Is the stimulus payment from the government just an advance on next years taxes?

Nope - it's a straight-forward payment from the government to you. Think of it as welfare for taxpayers.

It is YOUR MONEY!

I can't stand it when people make it sound like this is some type of "gift" from the government. That is PURE BS.

It is MY money, I just get to keep a little more of it this year than normal.

There, got that off my chest!!

Quote:

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Originally Posted by progunr

It is YOUR MONEY!!

I can't stand it when people make it sound like this is some type of "gift" from the government. That is PURE BS.

It is MY money, I just get to keep a little more of it this year than normal.

There, got that off my chest!!!

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Wow - I guess I hit a nerve! Sorry progunr, I didn't mean to imply that the stimulus is a gift. I was just trying to make it clear that the payments have no effect on your tax calculations for either 2007 or 2008. If you want to think of it as a partial return of taxes you paid in '07, or as a pre-tax cut for 2008 that's fine. But the reality is that payments have little to do with how much tax you paid (unless you meet the politicians' definition of rich - then you are disqualified from receiving a payment at all) and in fact are going to a lot folks who don't even pay taxes - such as low income people, and people on social security who aren't required to pay income taxes. Whatever it is, it is definitely not a rebate.

I didn't mean to attack anyone in particular, especially not you ebaines!

Anyone who paid in, more than the amount of the check they are going to receive, is getting
Their OWN money back.

That's all I meant.

Those who have more than $3,000 of qualifying income are eligible for stimulus tax rebate. They must file 2007 tax return even if they are not required to file.

For more info on stimulus tax rebate:
Tax News: Are you eligible for the 2008 Stimulus Payment?