In the stimulus package bill, for what year are the income limits - 2006, 2007 estimate or 2008 estimate?
Answers: Ultimately the rebate is based off 2008 amounts. As a benchmark, they are using the 2007 return as an estimate of the rebate and paying that out immediately.
So 2008 will serve as a true-up rebate. The best part about it is that you can only get more of a rebate if you were originally underpaid from the original rebate you received, but never less since there is no requirement to pay back the treasury if they overpaid you based on 2007. Nice!
The rebate is based on the 2007 return.
If the actual data on the 2008 return entitles you to more money, you would get the difference when you file that return.
The advance is based on your 2007 tax year...
But the credit is actually worked into your 2008 return. So, if you don't qualify with your 2007 AGI, but do qualify with your 2008 AGI... You won't get the advance, but you will get the 2008 credit.
Same thing if you have a baby in 2008... You won't get the extra $300 advance, but you will get it when you complete your 2008 taxes.
Will I qualify for the stimulus rebate?
I'm single, no kids and earned $30,000 ultimate year. ..but because the extra time I worked last year I concluded up owing the IRS less than $100. I've read the articles but never saw any mention of those who owe getting a stimulus check. Will I qualify short paying it off? ..or will I hold to pay rotten what I owe when I file?Answers: Under the plan , you qualify for the $600 rebate, they may purloin out what you owe, but it should not effect the actual rebate,,
You send a check near your return to pay what you owe.
You will carry a check. Probably $600.
The rebate is not based on what you owe when you wallet, it is based upon your web tax liability. What this process is that when you fill out your 1040 and you win to line 46 that show "tax" (before you give somebody a lift into account what you already remunerated through payroll deductions), this is your net tariff.
What you will receive in the poorer of:
1. your net rates liability on your 2007 return
2. the maximum of $600.00
But not less than $300.00 for a single party
HEELLLLLLOOOO...Earth to brainless wonder... There is no mention of it because those who owe DO NOT qualify.
Think about it...Why within the hell would the IRS send a stimulus rebate check to someone who OWES them money??
Are we getting more money from income tax this year?
Answers: The President has signed the Economic Stimulus Act of 2008.
Under the Act, 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. Since you had earned income of at least $3000, you would get at least the minimum rebate of $300.
According to the IRS, the Treasury will begin sending stimulus payments in May. The stimulus payments will go out through the late spring and summer.
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.
If you're referring to the Bush "stimulus package" I think it is separate from the taxes, and just comes in the mail as a check.
I am curious too, because I don't know if I need to file my return to get a check (since I didn't earn money this year).
Those that earned money and file taxes for 2007 tax year will be getting money. The amount will depend on how much you earned and your family status.
Checks should be arriving mid May
Are you talking about the "rebate" checks we'll be getting?
1. It's your money that the government has already taken. They're giving a portion of it back to you.
2. You'll need to report your "rebate" check on your 2008 taxes. The government considers this "rebate" check to you a form of income.
3. You'll be getting taxed TWICE on income you've only earned ONCE.
Tell me how that helps anyone.