Will I receive a rebate beneath Bush's untried excise stimulus plan?
Will an individual making $7,000 a year, but still claimed as a dependent on their parents taxes receive a rebate with Bush's economics stimulus plan?Answers: If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit lower than the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, within 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you hold taxable income in 2008, you will see a import tax cut when you file contained by 2009.
No, dependents aren't eligible for the rebate.
Hey how going on for if they claim me as dependent?
facts. im a 25 year old...lived beside my parent entrie year...
full time student
if they claim me as dependent do they get that money or is a short time ago deductible..or is better to claim myself?
Answers: If they claim you as a dependent they don't get any money stern per say. You are used as a due exeption (deduction) which lowers their tax liability. You can directory taxes on your own but you have to report to your tax preparer that you are a dependent of another due payer.
In regards to you file taxes, you have to hold earned income and every person's situation is different. I told my son to wallet his own taxes from the moment he turned 18 years old because of various reasons that would benefit him but this may not be your grip.
Depending if you did make any money or not. if you did not sort any money at all its better they claim you if they can (they will procure some tax break).
if you made 5k to 10k i would receive a good size settlement so it's better to do your own taxes
Since you are 25 years old, your parents can not claim you as their child - unless you are disabled...
They might know how to claim you IF you made less than $3,500 and they rewarded over 50% of your support in 2007.
There are seven test that you have to go beyond in direct to be able to claim what is call a Qualifying Relative. If your parents can answer yes to all seven of these question, then they can claim you. If the answer is no to any one examine, then they cannot claim you.
1 - No other creature will claim the taxpayer (in this case - your parents) as a dependent.
2 - The dependent (in this skin - you) is not filing a married file joint excise return.
3 - The dependent is a US citizen or lived in the US adjectives 12 months.
4 - The dependent is a child, a child's descendant, a sibling, a sibling's nouns, a parent, an ancestor, a step-child/parent/sibling, a child/parent/sibling-in-law or the person lived surrounded by your household for all 12 months of the year.
5 - The dependent cannot be claimed as a dependent by their parents.
6 – The dependent earn less than $3,400 contained by 2007.
7 – The taxpayer provided more than 50% of the dependents support.
If you are 25, your parents can't claim you if you have income of $3400 or more for the year. Then they can claim you as a qualify relative if they provide over half of your support for the year, and thieve an exemption for you. You're too old for them to grasp any of the credits that people sometimes return with for a child.
They'd get a $3400 exemption for you, which channel that much would be subtracted from their income before their tariff is calculated - it doesn't mean they in truth get that much money. Their levy savings are probably more close to $500-800, which doesn't come close to what it costs them to support you.
If you make over $3400 for the year, after they can't claim you.
How much do you bring if you claim your 1 year feeble on your taxes?
ArizonaAnswers: Go to the H&R Block tax calculator, enter your background and get a virtuous estimate of your taxes and refund:
http://www.hrblock.com/taxes/tax_calcula...
The other child tax credit is a refundable credit base on the amount of the child tax credit. It IS possible to draw from less than $1000 between the child due credit and additional child due credit. Depends a lot on your AGI and file status.
Without that I have no concept what your EIC might be.
No way to really recount, it depends on your income, marital status, other dependents if any, whether the child lives beside you, whether you have child thinking expenses so you can work, and a few other things - could be anywhere from zero to thousands of dollars.