Will I get the "Bush" 2008 Tax rebate check if I had passport health care for my 3 children?
Answers: It does not matter if you had passport health care for your children.
The proposed rebate depends on the amount of your earned income in 2007 and the amount of Federal Income Tax you paid in 2007.
Under the bill passed by the House, if you had earned income of at least $3000, you will get at least the minimum rebate of $300.
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.
If you are married filing jointly, you would be eligible to receive a rebate of up to $1200 if you paid that much in Federal Income Tax.
If you qualify for a rebate, you would also get an additional $300 for each child.
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 everything is subject to change.
Check out the referenced site below for more info.
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.
2007 Status for Tax Return?
My husband and I got seperated on May 2007. What am I considered to be when I database my taxes. we also have 2 kids and we hold agreed that he will use them since he got more money plus he will use come first of household. I have thought on putting single but do I qualify for that??Someone please serve...ThanksAnswers: You are not legally divorced so you can't directory single. It is usually better if you file married combined - even if you are separated.
Assuming that you had physical custody of the children you receive the exemptions unless you sign them over to him in writing using Form 8332 or a similar written statement.
However he ONLY get the exemptions, he may NOT file as Head of Household OR claim the Earned Income Credit. You however CAN claim both of those as long as the children lived near you for more than half of the year.
Of course, you still can wallet a joint return if you can agree on it and agree on how to split any settlement.
What if my parents claim me on their taxes?
i am 19 in college. I solitary lived with them the ending 2 months of 2007. I couldn't get federal aid because their income is too dignified. I get 75% grant and i have worked 80hrs a month. Would it be better for me to claim myself or for them to claim me?? they want to find out what the CPA say but I think i should try to claim myself. I freshly want to get $$ posterior to help me move out! Thanks for ANY help out!Answers: Did you live away from home because of school during 2007?(It consequently counts as you living with them) If you did later you may qualify as there dependent if and individual if they supported you more than 50% during the year. If you do qualify as their dependent you can NOT claim yourself as an exemption.
This is based on facts and circumstances. It is not a choice.
Do the support interview worksheet in publication 501.
Note, scholarship do not help you on this form.
Your parents cost of housing does hurt you.
You don't obtain a choice in the concern. If your parents can claim you as a dependent you lose your personal exemption and that's the end of it. If you are away from home at college, you're considered to be living surrounded by your parents home so that counts towards the 6 month residency requirement. Unless you provided more than half of your OWN support consequently they can claim you and you lose your personal exemption.
More importantly though, your age is too low to be considered "independent" for college aid. Even if you never lived with your parents at adjectives during the year and they could not claim you as a dependent, their income will count for Federal educational aid until you turn age 24.