Will those on welfare be eligible for the import tax rebate?
I know that middle and lower class families will.. but will those on welfare?Answers: I don't consider anyone receiving welfare are eligible unless they file a tax return for earn income. The rebate will not effect any future import tax refund you are entitled to, so the personage is wrong.
Who gets a rebate? Most those who pay taxes or earn at most minuscule $3,000, including through Social Security or veterans' disability benefits. Singles making more than $75,000 and couples with income topping $150,000, however, will attain smaller checks, up to the top limits for any rebate: incomes of $87,000 for individuals and $174,000 for couples.
To take any rebate, you must file a 2007 due return and have a valid Social Security number. If you already file your 2007 return, the IRS says you don't have need of to do anything extra.
Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples, with an extramural $300 for each child.
People earn too little to pay taxes but at lowest possible $3,000 — including elderly people whose one and only income is from Social Security and veterans who live on disability payments — will get $300 if single, or $600 if a couple.
If the soul on welfare also has income from working, after yes they'd be eligible for the rebate, otherwise no.
For 2008 there will be a charge cut - the rebate is an advanced payment of that. If you achieve the rebate now, you won't achieve extra money next year from the export tax cut. You get it any now or subsequent year, not both.
IRA Contribution, Can I.?
I understand that one cannot create IRA contributions after age 70 1/2. I will be 70 1/2 yrs old within a week. I qualify and have newly made my Maximum contribution for the 2007 tax year. Assuming I gather round all of the other requirements, will I know how to contribute the Maximum for the 2008 tax year if I stroke this week, before I am 70 1/2 years matured ?Answers: You must not reach age 70 1/2 at ANY time during the year for which the contribution is made.
So you cannot contribute for 2008 since you will accomplish 70 1/2 in 2008.
Government Check?
Will the check come by itself or is it included in your excise refund check?Answers: They are totally separate from tariff refunds, so no, they won't be contained by the same check. The bill be signed into law today by Pres. Bush, so the checks will start coming surrounded by May. And I've paid taxes longer than any of you, but adjectives I get as a Senior Citizen living on Social Security, is a measly $300. Everyone else get $600 or more.
It's separate.