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

[PrincessTiffany]

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]

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 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]

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]

I plan on using it to upgrade my room at the dolphin!!!

 

[stellablue]

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]

I'd be hitting the stores for some more snow glosbes for my collection.

 

[scheddj]

I believe we may try to have a meal with Cinderella.

 

[Mickey'sApprentice]

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.

 

[binwinbinwin]

It would be great to use the money on a hotel-hopping vacation with nites at Polynesian, Grand Floridian, Wilderness Lodge, Contemporary...

 

[jberry5]

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]

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]

My $1,200 would go for 3 nights at the Poly.

 

[jberry5]

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]

I'll be putting it toward the balance on my DISNEY VISA@!

 

[Magic4Four]

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]

I'd totally buy another set of theme park tickets which will last us until 2010.

 

[MickeyNicki]

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]

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]

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.

 

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