Economic Stimulus Handout... anyone got theirs yet?

[Independent Gal]

I gather the first round of these ridiculous (yet not unwelcome) handouts went out last week. Has anyone actually got their $600? And what do you plan to do with it? I assume we are supposed to spend it on ''stuff''. But I hear my mortgage calling...

 

[Daydreamer7130]

FI received his already. I will not receive mine until the last round. We plan on using his for a new dryer even though we didn''t need the stimulus to pay for it. We were going to get one anyways.

 

[gwendolyn]

I only got $300 (because I'm single? poor? dunno) and it's in the bank, waiting for the bills, which is exactly what I'm *not* supposed to do with it.

 

[ksinger]

I have not received mine yet, but I''m sure my spending it will save the American economy!!!!!!!!!!!!!!!!

Well, probably not. And only a mental midget (I''ll leave you to decide where such folks might reside in our government) would think that it will. Considering how many people I know who plan on either banking it or using it to pay off a bill already incurred, I have a feeling it won''t do much.

That said, I shall be using mine for our wedding reception, so I shall be spreading it around as much as $600 will spread these days. It will probably pay for the cake and the shrimp and plates, napkins, etc. Not much else...

 

[Selkie]

Nope, but it will either be going toward a credit card bill or into savings, or both. Yep, totally not what they want us to do with it. Oh well.

 

[MichelleCarmen]

We have a CPA and he filed an extension on our taxes, so I have no idea what is going on. With an extension, does that mean I do not get a check?

When/if we get $, it''ll go to living expenses while my DH looks for a new job.

 

[WTNLVR]

We got ours last week. We will put it towards getting our house painted. I guess that counts because it goes towards paying someone to do the work, who in turn may use that money to buy something. I think most people will use it to pay down debt or for other staples like gas and oil. I''m definately not using it to buy anything blingy

 

[Independent Gal]

Yes, I also fear that it won''t do much in the way of stimulation. When the economy looks this grim, people are more likely to bank it somewhere safe, like a savings account, than invest or spend it.

But I suppose our tiny extra mortgage payment will help its tiny extra bit, in that it gives more capital to the bank, and brings us a tiny step closer to being able to buy a bigger home... and we all know that THAT market could use every tiny boost it can get!

 

[LegacyGirl]

I will be using mine to pay for gas.

 

[Clio]

We''ll only get a partial one because of the phaseout, but I''m not sure what we''ll do with it. Probably throw it into savings.

 

[staci76]

We received ours last Friday ($1200)...we are putting it towards our trip to Las Vegas in June.

 

[diamondringlover]

We should get our $1500 this week, we will be paying bills with ours

 

[iheartscience]

I got my $600 just yesterday! I transferred it straight into savings, though...what can I say-I''m a bad American!

I think it''s just going to sit there for a while.

It may go back into the economy after I graduate this July/August, though-I can hear a diamond calling my name right around then!

 

[zoebartlett]

Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

 

[Rhea]

I don''t think I''ll get it. I had very little in US income last year.

Gwen, how did that work for you getting it if you don''t mind my asking?

 

[E B]

I''m not sure if we''ve received our $1200 yet, but when we do, it''ll go straight to savings. Guess I''m a bad ''murican too.

 

[Stephanie]

Received mine since I did my income tax direct deposit. Put it right on into that wedding savings account.. I imagine that most people are using this to catch up on bills. However, working this weekend proved to me that people are shopping with these payouts.

 

[iheartscience]

Date: 5/4/2008 8:10:56 PM
Author: ZoeBartlett
Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

I think couples get $600 each, so $1200. And I think people who don''t make that much money, like students, only get $300. (Friend''s girlfriend is a waitress and she only gets $300, also.) I''m not sure about the $1500 figure someone said they were getting.

 

[ksinger]

Date: 5/4/2008 4:52:27 PM
Author: gwendolyn
I only got $300 (because I''m single? poor? dunno) and it''s in the bank, waiting for the bills, which is exactly what I''m *not* supposed to do with it.

Hey man, if the brainiacs in our government, who''ve financed this war with a huge heapin'' helpin'' of foreign credit, (last estimate I read had the Chinese footing the bill for at least 40% of the Iraq war pricetag), and need Dubai investors to bail out Citigroup, then I figure you can spend/not spend that money any d*** way you want. We''ve already been given the advice at the start of the war, to go SHOPPING.

That didn''t work, did it? Go ahead and save it. It really can''t hurt at this point.

 

[MichelleCarmen]

Date: 5/4/2008 8:10:56 PM
Author: ZoeBartlett
Why are there different amounts? I thought everyone was getting $600. I haven't gotten mine yet and when I do, it will probably go into the bank.

You get extra for having kids.

From the IRS site:

http://www.irs.gov/newsroom/article/0,,id=179164,00.html

1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

2) Married couple with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

3) Married couple with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

4) Married couple with two children, no wages, no social security benefits, no veterans’ payments, AGI is $25,000, federal income tax liability before child tax credit is $70.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

5) Married couple with two children, AGI is $35,000, federal income tax liability before child tax credit is $1,070.
Rebate is $1,070
Qualifying child credit is $600
TOTAL is $1,670

6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800

7) Married couple with two children, AGI is $160,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
Phaseout reduction is ($500)
TOTAL is $1,300

 

[Girlrocks]

Date: 5/4/2008 8:17:27 PM
Author: thing2of2

Date: 5/4/2008 8:10:56 PM
Author: ZoeBartlett
Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

I think couples get $600 each, so $1200. And I think people who don''t make that much money, like students, only get $300. (Friend''s girlfriend is a waitress and she only gets $300, also.) I''m not sure about the $1500 figure someone said they were getting.

You get $1200 as a married couple, and then an additional $300 per child. So a married couple with 1 child would get $1500.

 

[iheartscience]

WAIT! I just realized that we should spend it really quickly before the dollar is worth even less!

My brother lives and works in Sweden and and he was just joking on me and my siblings the other day about how we get paid in pesos.

 

[sumbride]

We got our $1200 on Friday. It''s going toward bills. I don''t care that I''m not following the "rules".

 

[miraclesrule]

I must really need reading glasses, because I glanced at this thread title and thought it said "Erotic Stimulus Package" and had to do a double take.

I''ll be spending mine on my daughter''s upcoming wedding.

 

[Sabine]

Ugh, mine has already been spent on wedding stuff. I wish I could''ve broken the rules and just saved it, though.

 

[Skippy123]

Date: 5/4/2008 5:26:27 PM
Author: MC
We have a CPA and he filed an extension on our taxes, so I have no idea what is going on. With an extension, does that mean I do not get a check?

When/if we get $, it'll go to living expenses while my DH looks for a new job.

I don't know the answer to that but I heard (I think I saw this on the IRS website) if you owe the IRS taxes they will take your rebate and apply that amount to the amount you owe. I would ask your CPA if he knows.

 

[Patiently_Waiting]

I received my direct deposit first thing this morning, which was less than the $600 due to the phaseout. I plan to put the money into savings and then use it to pay down some bills.

 

[krisvrn]

Date: 5/4/2008 8:17:27 PM
Author: thing2of2

Date: 5/4/2008 8:10:56 PM

Author: ZoeBartlett

Why are there different amounts? I thought everyone was getting $600. I haven''t gotten mine yet and when I do, it will probably go into the bank.

I think couples get $600 each, so $1200. And I think people who don''t make that much money, like students, only get $300. (Friend''s girlfriend is a waitress and she only gets $300, also.) I''m not sure about the $1500 figure someone said they were getting.

$300 per kid that has not turned 18 yrs of age.

 

[gwendolyn]

Date: 5/4/2008 8:11:51 PM
Author: Addy
I don''t think I''ll get it. I had very little in US income last year.


Gwen, how did that work for you getting it if you don''t mind my asking?

I worked in the US until September, so I filed taxes for 9 months worth of work. All the taxes I paid out I got back, and since I had to file, I got the incentive money (although a pittance of it compared to what most everyone else got, it seems).

 

[gwendolyn]

Date: 5/4/2008 8:33:50 PM
Author: MC

Date: 5/4/2008 8:10:56 PM

Author: ZoeBartlett

Why are there different amounts? I thought everyone was getting $600. I haven't gotten mine yet and when I do, it will probably go into the bank.

You get extra for having kids.


From the IRS site:


http://www.irs.gov/newsroom/article/0,,id=179164,00.html
*snip*

So, according to that link, I got the bare minimum. That really makes sense, since my income was right around the poverty line [sarcastic]. Oh well, it's a handout, so I guess I shouldn't complain. Better than nothing.