Will Dependents whom parents claim them get a rebate check??
Answers: If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit under 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, in 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 have taxable income in 2008, you will see a tax cut when you file in 2009.
Couples with AGI below $150,000 will receive rebates of up to $1,200.
In addition, parents will also receive $300 rebates per dependent child; there is no cap on the number of children eligible.
An example: A couple with one child and $100,000 in AGI will get a rebate of $1,500 ($1,200 + $300). If they have two children, they will get $1,800 ($1,200 + $600).
Tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in income - which can include Social Security and disability payments - will get $300 rebates per person or $600 per couple.
I make more than the income caps. What about me?
You might get 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 caps of $75,000 for single filers and $150,000 for joint filers.
That means that for every dollar a tax filer earns above those caps, he or she will lose 5 cents of the rebate, said Jason Furman, senior fellow at the Brookings Institution.
Put another way, the rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.
Take a couple with two children. If they make less than the income cap, they will likely get an $1,800 rebate. If they make $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 cap will likely get a $1,200 rebate. But if their AGI exceeds the cap by $15,000, their rebate will be reduced by $750. So they'd get a check for $450.
Single filers with no kids and an income below $75,000 will likely 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 get a check for $350 ($600-$250).
The point at which the rebate gets phased out entirely will vary. For example, a single filer with no kids whose income exceeds the cap 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 have to pay the rebate back?
No. And here's why.
Your rebate is a one-time tax cut - an advance 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 have 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 in 2007 and you should have gotten a lower rebate, you get to keep the difference.
"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."
What do I have to do to get one?
You must file a 1040 or 1040-EZ federal tax return for 2007.
Some people are normally not required to file a return. To get the rebate, however, they have to file a federal tax return.
So when will I get a check?
Treasury Secretary Henry Paulson said Thursday night that the IRS will start sending out checks in early May. Last month, he said it should take about 10 weeks to crank out all the checks. In all likelihood then, you'll see the money sometime between May and early July.
That assumes, of course, that you hit the IRS deadline and file by April 15.
If you're a laggard and have to file for an extension, you'll still get a check but it may not come until the end of the year - probably in time for Christmas shopping.
Unemployment and file taxes?
Last year, I worked for a week and I got my W-2. Wages be little ($413), there be no federal income tax witheld. and I get unemployment ($4212), and unemp Paid Family Leave ($1068) b/c I have a baby and nil withheld from that. Do I have to directory? Is there a bound where I don't Have to record? and if I file, do I enjoy to pay something? I'm confused. I want my fiance to claim the kids, but since I by a hair`s breadth worked, is there a unpredictability he could claim me as a dependant? Or is better, if he just claims the kids? I stipulation tax guidance, it would be much appreciated.Answers: Yes you have to database.
If you didnt have taxes taken out of your severance, your gonna have to salary in a bundle!
Unemployment is taxable income, so he can't claim you, your income is too glorious. You probably didn't make plenty to have to database. If he is the father of the kids, he can claim them.
Can you report to me approximently how long it take to draw from your taxes done?
I have arts school then work almost everyday, and hold about two hours between them.Saturday I work almost adjectives day.
I am a single womanly college student who makes between 25k and 30k a year.
I be thinking about taking them to H&R Block,
are they really expensive and how long do they embezzle?
Answers: It usually takes between 1 1/2 to 2 hours, depending on how difficult your taxes are. Yours probably wouldn't be too doomed to failure, but they may charge you anywhere between $200 and $300 to do them.
But here's my "even better" suggestion...because you make smaller amount than $54K a year, the IRS has a place where on earth you can do your taxes online for free. Check out the website below and you can get started, e-file for free, and own your return back within less than 2 weeks. I've done it this method for years (using TurboTax online) and I've never had a problem! You can do your taxes over a few days within your spare hours (you save as you go) and submit them as soon as you're done!
$150 to $300. Call your local H & R Block department and make an appointment. Tell them you are on a awfully tight schedule.