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View Full Version : Where at WDW would you spend your $300 - $1,200 GOV'T REBATE CHECK?????????


binwinbinwin
01-24-2008, 10:35 AM
I'd spend my check at Old Key West with some character dining meals at Liberty Tree Tavern and Crystal Palace. How would you spend your economic recovery check????

Dr.Pluto
01-24-2008, 10:38 AM
I'll add dining and water parks!

shaniadobie
01-24-2008, 10:45 AM
I say spending it anywhere in disney would be the best, maybe an upgrade in the resort we are staying or stay in a value resort and add a few days to our vacation :cloud9:

jberry5
01-24-2008, 10:56 AM
I'll splurge for Magic Express transportation to and from Orlando Int'l Airport. I was one of the "naughty" ones that put my last rebate in the bank.

rgf207
01-24-2008, 10:59 AM
I would be going to WDW with that money :). We are not doing any vacations this year because we have 3 weddings (all of which my wife is matron of honor) and we are planning to put a deck on our house

PleaseStandClear95
01-24-2008, 11:07 AM
I would extend the number of days and would add in some relaxation, non-park days, during the time.

Wit
01-24-2008, 11:12 AM
We're planning on using ours to hit La Nouba and do more shopping than we would have. We're Hitting the I-Drive outlets after we move offiste after our resort stay.

I <3 Outlets

loriandmatt
01-24-2008, 11:48 AM
we will probably be able to upgrade our resort. we were hoping to stay at a moderate, but the rack rate was killing us. (no discounts out for the summer months). we were going with a value resort and this might make a moderate in our price range.

rushing
01-24-2008, 12:00 PM
Shop, Shop, and then shop more.

ChrisMouse
01-24-2008, 12:12 PM
MMM this will exactly cover the expense spreadsheet I put together for our food and (a few) of our souvenirs!!

Has anyone heard an estimate for when they hope to get these out to everyone? I read June somewhere...but it would sure be nice earlier...so we can all stimulate the economy, of course!! :rotfl:

jngwright
01-24-2008, 12:12 PM
I'll splurge for Magic Express transportation to and from Orlando Int'l Airport. I was one of the "naughty" ones that put my last rebate in the bank.

Isn't ME free??

I would buy a bunch of Disney clothes for our trip, and Teva's for the boys and me!!

bear22
01-24-2008, 12:22 PM
Mine will definitely go towards a room upgrade. Maybe the Poly vfor one nite.

jberry5
01-24-2008, 12:28 PM
Isn't ME free??

I would buy a bunch of Disney clothes for our trip, and Teva's for the boys and me!!


I'm sorry, it is I was just being a bit of a, well you know, a smart donkey.

I'm not a big fan of these rebates. It will just mean less of a refund or paying when filing the '08 returns.

stepnut
01-24-2008, 12:36 PM
I have never done Photo Pass, and we hardly ever buy any souveniers, so I'd spend it on those two first. Then I'd add in an extra day or two, with a visit to MGM...we've never done that park..

Disneywoz
01-24-2008, 12:42 PM
The Art of Disney store. So much to buy, so little tax refund.

~April J~
01-24-2008, 12:46 PM
Are the rebates a for sure thing now? Last I know it was still a possibility.

I would spend mine on adding a few extra days then using a couple relaxing days in between.

jberry5
01-24-2008, 12:53 PM
It's sounding fairly certain now. Congress has completed it, and I'm guessing it will be signed into effect. Expected to be paid in June.

wrighter
01-24-2008, 01:38 PM
Thank you, jberry5!!!! I thought I was the only one who remembered the fiasco of the 2001 "rebates."

Seriously, I can think of a million ways to give Disney my "rebate," but I am quite concerned that in all of this "rebate" hoopla, they are failing to inform taxpayers that this isn't really a "rebate" at all - more like a loan. In 2001 my DH and I happily used our rebates for fun stuff - found money is fun money, right? Then when they basically asked for that money back come tax time we were furious! Very deceiving.

Please enjoy dreaming about what you will do with your "rebate," but considering hanging onto it until they ask for it back. Maybe we can make a few bucks in interest.

Please don't flame me! I want to play, too! I'm just so worried that these "rebates" are going to make most people worse off than before.

jberry5
01-24-2008, 01:54 PM
I should state that at this point, I have no way of being certain these will be handled like they were in 2001, but that is my assumption. Get $1200 now, reduce your refund by $1200 come April 15, 2009, or increase the amount you would have owed by $1200.

jberry5
01-24-2008, 01:56 PM
Thank you, jberry5!!!! I thought I was the only one who remembered the fiasco of the 2001 "rebates."

Seriously, I can think of a million ways to give Disney my "rebate," but I am quite concerned that in all of this "rebate" hoopla, they are failing to inform taxpayers that this isn't really a "rebate" at all - more like a loan. In 2001 my DH and I happily used our rebates for fun stuff - found money is fun money, right? Then when they basically asked for that money back come tax time we were furious! Very deceiving.

Please enjoy dreaming about what you will do with your "rebate," but considering hanging onto it until they ask for it back. Maybe we can make a few bucks in interest.

Please don't flame me! I want to play, too! I'm just so worried that these "rebates" are going to make most people worse off than before.

Oh I remember them alright. And I remember some clients being upset when I brought this to light when preparing their returns.

wrighter
01-24-2008, 03:52 PM
I have been reading every article I can find about these "rebates," trying to determine if they're following the same principles as the 2001 "rebates," and I can't find anything. Once it is a done deal, and I am assuming it will be a done deal, where do we find out difinitively if we're going to get nailed next tax season?

You can rest assured I will be hooting and hollering about this to anyone who will listen. The whole reason for creating this "stimulus package" is to "help the economy," right? No. They just want all of us dummies to go spend the money right now, then take the hit next April. It's a temporary fix that can do more harm than good in the long run - at least for the average American family.

I'll get off my soapbox now - can you tell that 2001 still stings a little? :-) We just felt so stupid for not doing more homework.

BelleBeast
01-24-2008, 05:06 PM
Grand Floridian Concierge Level !!! and maybe some time at the spa...

GrowingUpDisney
01-24-2008, 05:09 PM
Well, according to the information - we will be receiving $1800! :banana: This means we can take an additional trip to Disney!!! :cool1: Take a lookie at my siggy!

Bonelady
01-24-2008, 05:12 PM
Dinner and VERY fine wine at V&A !:yay:

fires_grumpy
01-24-2008, 05:29 PM
DW and I are putting 3/4 of it on our cruise we already have booked. And the rest on our trip to WDW for some extra goods for ourself and family. :woohoo:

KorieDWnut
01-24-2008, 05:44 PM
If we get it, we are going to add DH and my youngest to my trip in August. I was going with just my oldest because I really wanted to go and it was cheaper if we didn't all go. If we get that check then dh and little dd are coming and we will make it a family trip. Time will tell.

Princess_Belle
01-24-2008, 05:50 PM
I'll be using it for an august trip to the poly!! I cant wait!!

Sabrina90744
01-24-2008, 05:52 PM
I'll splurge for Magic Express transportation to and from Orlando Int'l Airport. I was one of the "naughty" ones that put my last rebate in the bank.



I'm with you jberry5, it's going straight to the bank and adding my portion to my retirement fund and the kids portion to their college accounts

stepnut
01-24-2008, 06:01 PM
It's an election year. What better way to endear voters than to give them money, even if it will be taken back again.

Well, we are probably not even getting a rebate. We make too much money. I guess winning our affection is too costly.

mickeymyfavorite
01-24-2008, 06:01 PM
I would buy a big statue or figurine, there like $150-$200, & the rest I would buy, shop, and eat. AND if was offerd I'd bounce back :cloud9: Ok I can dream too :rotfl:

jngwright
01-24-2008, 06:01 PM
I have been reading every article I can find about these "rebates," trying to determine if they're following the same principles as the 2001 "rebates," and I can't find anything. Once it is a done deal, and I am assuming it will be a done deal, where do we find out difinitively if we're going to get nailed next tax season?

You can rest assured I will be hooting and hollering about this to anyone who will listen. The whole reason for creating this "stimulus package" is to "help the economy," right? No. They just want all of us dummies to go spend the money right now, then take the hit next April. It's a temporary fix that can do more harm than good in the long run - at least for the average American family.

I'll get off my soapbox now - can you tell that 2001 still stings a little? :-) We just felt so stupid for not doing more homework.

If the IRS is lurking, please stop reading now...
Back in the day-ol' 2001, I was doing my own taxes and don't recall subtracting the "rebate" from my refund.:scared1: Maybe I did-maybe I paid in that year???
ITA that it's not a rebate, if they are going to ask for it back!!!!

Bugdozer
01-24-2008, 06:07 PM
Well, according to the information - we will be receiving $1800! :banana: This means we can take an additional trip to Disney!!! :cool1: Take a lookie at my siggy!


I thought I read online that it may be capped at $1200 per family/couple?

Bug

KorieDWnut
01-24-2008, 06:10 PM
I thought I read online that it may be capped at $1200 per family/couple?

Bug

The article I just read, which was updated 2 hours ago, said 1200 per married couple if they make under 150K combined, plus 300 per child.

jeast
01-24-2008, 06:13 PM
There IS a $1200/family cap. It's listed on three out of the four articles I just read.

Hey, $1200 is nothing to sneeze at!

MAKHayes-DisneyDiva
01-24-2008, 06:22 PM
Perhaps we will go for a Magic kingdom view at CR, or a few nights of concierge level somewhere. I have always wanted to do concierge level!
That is, if it is a real rebate, and not just a 2001 hoax.

PrincessSuzanne
01-24-2008, 06:36 PM
Funny thing, I was just talking to a friend about the "rebates" from 2001. DH and I were planning our wedding then and we each got $300 and used it for some wedding expenses and boy, were we shocked when they took back $300 when we filed our taxes that next year. I got my refund and it was less $300, so I call the IRS and they told me what it was, as I had forgotten, and I said well it isn't a "gift" or "rebate" if you give it, then take it back. Can you say "Indian Givers"

I am hoping to use some of mine to make my April/May trip possible and pay some bills with the rest of it. I will deal with 2008 in 2009, besides maybe it won't hurt too much, since we will have paid more in on our house by then.

Suzanne princess:

KorieDWnut
01-24-2008, 07:16 PM
There IS a $1200/family cap. It's listed on three out of the four articles I just read.

Hey, $1200 is nothing to sneeze at!


This is what I read off of CNN

Up to $600 per individual, $1200 for joint filers, plus additional $300/child.
Under the deal, nearly everyone earning a paycheck would receive at least $300 from the Internal Revenue Service. Workers who earned at least $3,000 last year -- but not enough to pay income taxes -- would be eligible for $300.
Overall, 117 million families would receive a rebate check, including 35 million with incomes too low to have qualified under the earlier Bush proposal. Those 35 million families would receive rebates totaling $28 billion.
Full rebates would be sent to single taxpayers who earned up to $75,000 and couples with incomes of as much as $150,000. The value of the payments would decline after that and phase out entirely at incomes of roughly $87,000 for individuals and $174,000 for joint filers.

jberry5
01-24-2008, 07:35 PM
I have been reading every article I can find about these "rebates," trying to determine if they're following the same principles as the 2001 "rebates," and I can't find anything. Once it is a done deal, and I am assuming it will be a done deal, where do we find out difinitively if we're going to get nailed next tax season?

You can rest assured I will be hooting and hollering about this to anyone who will listen. The whole reason for creating this "stimulus package" is to "help the economy," right? No. They just want all of us dummies to go spend the money right now, then take the hit next April. It's a temporary fix that can do more harm than good in the long run - at least for the average American family.

I'll get off my soapbox now - can you tell that 2001 still stings a little? :-) We just felt so stupid for not doing more homework.


I'm sure I'll get some notice of it through our tax services at work, if so, I'll post it here. One lady at work thought she heard it's not going to be the same, but at least initially here I'm hearing different things. A good place though once it is finalized would be irs.gov.

jberry5
01-24-2008, 07:37 PM
There are currently many different versions. I've read $1,200 family cap. $1,200 cap on the $300 per child. Everyone is rushing to give us the news first, whether fully correct or not.

For those wondering if they subtracted their '01 rebate, don't fear, the IRS would have done that for you. The just subtracted it from your refund, or would have sent you a notice taking it into account.

MindyLuvsMickey
01-24-2008, 07:42 PM
No big refund for us :( DH earns too much money and i barely work part time. I was hoping for a trip within the next year. Guess that won't happen!

JeffZ
01-24-2008, 09:03 PM
Can anybody say "Dole whips"?

creativeamanda
01-25-2008, 07:13 AM
I think we are going to add 1 day and water park/park hopper tickets. We have three kids and would get anywhere between 1500 and 2100. Last time it was near school so we used it to buy extra clothes for the kids. This year we are gonna use it for WDW and my dh's trip to Pennsylvania for a CigarFest

Crystal_27
01-25-2008, 07:29 AM
This is what I read off of CNN

Up to $600 per individual, $1200 for joint filers, plus additional $300/child.
Under the deal, nearly everyone earning a paycheck would receive at least $300 from the Internal Revenue Service. Workers who earned at least $3,000 last year -- but not enough to pay income taxes -- would be eligible for $300.
Overall, 117 million families would receive a rebate check, including 35 million with incomes too low to have qualified under the earlier Bush proposal. Those 35 million families would receive rebates totaling $28 billion.
Full rebates would be sent to single taxpayers who earned up to $75,000 and couples with incomes of as much as $150,000. The value of the payments would decline after that and phase out entirely at incomes of roughly $87,000 for individuals and $174,000 for joint filers.

We aren't eligible either. Oh well, at least the IRS won't come 'alooking for it back next year.

luvdisney77
01-25-2008, 09:12 AM
We would get 2400.00 (1200.00 per married couple and 300.00 each child), but it most likely will not come in time for our trip, so we could actually use it for home remodeling. (I would rather spend it at Disney, LOL)

RescueRanger
01-25-2008, 09:23 AM
There seems to be a lot of misinformation going on about this subject. The 2001 checks that people received were ADVANCE payments on a tax credit. It just reduced your tax burden and it was NOT considered taxable income. I found a site that had a better description of the 2001 package. Try www.unclefed.com/Tax-News/2001/nrfs01-09.html They are not even calling the new package ADVANCE payments, so it is probably not even going to be like the 2001 package. However, even if it is, it will not cost you money or reduce your return for next year. So, I say enjoy the money the government is giving you and spend it on WDW. I could think of worse things to do with it.

pyrxtc
01-25-2008, 10:11 AM
Mine would be spent before we went ona video camera so we could capture some of the vacation on video. The rest would be spent on dining.

MickeyNicki
01-25-2008, 10:18 AM
Spa day baby, at the Dolphin, followed by a nice dinner at Il Mulino. We are going to add it on to our Oct trip

overit
01-25-2008, 11:20 AM
Well, actually it will cover my WD hopper passes, and probably have about $350 left which will be used for meals.
So the only thing I have left is hotel and souvenirs. Which I'm putting away some of my tax refund for. There, not out of pocket expenses LOL COOL

Ok, here's a really stupid question, the way everything is worded makes me so annoyed....they say $600 for individual then $1200 for marrieds and $300 per child (family) but it's listed UNDER the $1200 for marrieds...now I know this is probably dumb but as a single parent, I would receive the $600 for me and $300 each for child as well right, not only just marrieds receive the child amount correct?

Grumpy's_Gal
01-25-2008, 11:20 AM
Rescue Ranger is correct...

***************

From: http://www.baltimoresun.com/business/bal-te.stimulus25jan25,0,7365441.story

Most workers - those who will pay at least $600 in federal taxes for 2007 - would receive a $600 rebate if they filed individually and $1,200 if they filed a joint return. Unlike a similar stimulus program in 2001, the money is an outright payment, not an advance or offset against the next year's tax filing.

The rebate checks would be increased by $300 for each dependent child, without limit. That means a couple with four children and taxable income of $100,000 after deductions would receive $2,400. The rebates are not taxable.

Payments would be phased out for individuals with more than $75,000 in taxable income, and joint filers earning more than $150,000.

***************

Sorry, I don't know how to post a link, but if it doesn't work you can copy and paste to read it.

Lori

H.E. Pennypacker
01-25-2008, 11:23 AM
Nowhere because I'm probably not going to get one.

PrincessTiffany
01-25-2008, 12:16 PM
Rescue Ranger is correct...

***************

From: http://www.baltimoresun.com/business/bal-te.stimulus25jan25,0,7365441.story

Most workers - those who will pay at least $600 in federal taxes for 2007 - would receive a $600 rebate if they filed individually and $1,200 if they filed a joint return. Unlike a similar stimulus program in 2001, the money is an outright payment, not an advance or offset against the next year's tax filing.

The rebate checks would be increased by $300 for each dependent child, without limit. That means a couple with four children and taxable income of $100,000 after deductions would receive $2,400. The rebates are not taxable.

Payments would be phased out for individuals with more than $75,000 in taxable income, and joint filers earning more than $150,000.

***************

Sorry, I don't know how to post a link, but if it doesn't work you can copy and paste to read it.

Lori

I also think this info is correct. I called my best friend this morning, who is a CPA, and she said that since we file jointly and I don't work and my husband's income comes in just under $150,000 and we have four kids we should get a check for $2,400.00 She said we would most likely have to pay state taxes on this of about $240 to $350.00. That still makes it a pretty good payment.

jberry5
01-25-2008, 12:19 PM
I also think this info is correct. I called my best friend this morning, who is a CPA, and she said that since we file jointly and I don't work and my husband's income comes in just under $150,000 and we have four kids we should get a check for $2,400.00 She said we would most likely have to pay state taxes on this of about $240 to $350.00. That still makes it a pretty good payment.


That would be interesting. I guess it will depend on how they classify this payment. And I sure hope these reports are correct, and it is in fact a rebate, and not the advance the '01 "rebates" were. If they are saying it's a rebate of federal income taxes, I can't see how that is going to cause it to be taxable at all, unless you're in a state or locality that allows a deduction for federal taxes paid, and then would have to add this rebate back now, since you would have deducted it previously.

(EDITED AFTER SOME THOUGHT) I think your friend is likely correct. I was just thinking about how these are going to be given out, and they are going to anyone who had $3,000 or more in earned income, not necessarily taxable income. Someone making $3,000 who is not a dependent is not going to be paying any federal taxes, so upon second glance, I'm starting to think these won't be considered a rebate of previous federal income taxes paid, rather some other sort of federal payment. Then it would be up to each state and/or locality to decide if they are going to tax it or not (and who knows, maybe it will be taxed federally as well, when that time comes, can't wait if that happens (heavy sarcasm)).

jberry5
01-25-2008, 12:24 PM
There seems to be a lot of misinformation going on about this subject. The 2001 checks that people received were ADVANCE payments on a tax credit. It just reduced your tax burden and it was NOT considered taxable income. I found a site that had a better description of the 2001 package. Try www.unclefed.com/Tax-News/2001/nrfs01-09.html They are not even calling the new package ADVANCE payments, so it is probably not even going to be like the 2001 package. However, even if it is, it will not cost you money or reduce your return for next year. So, I say enjoy the money the government is giving you and spend it on WDW. I could think of worse things to do with it.

Hopefully, that is correct, and these will truly be rebates this time. I don't think anyone was saying the '01 "rebates", were taxable income. But if these payments are handled as those were, it would reduce your return next year. When this happened before, the majority of married couples received $600 (if I recall correctly). When they did there return for that year, the calculated their taxes as they normally would, and let's say it showed a $1,000 overpayment, in that case they would have received a $400 refund. A couple that calculated a $100 refund, would have actually had to pay in $500. But as I said, hopefully this article is accurate, and this is truly a rebate this time and not an advance. To me the advances just give people a false sense of a windfall.

H.E. Pennypacker
01-25-2008, 01:10 PM
She said we would most likely have to pay state taxes on this of about $240 to $350.00. That still makes it a pretty good payment.

I'm certainly no tax expert, but I thought the state taxes were based on your federal adjusted gross income. At least they are in Illinois. So if you don't have to claim this check as income on your 1040, that means it wouldn't be part of your federal adjusted gross income and thus wouldn't carry down to the state taxes either. I've never claimed a federal refund on my state taxes in the following tax year. This is essentially the same thing as a federal income tax refund check, so I can't see why it would have any bearing on state taxes. Does anyone know for sure?

PrincessTiffany
01-25-2008, 01:26 PM
I'm certainly no tax expert, but I thought the state taxes were based on your federal adjusted gross income. At least they are in Illinois. So if you don't have to claim this check as income on your 1040, that means it wouldn't be part of your federal adjusted gross income and thus wouldn't carry down to the state taxes either. I've never claimed a federal refund on my state taxes in the following tax year. This is essentially the same thing as a federal income tax refund check, so I can't see why it would have any bearing on state taxes. Does anyone know for sure?

Okay, I have to state that I am fiscally/financially/tax law challenged and in no way claim to have a definite answer on this issue. But, I believe, in the State of Alabama, we do have to claim federal income tax refunds on our tax returns. My friend, the CPA, did tell me she was going to have to delve further into this matter to see if we had to pay anything back on this. We just had a very short conversation about this on the phone (and her baby was screaming in the background) and she was in no way speaking to me as a client.

bdcp
01-25-2008, 02:24 PM
Nowhere because I'm probably not going to get one.

Us either. What I find interesting is what we make where we live is middle to upper middle income. Somewhere like mid america we'd be upper upper middle compared to what the cost of living is so that's one thing that people forget when they talk income limits. Geez, in the town I was born in we could buy the same-sized home we have where we live now for 1/3 the cost. The tax rebate is simply a way to make people think something is being done. It's not the government's responsibility to attempt to fix the economy which it won't. My guess is there are many people who qualify and live in just as large a home as I do, have just as much debt, as many cars, etc (and debt payments are the same percentage of their incomes as ours), but because of where they live, they qualify for it by income alone. A true rebate to taxpayers would go to every taxpayer, regardles of income.

But, since we're considered rich, I guess I better go buy the Mercedes and get rid of the Honda.:rotfl:

H.E. Pennypacker
01-25-2008, 03:06 PM
Us either. What I find interesting is what we make where we live is middle to upper middle income. Somewhere like mid america we'd be upper upper middle compared to what the cost of living is so that's one thing that people forget when they talk income limits. Geez, in the town I was born in we could buy the same-sized home we have where we live now for 1/3 the cost. The tax rebate is simply a way to make people think something is being done. It's not the government's responsibility to attempt to fix the economy which it won't. My guess is there are many people who qualify and live in just as large a home as I do, have just as much debt, as many cars, etc (and debt payments are the same percentage of their incomes as ours), but because of where they live, they qualify for it by income alone. A true rebate to taxpayers would go to every taxpayer, regardles of income.

But, since we're considered rich, I guess I better go buy the Mercedes and get rid of the Honda.:rotfl:

That's funny because I just finished emailing my DW saying how, on paper, if we lived somewhere else we'd probably be considered upper-middle to upper income. Yet she's driving an 8 year old SUV and I'm driving a 3 year old Hyundai because that's what we can afford after we factor in the cost of housing, student loans, the property taxes, the income taxes, etc. And what got me is - as I filled out my 1040 - I realized that if we were still living in an apartment and had no mortgage interest to deduct, I would have ended up owing the federal government even more than I already paid them, and still not be entitled to any of this wonderful little tax rebate that isn't going to do a darn thing to stimulate the economy. Like you said, it's an illusion that our illustrious Congress (who apparently can act on something quickly when they want to) is actually doing something for us - when they're not busy investigating really important issues like steroids in Major League Baseball. Hey wait a minute - it's an election year, isn't it? Nah, what am I thinking. I'm sure that it's merely just an ironic coincidence.

TinaLala
01-25-2008, 03:08 PM
IF I had to spend it on my Disney trip I would definitely upgrade our resort!

I don't want to stay at ASMovies - I'd rather stay at the Beach Club!!

Or I would use it on a dinner off of the dining plan.

Zippa D Doodah
01-25-2008, 03:30 PM
That rebate will go a long way toward helping pay for a 15th anniversary trip DW will probably take later this year.

PrincessSuzanne
01-25-2008, 03:44 PM
Well, I don't think they can even get everybody to agree on it yet, so as the saying goes "Don't count your chickens before they hatch"

Suzanne

PrincessTiffany
01-25-2008, 03:59 PM
Well, I don't think they can even get everybody to agree on it yet, so as the saying goes "Don't count your chickens before they hatch"

Suzanne

My level-headed, cost consious thrifty husband said the same thing to me last night. I'm already spent it on 10 different things in my mind. Whew, I'm glad I married that man! lol

PrincessSuzanne
01-25-2008, 04:11 PM
My level-headed, cost consious thrifty husband said the same thing to me last night. I'm already spent it on 10 different things in my mind. Whew, I'm glad I married that man! lol

That is funny, cause I am the level headed one in our house, but I still want to use some of it to go towards a Disney trip, but until I see mine in the mailbox, I won't get my hopes up. If we get it, I will make sure to pay a few bills with it :rolleyes: My Dh hasn't mentioned it, so maybe he hasn't noticed, although we would only get $1200, cause we have no children, but that will go a long way.

Suzanne

A_NY_Outlaw
01-26-2008, 09:49 AM
If I was able to spend it all at Disney I'd either upgrade to the best available Savannah view room at AKL or a Tower view room overlooking MK from the CR. I'm sure that would eat it all up right there.

karenklo
01-26-2008, 12:43 PM
I plan on using it to upgrade my room at the dolphin!!!:cool1:

stellablue
01-26-2008, 01:10 PM
Well, in actuality, if we qualify for one, we'll need to set it aside for our upcoming move out west, but if I did use it towards WDW, it would without a doubt be towards a room and hotel upgrade. I would pick a deluxe with a fabulous room!

Talking Hands
01-26-2008, 05:02 PM
I'd be hitting the stores for some more snow glosbes for my collection.

scheddj
01-26-2008, 05:33 PM
I believe we may try to have a meal with Cinderella.

Mickey'sApprentice
01-26-2008, 05:33 PM
We should get a $1,200 rebate since we made less than 150K and have no kids. It will probably go into a CD for now to get some interest. It will probably then go for DVC maint. fees and pay for plane tickets or park tickets for our next WDW trip.:surfweb:

binwinbinwin
01-27-2008, 07:14 PM
It would be great to use the money on a hotel-hopping vacation with nites at Polynesian, Grand Floridian, Wilderness Lodge, Contemporary...

jberry5
02-08-2008, 12:11 PM
UPDATE

Here's an article from today, and it looks like my fear may be correct, assuming this article is correct. These "rebates" will affect your 2008 returns, by reducing refunds or increasing amounts due. After giving this some thought, I really, really hope this article is not correct. This will cause an absolute mess come filing time for 2008 returns. A tax advance, but this time, no tax reductions going into effect as they had the last time checks like these were issued.

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx

slug
02-08-2008, 12:29 PM
UPDATE

Here's an article from today, and it looks like my fear may be correct, assuming this article is correct. These "rebates" will affect your 2008 returns, by reducing refunds or increasing amounts due. After giving this some thought, I really, really hope this article is not correct. This will cause an absolute mess come filing time for 2008 returns. A tax advance, but this time, no tax reductions going into effect as they had the last time checks like these were issued.

http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx


You're correct. The media did a very poor job of getting this point across. Everyone thinks this is free money coming their way or a tax reduction for 2007. In reality, it is simply an advance on your 2008 refund and will be used in the calculation of your 2008 tax bill. People should know that before they spend it.

rentayenta
02-08-2008, 12:37 PM
My $1,200 would go for 3 nights at the Poly. :thumbsup2

jberry5
02-08-2008, 12:45 PM
I sure hope there's more to it. Imagine this example:

Taxpayer A earns more than $3,000, but falls just below the standard deduction and exemption amounts, has no withholding and does not need to file a 2008 tax return. During the summer of 2008, Taxpayer A receives a $600 tax rebate check. Since Taxpayer A is not required to file a 2008 return, Taxpayer A does not have to pay the $600 back.

Taxpayer B makes $100 more than Taxpayer A, just barely causing them to have taxable income of $100. They had no federal withholding on their paychecks. Taxpayer B receives a tax rebate check of $600 during the summer of 2008. Taxpayer B files a 2008 return, indicating they have $100 taxable income, resulting in federal income tax of $10. Taxpayer B has to pay their $10 tax, plus their $600 tax "rebate", for a total of $610 back.

I hope if the article is correct, those whose acutal tax calculated is less than the amount of their rebates will not have to pay that back in. The other concern I have is for large young families, where maybe dad goes out to work, mom stays home with the 4 kids, and suddenly, they could receive a tax bill that causes them great financial distress.

momtosam
02-08-2008, 12:51 PM
I'll be putting it toward the balance on my DISNEY VISA@!

Magic4Four
02-08-2008, 12:55 PM
I think I would let my wife take it over to the spa at SSR and go crazy. A happy wife means a happy husband.

Amirah95
02-08-2008, 01:04 PM
I'd totally buy another set of theme park tickets which will last us until 2010. :goodvibes

MickeyNicki
02-08-2008, 01:07 PM
For our Oct trip, the night Safari at the AK for club level guests, spa day at Saratoga Springs, Cirque de Soleil and a few nice dinners somewhere!

slug
02-08-2008, 01:29 PM
I sure hope there's more to it. Imagine this example:

Taxpayer A earns more than $3,000, but falls just below the standard deduction and exemption amounts, has no withholding and does not need to file a 2008 tax return. During the summer of 2008, Taxpayer A receives a $600 tax rebate check. Since Taxpayer A is not required to file a 2008 return, Taxpayer A does not have to pay the $600 back.

Taxpayer B makes $100 more than Taxpayer A, just barely causing them to have taxable income of $100. They had no federal withholding on their paychecks. Taxpayer B receives a tax rebate check of $600 during the summer of 2008. Taxpayer B files a 2008 return, indicating they have $100 taxable income, resulting in federal income tax of $10. Taxpayer B has to pay their $10 tax, plus their $600 tax "rebate", for a total of $610 back.

I hope if the article is correct, those whose acutal tax calculated is less than the amount of their rebates will not have to pay that back in. The other concern I have is for large young families, where maybe dad goes out to work, mom stays home with the 4 kids, and suddenly, they could receive a tax bill that causes them great financial distress.


I'm pretty sure in the above example, Taxpayer A would receive $300. Taxpayers who earn 3k but don't owe fed income tax get $300, not $600.

Taxpayer B's fed tax burden would be $10. He'd owe $10, but I don't believe he'd have to pay back the $600.

However, someone who gets a check for $600 who is due a 1200 rebate XEXT year will have the $600 rebate deducted.

In other works, I don't think that you have to pay back MORE next year, which is why they give you less if you earned 3k but paid no taxes.

I think we're all in the dark a bit and hopefully we'll get some more answers in the coming days.

jberry5
02-08-2008, 01:34 PM
Thanks for catching that, yes $300 for the person who doesn't file. Right now this isn't too big of a deal, but I do have some clients that this could really affect, and it would be nice to be able to advise them with more accurate information, instead of them just getting a shock come next year.

TheRustyScupper
02-08-2008, 02:06 PM
1) The best place to spend is TheRustyScupper USA Stimulous Transactional - Meaningful Enhancement
2) Together, we can further the local economy.

Anjelica
02-08-2008, 02:06 PM
From everything I have read these will NOT be like the 2001 tax "refunds" because 1) these are based on 2007 taxes filed by April 15th AND 2) People who don't even pay taxes WILL get some of the money.

kimluvswdw
02-08-2008, 06:45 PM
I would splurge a little more on items from the stores. I would like to try some of the sit down meals as well. This all sounds good, but I have to pay bills with it so this will never happen.

jberry5
02-08-2008, 09:08 PM
From everything I have read these will NOT be like the 2001 tax "refunds" because 1) these are based on 2007 taxes filed by April 15th AND 2) People who don't even pay taxes WILL get some of the money.


Anjelica, that's what I had thought as well, but then I came across that story today that I linked above. The 2001 "refunds" were also based on the prior year filings.

M-I-C-K-E-Y
02-08-2008, 09:13 PM
Perhaps a beautiful piece of original artwork, done at the Grand Floridian, of the kids... Most of you know the type I'm referencing - not the "cartoony
ones done at most other resorts, but the wonderful but pricey ones at the GF.

Anjelica
02-08-2008, 11:38 PM
Anjelica, that's what I had thought as well, but then I came across that story today that I linked above. The 2001 "refunds" were also based on the prior year filings.

While I am not a huge fan of cnn I think they had the best write up regarding the "rebates" (http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm?cnn=yes)


Do I have to pay the rebate back?

No. And here's why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

catsrule
02-09-2008, 12:33 AM
In the junk shops.:laughing:

dck12ga
02-09-2008, 06:37 AM
I do not think people realize that it is not free money... It is the money you would be getting back for your taxes for 2008. So what happens in 2008 when I am filing my taxes, do they tax that money??:confused3

jackskellingtonsgirl
02-09-2008, 07:02 AM
I do not think people realize that it is not free money... It is the money you would be getting back for your taxes for 2008. So what happens in 2008 when I am filing my taxes, do they tax that money??:confused3

No. Read the link to CNN that Anjelica posted above.

IF I am understanding this correctly the "rebates" are an advance CREDIT. It is money that would have been ADDED to your 2008 REFUND. But they are giving it you you early. "Based on 2007 return" means they are using that info for your income and the number of qualifying children you have.

So when you file for 2008 there will be some sort of line that says "Stimulus Credit" where you add whatever you are "entitled" to, then you will have to subtract off whatever your check was for. For example:
DH and I both work and come in under the income cap, so we get $1200. DS adds another $300, giving us $1500 in credit. So I put $1500 on that line. Then it will probably say "Subtract amount of rebate check from 2007" so I will subtract $1500 and it cancels itself out.

It should NOT reduce your refund and it should NOT be added in as taxable income. IF I am reading it correctly.

We already had a 16 night trip booked for August, so we'll just toss the check into the fund for that. :)

jberry5
02-09-2008, 09:00 AM
Having re-read the link I posted and then the CNN makes me feel a bit better about this. I think it is what Anjellica & jack are getting at (at least I hope so), in that it will be a one-time tax credit, which if you don't get a check this summer, you would see show up on your 2008 return (assuming you qualify). If you do get the correct amount, the check you receive this summer will zero-out with the credit you get on the '08 returns. If you get too little this summer, you'll get the difference with your '08 return. And if you get too much, I'm reading it as if you won't be asked to pay any of that back, but perhaps that's just for the very low-income persons. So in a sense, it is like the '01 rebates, where we were issued checks in advance for the creation of the 10% tax bracket. That's where the confusion was for myself, as there have been no talks about any new lowered tax brackets, or expansion of the current brackets to higher thresholds. This time we'll receive the checks in advance for a one-time tax stimulus credit. But don't anybody come back in '09 and blame the DIS if this info changes, you never know with the IRS.

:eek:

fruitcake
02-09-2008, 01:38 PM
I started talking to DH about these rebates a couple of days ago and on the way home the other night he told me what he wanted to do with the money. Take a 2nd WDW trip this year!!! We just got back from a couple day stay. I would love to be able to go during Magical Beginnings in Sept/Oct. Plus, we have to get in as many trips as possible before DD turns 3....NEXT May!!

Tink-n-Belle
02-09-2008, 01:43 PM
$1800 could get me another trip to Disney this year!!!:cool1: .

disneynan
02-09-2008, 02:39 PM
We should get $2100 if it comes in as planned. I would LOVE to spend some at V&A during our next vacation, but we will put half in savings and use the other half for bills.

collcass
02-09-2008, 02:51 PM
I would be going to WDW with that money :). We are not doing any vacations this year because we have 3 weddings (all of which my wife is matron of honor) and we are planning to put a deck on our house


We had at least 9/yr for the past 3 years. We were in 19 of them. :scared1:

ETA: The "rebate", for us, will pay our July mortgage so that we aren't worrying about it in WDW! The rest of it will be put in savings.

cowtownmom
02-09-2008, 03:01 PM
It will help out with splurging on a few more character meals than we would have done!

mom2zandjsquared
02-09-2008, 03:09 PM
I think I will spend my tax rebate well actually on saving it as one day before my DD starts Kindergarten my DH promised a trop to DL and everything out there. I guess my rebate will be $2100 since I have three children and they are all equal to $300 each on top of the $1200 or did this change?!?!

Tigger22
02-09-2008, 03:14 PM
IMHO, the tax rebates are the stupidest thing ever. That being said, I'd put ours into our money market and let it earn some interest - to possibly be used toward next year's trip. For me, it doesn't make sense to run out and spend money that you may need if the economy keeps going the way it is...but then again, I don't owe any money on anything but our house. It's the only way I sleep soundly at night, but that's just me!

I don't think we'll qualify though. My manufacturing plant is closing and I got a severance package in June of 2007 that I think puts us over the limit. A one time boost in our income, and it will work against us for this.:eek: Oh well. :)

M-I-C-K-E-Y
02-09-2008, 05:01 PM
I think it's all rather funny. The U.S. Government gives us money, then we give it to Disney. One way to look at this is that the U.S. Government is funding Disney through us... :laughing:

A_NY_Outlaw
02-09-2008, 09:11 PM
Well if it's true about these rebates being an advance on 2008 income taxes, my wife and i may want to re-consider spending it. We like the current arrangement of getting a nice check return annually after taxes. If this will mess that up for next year- we don't need the money that bad....sure it would be nice to have (especially with the vet bills we been having lately) but we might want to think about it first and get all the facts.

BabyPiglet
02-09-2008, 09:13 PM
We will be using ours for plane tickets to Disney, among other things. :)

letthewookiewin
02-10-2008, 03:19 AM
Oh the many ways I would love to spend it on our WDW trip. I would add a dinner at Fulton's Crab House. My DS's would each get extra spending money. I bring back more Christmas stuff for our family to give them as Christmas presents.