Refund dd??
02-26-08 is the date "wheres my refund" gave so when should i expect it and does anyone else enjoy this same date for dd?Answers: I have equal date. They actually deposit Friday, but could appropriate until the 26th to post. Could also be longer as they are behind! Hang surrounded by there I am contained by the same boat too, so you are not alone LOL
I'd expect it on 2-26-08.
Am i eligible for president's rates rebate?
my AGI is 19862, filing as one, no dependents, used 1040A (because turbotax automatically gave me the 1040A base on my answers) and i just read a while ago at yahoo nouns (http://biz.yahoo.com/cnnm/080208/020808_... that only race who used 1040 and 1040EZ are eligible.Answers: It does not matter what form you wallet.
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 within Federal Income Tax. If you only compensated $350 in taxes (less than the $600 rebate limit), you solitary get backbone $350. If you had earn income of at least $3000, you would get hold of at least the minimum rebate of $300.
While the rebate depends on your 2007 income, it is in fact a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zilch percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tariff cut for 2008, but you get the rebate immediately instead of waiting to file your 2008 taxes. Because this is an mortgage payment on your 2008 taxes, your reimbursement next year could be more (or smaller quantity!) depending on your 2008 income.
Lawmakers have given their final stamp of approval to a $170 billion plan intended to spark the slowing economy.
The plan's centerpiece: import tax rebates.
But question remain about how the program will work, and official at the Treasury Department and IRS are scurrying to work out the details.
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In the meantime, here are some answers base on currently available government information and experts' analysis.
Do I qualify for a rebate and how much can I expect?
One-time rebate will be sent to at least 117 million low- and middle-income households, 20 million senior citizens living bad of Social Security, and 250,000 disabled veterans.
To be eligible for a full rebate, single tax filers must enjoy 2007 adjusted gross income (AGI) below $75,000 and integrated filers must have AGI below $150,000.
Adjusted gross income is not your annual remuneration. It's equal to gross income minus "above the line deduction," which are reported on page 1 of the 1040 tax form. Above-the-line deduction include deductible IRA contributions, alimony paid and, for the self-employed, some portion of money spent on robustness insurance or Social Security.
Single filers with AGI below $75,000 will bring rebates of as much as $600. Couples near AGI below $150,000 will receive rebates of up to $1,200.
In combination, parents will also receive $300 rebates per dependent child; in attendance is no cap on the number of children eligible.
An example: A couple beside one child and $100,000 in AGI will gain a rebate of $1,500 ($1,200 + $300). If they have two children, they will acquire $1,800 ($1,200 + $600).
Tax filers who do not owe income taxes because of various credits and deduction but have at lowest possible $3,000 in income - which can include Social Security and disability payments - will receive $300 rebates per character or $600 per couple.
I make more than the income cap. What about me?
You might obtain a partial rebate. It depends on how much your income exceeds the caps.
The stimulus legislation allows for a 5% phaseout rate for households above the income cap of $75,000 for single filers and $150,000 for joint filers.
That money that for every dollar a tax filer earn above those caps, he or she will lose 5 cents of the rebate, said Jason Furman, senior fellow at the Brookings Institution.
Put another passageway, the rebates of those taxpayers will be reduced by the amount of income above the hat multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.
Take a couple next to two children. If they make smaller quantity than the income cap, they will credible get an $1,800 rebate. If they formulate $15,000 more than the cap, they will see their $1,800 rebate reduced by $750 ($15,000 x 0.05). So instead they will receive a check for $1,050 ($1,8OO-$750).
A childless couple whose AGI falls below the hat will likely carry a $1,200 rebate. But if their AGI exceeds the cap by $15,000, their rebate will be reduced by $750. So they'd obtain a check for $450.
Single filers with no kids and an income below $75,000 will possible get a $600 rebate. But if they made $80,000, their rebate will be reduced by $250 ($5,000 x 0.05). So they will achieve a check for $350 ($600-$250).
The point at which the rebate gets phased out entirely will ebb and flow. For example, a single filer with no kids whose income exceeds the panama by $12,000 or more will get no rebate, because it will be reduced by an amount equal to or greater than the $600 ($12,000 x 0.05 = $600).
Do I hold to pay the rebate pay for?
No. And here's why.
Your rebate is a one-time tax cut - an finance on a credit you'll receive on your 2008 return.
It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would hold qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than surrounded by 2007 and you should have gotten a lower rebate, you draw from to keep the difference.
"If you be supposed to receive a larger payment than you did, you will capture the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalize."
What do I have to do to obtain one?
You must file a 1040 or 1040-EZ federal rates return for 2007.
Some people are as a rule not required to file a return. To return with the rebate, however, they have to directory a federal tax return.
So when will I acquire a check?
Treasury Secretary Henry Paulson said Thursday night that the IRS will start sending out checks within early May. Last month, he said it should transport about 10 weeks to crank out adjectives the checks. In all odds then, you'll see the money sometime between May and rash July.
That assumes, of course, that you hit the IRS deadline and profile by April 15.
If you're a laggard and hold to file for an extension, you'll still achieve a check but it may not come until the end of the year - probably contained by time for Christmas shopping.
taken from www.yahoo.com 411 rebate
Information on Stimulus Package
The Administration and Congress have agreed to an monetary growth package that would provide credit payments to many Americans. More details will be available soon, but here are some highlights:
Starting within May, the Treasury will begin sending stimulus payments to more than 130 million individuals. The stimulus payments will dance out through the late spring and summer.
The colossal majority of people delivery a payment single need to wallet a 2007 tax return as they generally would. The IRS will then do adjectives the rest, including determining eligibility and payment amounts.
The Treasury will work to like greased lightning implement this important stimulus bunch. Additional details on timing of the check mail-outs will be available soon.
The IRS.gov Web site will be the best source of information for all stimulus question. This web page will contain adjectives the latest information as it become available.
The IRS and Treasury will be working closely with the Department of Veterans Affairs and Social Security Administration along near beneficiary organizations to ensure that adjectives eligible individuals know what to do to receive a stimulus payment.
Information on Rebate Scams
Taxpayers should be aware that in that are identity theft scam involving the proposed advance pay-out checks, known informally as rebate to many Americans. The IRS know of at least one mobile phone scam making the rounds which uses the proposed rebates as bait.
Travel for work and mileage taxes?
Last year I spent two months away from home for work and then after the two months I come back. The location be a few hundred miles away and my commute from my hotel to my location was farther than my on a daily basis commute. In turbotax there is a unit talking going on for using car for business and deduct the miles. Can I deduct the entire two months?Answers: Claim unreimbursed mileage, travel expenses and meal on form 2106 Unreimbursed employee business expenses.
You cannot claim commuting miles unless you are file this under a Schedule C as self employment.
If your employer did not reimburse your mileage and you itemize your deduction, you can take a speculation for the mileage to and from your home to the two month work location as well as the mileage to and from the hotel to the two month work location. The federal mileage rate for 2007 be $0.485/mile. Keep in mind, you will be allowed a supposition on schedule A to the extent that the total amount of the mileage cost exceeds 2% of your AGI.