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Old 02-06-2008, 04:37 PM   #21
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Originally Posted by Miss_Lala View Post
My co-worker is 24, and lives with her mother. She paid into federal taxes this year, but her mother mistakenly claimed her on her mother's taxes. She's wondering if she's going to be getting any of the tax relief since she did pay into taxes.
Also, even though her mother claimed her, is there any way that she can still claim herself when she files taxes?

Thanks in advance!
It seems that Mom needs to file an amended return. Here's a source: Frequently Asked Questions - 1.3 Amended Returns & Form 1040X

Then the daughter goes ahead and files her regular return.
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Old 02-06-2008, 04:50 PM   #22
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That's false. Most Americans have no credit card debt at all. A quarter of Americans don't even have a credit card.

Of the households that do owe money on credit cards, the median balance was $2,200 -- meaning half owe more, half less.

Only 8.3% of households owe $9,000 or more on their cards.

Source: The Big Lie About Credit Card Debt (MSN Money)
It's really hard to tell who's lying about what these days. But maybe some real numbers will roll some eyes.

According to the Federal Reserve revolving consumer credit for November 2007 was a whopping $937,500,000,000. That's 937.5 Billion, with a big B. If each one of us is an equal partner in this crime that's $3123.33 each.

FRB: G.19 Release--Consumer Credit--January 10, 2008
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Old 02-06-2008, 05:33 PM   #23
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Old 02-06-2008, 05:42 PM   #24
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The point is not that by sending out $600 checks, the people in Washington are doing something to solve the problem, it is that they are seen as doing something, regardless of whether it solves the problem.
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Old 02-06-2008, 05:47 PM   #25
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So what's everyone going to do with their rebate?

I plan on putting it in my checking account and then forget about it.
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Old 02-06-2008, 05:52 PM   #26
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So what's everyone going to do with their rebate?
I'm going to blow it on an ibond.
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Old 02-06-2008, 06:09 PM   #27
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So what's everyone going to do with their rebate?

I plan on putting it in my checking account and then forget about it.
I will use it for one of my vacations later this yr.
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Old 02-06-2008, 06:17 PM   #28
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Didn't pass in the Senate today.
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Old 02-06-2008, 07:09 PM   #29
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...The dispute has slowed down the stimulus measure, but there's no indication that it will delay rebate checks, which are expected to begin arriving in May. The rebates will be based on 2007 tax returns, which aren't due until April 15.
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Old 02-06-2008, 07:35 PM   #30
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What will I do? Donate every dime of the refund to Ralph Nader's campaign!! Everyone get on board!!
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Old 02-06-2008, 07:52 PM   #31
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...Ralph Nader's campaign...
Unsafe at any speed...
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Old 02-06-2008, 08:30 PM   #32
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Six hundred bucks?

I believe the French idiom is "pet-en-l'air". I'm not referring to the garment.


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Old 02-06-2008, 09:26 PM   #33
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A phfftttt in the wind, so to speak...
It bugs me that my kids are going to have to pay all this back so the politicians today can show the electorate they feel their pain. Anytime somebody wants to use my money to show me they feel my pain, I really get anxious...
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Old 02-07-2008, 12:40 PM   #34
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...The dispute has slowed down the stimulus measure, but there's no indication that it will delay rebate checks, which are expected to begin arriving in May. The rebates will be based on 2007 tax returns, which aren't due until April 15.
Based on 2007 returns? I hadn't read that but it's good news to me! Would you please post a link to the source?
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Old 02-07-2008, 02:24 PM   #35
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Am I missing something here? Wouldn't a jobs program to say rebuild the infrastructure like say passenger rail service be a better choice? I mean put people to work, pay a good wage, have them then pay taxes on the wages, get new passenger rail service going here in the country??

How does giving you me and the butler 500 dollars keep the country out of a recession?? Odd, To borrow more money to give it back to us??

I saw a piece yesterday showing how many people would spend the 500 or 600 dollar check. Something like 48% would pay off credit card debt. Well that is a good idea but most americans have close to 15K in credit card debt!!! 600 dollars might pay a month or two of P&I at a 2% principal payment of a 15K balance. Woof! What is it like to have credit card balances of upwards of 15 or 20K making 40K a year??
All good points.
But in all honesty, I believe that we're in the midst of a recession already (for the past 6-12 months).
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Old 02-07-2008, 03:52 PM   #36
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The economy grew every quarter last year...
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Old 02-07-2008, 06:10 PM   #37
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Based on 2007 returns? I hadn't read that but it's good news to me! Would you please post a link to the source?
Here's one:

My Way News - Senate Adds Aged, Vets to Stimulus Bill
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Old 02-07-2008, 09:22 PM   #38
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Thanks. I'm glad they added disabled Vets but am also glad that the Republicans blocked the Democrats plan to enlarge the rebate (and I'm a Democrat!). Some of the Demo's additions had nothing to do with the stimulus idea.

Overall I agree with this guy:

"We have to remember that every dollar being spent on the stimulus package is being borrowed from our children. And our children's children," said Sen. Judd Gregg, R-N.H., who voted against the bill.

But I would add that every dollar spent on this rebate is probably rolling off the printing presses this very moment.
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Old 02-07-2008, 10:01 PM   #39
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Am I missing something here? Wouldn't a jobs program to say rebuild the infrastructure like say passenger rail service be a better choice? I mean put people to work, pay a good wage, have them then pay taxes on the wages, get new passenger rail service going here in the country??

How does giving you me and the butler 500 dollars keep the country out of a recession?? Odd, To borrow more money to give it back to us??

I saw a piece yesterday showing how many people would spend the 500 or 600 dollar check. Something like 48% would pay off credit card debt. Well that is a good idea but most americans have close to 15K in credit card debt!!! 600 dollars might pay a month or two of P&I at a 2% principal payment of a 15K balance. Woof! What is it like to have credit card balances of upwards of 15 or 20K making 40K a year??
Yeah, that's what folks want people to believe.
We have a couple rewards credit cards that we use for everything we can. We do however PAY IN FULL every month (for more than 5 years now).
Guess what our "borrowing" was for 2007:
  1. Average: $3,638
  2. Maximum: $5,887
  3. Minimum: $1,986
They could ignore folks like us in reports that they do (about people owing $15k). But, it's probably a way for them to *sucker* people into keeping credit cards around.
And guess what else. We netted about $610 in rewards for buying things that we already planned on buying anyway (i.e. groceries, gas, utilities).

And as for people making $40k/yr. That is again a median (or possibly average). I'm not saying people aren't making this little, or that people aren't making more, but that's what the median (or even average) would be telling us.

Again, I'm not really for the economic stimulus plan, but I'll happily put it in my savings account for when they decide to raise taxes to help offset the increased national debt.
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Old 02-07-2008, 10:04 PM   #40
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The economy grew every quarter last year...

Yeah, but isn't that what they said about 2001 (when it was occurring)?
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