Re: 2008 economic stimulus plan: is the $150k limit for couples based on your 2007 or 2006 tax return?
Answers: 2007 ONLY and the income limit is based on AGI not gross.
2007 Only.
How much Tax Rebate from the Stimulus Plan ?
I filed my import tax returns as 'Single'.I am not an American Citizen - I have a work Visa.
Do I still qualify for the rebate Check as bit of the Stimulus Plan ?
If so, how much ?
(There are multiple figures going around, 300 to 600$).
fyi. I'm single & I earn smaller amount than 75K per year.
Thanks.
Answers: It doesn't matter if you are not a citizen. It depends on whether you settle up taxes.
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 salaried $350 in taxes (less than the $600 rebate limit), you individual get fund $350. If you had earn income of at least $3000, you would gain at least the minimum rebate of $300.
While the rebate depends on your 2007 income, it is in actuality a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to nothing percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time due cut for 2008, but you get the rebate immediately instead of waiting to file your 2008 taxes. Because this is an finance payment on your 2008 taxes, your discount next year could be more (or smaller quantity!) depending on your 2008 income.
I am not for sure but since you have a work visa and you are paying taxes I dont see why not. You would probably seize $600.
I hope you do qualify for it since you have to wages taxes too.
I got a schedule k-1 form 1041 and there are amounts in boxes 1, 2a, & 2b. Do I need to claim this? Thanks.?
Answers: Yes, you need to report these amounts on your individual tax return. The amount in Box 1 is your share of interest income as beneficiary of the trust or estate. Boxes 2a and 2b are your share of dividends and the qualified dividends.
If these are significant amounts, you may be entitled to a non-taxable distribution if you have not received one already. It is not necessarily mandatory, but some trustees are either required or willing to provide a distribution to cover the tax burden. Ask your trustee.