I am skeptical that the proposed economic stimulus package will do anything to stimulate anything. There is always a catch - it is not really free money at all. But.... this is just my opinion. For what it's worth, I intend to invest our share.
My 19 year old son on the other hand - seems to know all about the proposal. DS never listened to the news or read the newspaper, but now - nothing like an offer of free money to a young man to whom money has always burned a very large hole in any pocket that he ever had! You'd never think we related by the way he handles money! His little sister is the opposite - very careful about money, watches prices and uses coupons, and saves most of her $$ (we'll see how she is as a teenager). DS lives on his own with roommates and is scraping by. Spring semester is starting next week and his work schedule will be decreasing to accomodate college. So every dollar is important. I pay for college and books but nothing else. I do provide care packages from time to time. DS had the great idea that if he lived on his own that there would be no rules to follow (surprise!) He is beginning to realize that there is very little time to party if you work and go to school. Hmm.. maybe he is growing up (a little).
Anyway, he has been calling me so that I could do his taxes (I use Turbo Tax for my own). He is supposed to visit tomorrow pm so I can start on them (and hopefully visit with his younger sister). One W-2 is missing and I told him to contact his employer regarding this issue. So, I can't finalize anything tomorrow. DS also seems to think he will get the $600. But everything I read indicates that he is probably at the low end of the spectrum (unless his job at the restaurant makes REALLY REALLY high tips). He did receive a form from the IRS showing the amount of tuition paid last year (although I actually shelled out the dough). I don't know at this point whether it is better for him to claim one of the available credits or for me to do so (although our income may be too high). Any tips?
Economic Stimulus or Not?
February 10th, 2008 at 08:09 pm
February 10th, 2008 at 08:52 pm
February 10th, 2008 at 09:31 pm
At some schools, he might be independent if he is not claimed on your taxes and might therefore be eligible for more financial aid.
(I have no idea how being independent for tax purposes would affect his health ins., if he is still on your policy.)
February 11th, 2008 at 09:30 am
On the other hand, if our government STILL insists on handing them out, I'm willing to stick that $600 into my emergency fund.
February 11th, 2008 at 07:49 pm