Comments on: It’s a Done Deal – The Rebate Checks Are On Their Way

By: I Finally Started Our Tax Return » Blogging Away Debt

I Finally Started Our Tax Return » Blogging Away Debt — Wed, 20 Feb 2008 05:05:51 +0000

[...] finally decided to do them especially since the rebate checks are dependent on our tax return. The federal turned out nicely. We will get about $250 back. I [...]

By: Ryan

Ryan — Fri, 15 Feb 2008 16:25:38 +0000

I spoke with my Dad the other day about the tax rebate. All the people he and myself has spoken to said they were going to put it towards debt. You say to yourself “But it is to stimulate the economy so spend like you’re going to lose it!”. Regardless if you spend it on something new (going to buy) or something you already bought (pay down debt). Both spending situations would help stimulate the economy. One might make it more earlier than the other. If you spend it now, it could be preceived as stimulating now. But if you pay down debt, you will have money in the future to spend with rather then spending it on past purchases and interest – therefore stimulating the economy in a late sense. If you ask me, it my money in the first place so I’ll do whatever I want with it. In my opinion, this is the best government spending they’ve done since 2001!

By: Joy Smith

Joy Smith — Fri, 15 Feb 2008 16:18:20 +0000

I would love to put it towards debt. However, we’re in dire need of another vehicle, so it looks like it will be going towards that, instead! Thanks for the heads up on this. I had no idea it even existed! We’re headed to H&R Block due to several changes last year with us, for our tax preparation. I hope they are smarter than I am on knowing about this rebate.

By: thehungrydollar.com

thehungrydollar.com — Fri, 15 Feb 2008 15:27:20 +0000

The All-seeing I, you’re right. Paying off debt is still putting the money back into circulation. I guess I didn’t see it that way at first. Good point…

By: Mar

Mar — Fri, 15 Feb 2008 14:00:26 +0000

Mine will go into either my savings account or my Roth account, whichever needs it more when it’s received.

All Seeing I, I LOVE the idea of burning it, but I don’t think we’d get too many people to go along with us on that one.

Jill, since so many things are not manufactured in this country, who’s economy are we stimulating by buying something made in China or wherever? Sorry, since we are already borrowing from the next generation to get the money for this rebate, I see no reason why I shouldn’t save it for my future needs. Besides saving it or using it to pay down debt may help ease the current credit crunch and free up money for businesses to expand, create jobs, etc.

By: Erin Truog

Erin Truog — Fri, 15 Feb 2008 11:37:36 +0000

I love that you are putting it towards your debt, I will do the same. I refuse to feel bad about “Not Spending It”. You are a responsible person who is doing the right thing for your family.

By: Danielle

Danielle — Fri, 15 Feb 2008 10:47:36 +0000

Trish-
I agree with you. You should put it *straight* towards your debt. I haven’t checked in for a while, and I see you are doing great. Keep it up. As for me with this rebate check, I am not going to count on it/believe it until I have the check in my hands.

By: moonimus

moonimus — Fri, 15 Feb 2008 04:39:58 +0000

We also qualify for $1,500. Our tax refunds will wipe out our credit card debts so this refund will probably go to a Roth.

By: Sherri

Sherri — Thu, 14 Feb 2008 21:32:52 +0000

Thanks Tricia!

By: Mom

Mom — Thu, 14 Feb 2008 19:39:25 +0000

our rebate is going to debt too.

By: Matt

Matt — Thu, 14 Feb 2008 19:03:28 +0000

Always nice to get a little bonus like this!! Good move putting it against your debt to get it cleared faster.

Most of us don’t need the big and fancy toys – our society drives us to want them.

By: Tricia

Tricia — Thu, 14 Feb 2008 17:55:56 +0000

Here’s a link to the calculator I mentioned:

http://www.consumerismcommentary.com/2008/01/28/economic-stimulus-tax-rebate-calculator/

By: Tricia

Tricia — Thu, 14 Feb 2008 17:17:45 +0000

Sherri – that’s what I understand. Another blogger had a calculator on their site, but unfortunately I can’t remember which one. I’ll try to find it.

By: Sherri

Sherri — Thu, 14 Feb 2008 16:37:10 +0000

So I just wanted to see if I was clear on actual amounts:

From the Yahoo article:

“Who gets a rebate? Most people who pay taxes or earn at least $3,000, including through Social Security or veterans’ disability benefits. Singles making more than $75,000 and couples with income topping $150,000, however, will get smaller checks, up to the top limits for any rebate: incomes of $87,000 for individuals and $174,000 for couples.”

“Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples, with an additional $300 for each child.”

The way I read this is that singles making less than $75,000 (couples $150,000) but more than $3,000 will get $600. Less than $3000 gets less and greater than $75,000 gets less. Is that your understanding of it? Everyone that falls in that middle space gets $600 if individual and $1200 if a couple (plus $300 per kid)? I’m still hesitant it’s that “simple” because it says “most taxpayers receive a check of up to $600.” Such an odd way to word it…

By: What I Sent My Credit Card Company For Valentine’s Day « If I Were Debt Free…

Thu, 14 Feb 2008 15:46:07 +0000

[...] as an incentive to get your taxes done, the stimulus plan has been signed. We’ll get a fair chunk of change from that (just count the children on the [...]

By: The All-seeing I

The All-seeing I — Thu, 14 Feb 2008 15:28:26 +0000

Spending it on TVs or debt is still spending it, and returning that money “to the Economy.”

That’s the point most people are missing. All the refund is doing is adding money to the circulating pool – it doesn’t matter what it is spent on, as long as it is spent.

Now, if nobody cashed their rebate checks, or everybody got together and burned them, THAT would be interesting….

By: Jill

Jill — Thu, 14 Feb 2008 15:22:56 +0000

I know you are on this huge debt reduction journey but have you considered putting ANY of it back into the economy. The purpose of the rebate is to help stimulate the economy not help people get out of debt. Helping to stimulate the economy helps everyone not just yourself. People who put it all toward debt are the people who make this idea fail. I understand putting some of it toward debt but does all of it really need to go toward debt? Take a little of it and treat yourself for doing so well.

By: thehungrydollar.com

thehungrydollar.com — Thu, 14 Feb 2008 14:28:55 +0000

Great decision on sending the money straight to paying off debt. I plan to do the same. There will be enough people buying TVs they can’t afford to stimulate the economy, we don’t need to be one of them…

By: Mar

Mar — Thu, 14 Feb 2008 14:01:10 +0000

Here’s the encouragement you need to get your taxes done, presuming you are getting a refund. I filed electronically on 1/29 around 11:30 p.m. and my refund was direct deposited into my checking account on 2/8. Remember when it took 6 weeks to get a refund because it was all done on paper and through snail mail? It wasn’t that long ago!

My state refund took less than a week from filing to deposit!