Talked to my tax advisor and...

[alan1973]

He told me the economic stimulus package was really just a loan borrowed against next year's return. I feel sorry for those folks that have to pay every year!
I am gonna put my money in a high yeild CD and make money off it

 

[inoverdrive]

From what i understand you just have to show it on your taxes next year as additional income. But who knows, its the government!

 

[Envydisnicca12]

you know i wouldnt be surprised seeing that it wouldnt be bush's problem by that time. i havnt heard anything along those lines as of yet but if it does go against my next year taxes i'll be hiding alot more money is the islands from now on

 

[Got Juice]

i will take 600$ in taxable income towards my 08 return for 600$ cash. I would assume the money is being borrowed from china, but not 100% on that.

 

[Sassy]

I was wondering the same... will we have to pay taxes on it in 2008, but we don't have too. I looked it up on the IRS.gov website. But I'm sure there is still a catch that we haven't heard of yet.

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. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

**broken link removed**

 

[slimjones]

there's no such thing as a high yield cd right now....interest rates are through the floor. I would throw it in a ROTH and invest it.....far greater long term returns then a CD...CD's wont even beat inflation now and probably not for the next 3-5yrs!