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

[Anjelica]

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]

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]

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]

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]

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]

In the junk shops.

 

[dck12ga]

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??

 

[jackskellingtonsgirl]

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??

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]

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.

 

[fruitcake]

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]

$1800 could get me another trip to Disney this year!!! .

 

[disneynan]

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]

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.

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]

It will help out with splurging on a few more character meals than we would have done!

 

[mom2zandjsquared]

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]

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. Oh well.

 

[M-I-C-K-E-Y]

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...

 

[A_NY_Outlaw]

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]

We will be using ours for plane tickets to Disney, among other things.

 

[letthewookiewin]

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.