Thursday, March 20, 2008

Economic Stimulus Rebate Package

These days there is alot of talk about this stimulus package on the web, news, and even in our homes!

I just wanted to touch on a couple of things in regards to it that keep coming up, basically spreading the word around!

First, is the stimulus package a loan?

I am one of those who thought at first that it was going to be a loan and that my refund for my 2008 taxes would be smaller. However, it is not a loan it is a rebate and it will not effect my refund next year! On top of it being a rebate it is also not taxable, and will not effect your income any should you be applying for food stamps or welfare. Gather Little by Little posted about this very topic the other day and did a very good at explaining things along with referencing the IRS FAQ about the stimulus package.

Secondly, when can we expect to receive our rebate?

While I was reading Thrifty Florida Mama, I found that on Monday, the IRS sent out an "news bulletin" with the schedule!! You can read about here or here! The IRS also has a link in the article where you can use an online calculator to find out how much of a rebate that you will be receiving.

If you have any other questions about this package, hopefully you will be able to find them over on IRS FAQ-stimulus package page.

Other articles to check out are: MarketWatch, and CCH Group--Tax Briefing

I hope that this helps you to understand things about the stimulus rebate package a little more!

As a side note, hubby and I haven't totally decided how we are going to spend our rebate. We have talked about several different options from putting it all in savings to using all of it on debt to doing a combination of savings, debt, and spending it on house repairs.

1 comment:

Cajunchic said...

Thanks for posting this. I was able to figure out how much we are getting back. Hubby and I already decided that we are using our to purchase our 9 year olds school books for next year and to do some much needed repairs on our van so it will last even longer.