what are you going to do with stimulus payment

[jIM_Ohio]

That should pay for diapers and formula for a week or so.

Probably bigger ticket items we don't get at baby shower- like mattress for second crib, breast pump or similar.

Diapers come out of my IRA budget (cut down IRAs to pay for diapers). The money I make from soccer will now fund IRAs (it was just banked before).

We also got 3k back from federal refund in 2007, so adding 6k to that (3k exemption for each kid) 9k=$700/month, and that would go a long way towards funding diapers or IRAs as well.

With wife in hospital now, the overall budget has not been discussed yet.

[KellyB]

Since I will probably get it in June, I will probably use it on vacation funds. If it isn't needed for that, I will either save it for Christmas or send it off to pay towards my HELOC. Mine will be around $775, since I am just over the cap but I do have a child.

[simpleyme]

all "found" or "extra " money goes to my mortgage

[SnoopyCool]

Part savings, part student loan. Just not sure how to divide it up yet.

[PrincessPerky]

paying for the delivery of this kid.

[humandraydel]

Savings. Although really it's replacing the $600 I spent on a 40" LCD HDTV. So I'm doing my part to stimulate the economy. Sort of.

[aurielle]

We won't even see it. We'll just get a nice letter from the gov't saying they intercepted it and applied it to back child support owed. Which is fine, that will help pay it off that much faster.

[getforfree]

I will treat is as an extra paycheck or bonus. All the income that exeeds my spending goes to savings and EF building.

[PauletteGoddard]

just wondering what are you going to do with stimulus payment?

Transfer it into yen, francs, silver, CAD and euros.
Or spend it on five weeks of full-time childcare this summer.

[zakity]

We are throwing it in our EF. Some of it might be used for a vacation this summer. We are talking about taking a trip down to see some of DH's relatives.

[Tree0164]

It will go towards our car downpayment fund. We will probably be buying a new to use car later this year.

[MonkeyMama]

Probably bigger ticket items we don't get at baby shower- like mattress for second crib, breast pump or similar.

We also got 3k back from federal refund in 2007, so adding 6k to that (3k exemption for each kid) 9k=$700/month, and that would go a long way towards funding diapers or IRAs as well.

With wife in hospital now, the overall budget has not been discussed yet.

Oh, I just caught this. You don't get $3k cash back for each kid. You take the exemption and multiply it by your tax rate to see how much you get back. ($7000 * 25% = about $1700 tax reduction for this year).

Then you get the child tax credit at $1k per pop. So add another $2k for that.

It's more like $4k than $6k. (Though certainly not bad).

Of course, if your income is over about $110k, then you don't get all the tax credits. So there is a lot to consider in figuring how much your taxes will lower with twins.

[jIM_Ohio]

Oh, I just caught this. You don't get $3k cash back for each kid. You take the exemption and multiply it by your tax rate to see how much you get back. ($7000 * 25% = about $1700 tax reduction for this year).

Then you get the child tax credit at $1k per pop. So add another $2k for that.

It's more like $4k than $6k. (Though certainly not bad).

Of course, if your income is over about $110k, then you don't get all the tax credits. So there is a lot to consider in figuring how much your taxes will lower with twins.

AGI is 103k, taxable income is ~62k.
Which income is used to calculate the credits?

[tabbycat31]

going towards my Roth IRA for 2008. I don't think I can max it out, so any "found money" will go towards it.

[tifnglen]

AGI is 103k, taxable income is ~62k.
Which income is used to calculate the credits?

Not a CPA-but i think taxable is used for credits

I believe AGI comes from Income Minus Deductions but