our will go to finsh our upstairs so the kids can have their own rooms. and we will have a new one free up a room for a den. YEA i can not wait!!! BEAN<><

 Bean, patience is a virtue. lol Babs

I checked "Put it in savings" because that's what we were going to do but DW later decided to take a summer class. This is a good investment because then she will be only two classes from her BA degree and then she can start looking for a job! LOL

 We'll use our $3000 on bills-mortgage, phone, credit cards- to kep going!

My Family's Interests:

I am not quite understanding the rebate checks

We have several posts and links here about this topic if you are interested in reading more about them. I am using mobile connection and already have several things running but if you'd like me to look those discussions and some links up later, I'd be happy to do that.

 

Thanks Brandy, I have read the posts in the past. It is just that I keep hearing two different stories. one that it is free money  and the other side it is a prepaidment of your next years tax refund so I wondered which was which :)

I am going to use my check to pay down my credit card debt.

Frugal2

We will mostly pay it towards debt but I will keep a bit of it in savings just because.

My understanding is that this is an advance on next year's assumed refund.  Last time they did this (2001 I think) was the same.  It was horrible that time for us!  They sent us the check for $600 and we thought great!  We really needed the extra money as we were struggling a lot then and had pretty low income.  Well, the next year, we were doing a bit better, though not great, and had to pay additional taxes as we didn't have many deductions/credits to take.  THEN we found out that we also had to pay back the $600 we had received the year before!  It was a huge tax bill and it took us months to pay off.

This time, we have a lot more deductions so it won't effect like it did that first year.  But still, it is misleading to say you are giving people a refund when you really mean it is a refund on what they haven't yet paid!  Situations change a lot in a year!

The last time was an advance on the future refund, the tax stimulus is not an advance this time according to the IRS.

"

Q. Is my Stimulus Payment taxable?

 A. No. You will not owe tax on your payment when you file your 2008 federal income tax return"

IRS Stimulus Information Center

 

We will put it in the savings account for now.  Will wait and see what comes up that we will need to expend the monies on in the future.  Not a real exciting way to handle this influx of money.