, 04:54
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Posts: 159 |
Thanked: 21 times |
Joined on Jan 2008
@ Houston, texas
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#8
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Originally Posted by mooler
I'm upgrading to a N810. I was gonna wait until Xohm rolled out before upgrading to the wimax version, but I'm a little disheartened with the delays and the fact that my city isn't even on the Xohm roadmap yet.
I edited my post, and, like cashless, I searched the IRS website and found that there is no indication of having a reduced refund or increased tax liability for our 2008 returns...
So getting back to the topic of my thread....who's gonna buy something with the money they get in May?
I'll probably upgrade my phone/carrier too (probably before then) to something tetherable (damn blackberry 8100).
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2008-04-07
, 04:56
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Posts: 182 |
Thanked: 46 times |
Joined on Jan 2007
@ Silly-Con Valley
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#9
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Ah grasshopper, I see by the nativity of your post that you are not yet married. Foolish single person. Once one has reached the level of married with children such concepts as "money" and "willful spending" are no longer achievable ideals.
If I beg hard enough I might get a new mouse, but I'm not holding my breath.
If I beg hard enough I might get a new mouse, but I'm not holding my breath.
| The Following User Says Thank You to linuxrebel For This Useful Post: | ||
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2008-04-07
, 05:06
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Posts: 1,950 |
Thanked: 1,174 times |
Joined on Jan 2008
@ Seattle, USA
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#10
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Yeah, like most people I'll use it to buy something made in China. That's going to really turn around the US economy. 
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Help Save This Forum for N8x0/Diablo Users! Register and Vote for Solution #1 on this Brainstorm. (The Solution will let you see New Posts with any threads you choose -- like the N900 and Maemo5/Fremantle threads -- filtered out.) (To understand the Solution better, see these posts #17, #18, and #19.)
| The Following User Says Thank You to GeraldKo For This Useful Post: | ||
I have an N800 and I love it. Im just looking to supplement it.
Im looking into an EEE PC or a Cloudbook so if anybody has any recommendations let me know. My refund is going to be 600 bucks