Congress passed a bill to give $600 to individuals for tax rebates. I'm 19, but a dependent will I get it too?
Answers: If you are claimed as a dependent, your parents will be eligible for the additional $300 rebate for you as a dependent child.
Under the bill passed by the House, you also 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. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.
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.
Nothing has passed Congress yet, so all details are subject to change. Check out the referenced sites below for more info.
If not your parents will at least get an extra $300 from it.
I'm 20 but still a dependent (Though I make my own income, I am in college) and I know either way I/we will get something.
There is no "rebate" yet so there is no way to answer any questions regarding it. It's still being debated in Congress and there's about an equal chance that it will never become law.
The "rebate" is nothing more than a budget-busting vote buy by Bush and Congress. Hopefully cooler heads will prevail and the whole thing will die off quietly.
From the Federal deficit perspective it's about the same thing as getting a $5 a week pay raise but having your credit card debt doubled in return. A good deal if you don't have any debt, but a crushing burden if you're already saddled with too much debt, and this country is already saddled with WAY too much debt -- about $40,000 worth for every man, woman, and child in the country.
Nope! Not if youre a dependant.
The legislation would deliver rebates $600 for individuals, $1,200 for couples to most taxpayers, plus an additional $300 per child. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that or too little to owe taxes getting smaller checks.
People who paid no income taxes but earned at least $3,000 including through Social Security or veterans' disability benefits would get a $300 rebate.
Can I claim Child Support as earned income?
Answers: Brian J is correct. Child support payments do not qualify as income necessary to qualify for the earned income credit.
Good luck.
absolutely not! child support should go NO WHERE On your tax forms..
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