Based on the latest as of 2/7/08, are taxpayers with only unearned income elgible for the tax rebate?
Answers: Under the compromise bill passed by the Congress, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. Similarly, couples filing jointly would be eligible for a rebate up to $1200. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.
The Senate added a provision to grant $300 payments to seniors, disabled veterans and veterans' widows who could show $3,000 in Social Security or veterans' disability benefits last year.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
Make Smart Decisions With Your Stimulus Tax Rebate
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No. Anyone who payed taxes is elegible for the rebate, and there is a another level of rebates going to those who are on socail security or did not pay taxes.
No, as long as you make less than 75,000 for an individual and less than 150,000 for a couple.
Income taxes?
how can i find out who claimed my dependent?Answers: You can't find out who did. But if you and someone else both claim the same dependent, that soul and you will each receive a communication from the IRS telling you that two family claimed the same personality, and saying that whoever didn't enjoy the right to the claim needs to database an amended return dropping the claim - then if nobody does, they'll investigate and settle on who gets the exemption. The other party will have to settle back doesn`t matter what he got by making the claim he wasn't entitles to, near interest and possible penalties.
If you try to efile and someone else have already claimed your dependent, you can still claim them but you'll have to messages in your return.
Contact Your Local IRS Office
IRS Taxpayer Assistance Centers for when you believe your issue is best handle face-to-face.
Has anyone see the exact wording of the toll rebate bill?
It is my understanding that single taxpayers would receive "up to" $600. If you craft at least $3000 you go and get $300. What is unclear is the "up to" wording. Are they in reality saying you will receive the amount you remunerated in charge with a maximum of $600 and a minimum of $300 if you have at least $3000 income. For example if your total duty for the year was $500 is that what you would receive stern?This is not a personal tax put somebody through the mill. I just want to increase my ease of the tax bill.
Answers: Yes this afternoon I read the Economic Stimulus Act of 2008, which authorizes the duty rebates.
From my reading of the perform, I believe you are correct in your expertise. The act read in part of the pack:
Rebates will be in "an amount equal to the poorer of--
`(1) net income charge liability, or
`(2) $600 ($1,200 in the casing of a joint return)."
"the amount determined .. shall not be smaller quantity than $300 ($600 in the luggage of a joint return)"
Additional qualify data requires
"qualify income of at least $3,000." or.
And those single culture with over $75,000.00 of income would find their rebate reduced by 5%
To answer your example ask, from reading the act, I believe that if you have tax liability contained by 2007 of $500.00, then what you would receive for a rebate would be $500.00
The Act can be found at the U.S. Senate website. Not actual easy reading, but you can find it nearby if your interested.
You can read the full text of the Economic Stimulus Act of 2008 at the THOMAS (Library of Congress) site
http://thomas.loc.gov/cgi-bin/query/D?c1...
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`(1) IN GENERAL- In the shield of a taxpayer described in paragraph (2)--
`(A) the amount determined below subsection (a) shall not be less than $300 ($600 within the case of a pooled return), and
`(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualify children (within the meaning of piece 24(c)) of the taxpayer.
`(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer--
`(A) have qualifying income of at smallest $3,000, or
`(B) has--
`(i) net income charge liability which is greater than zero, and
`(ii) gross income which is greater than the sum of the core standard deduction plus the exemption amount (twice the exemption amount contained by the case of a collective return).
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