Quote:
Originally Posted by greenjeans
LOL VONN!!!
I think because she is not under 17 she is not a 'deduction' for me...I don't get that $1000. She is just not her own head of household yet. Since she is not HOH, it does appear that she will be screwed out of the rebate. Time will tell, but what makes them think she is not struggling like everyone else? I'm sure after a few politicians do their taxes for themselves and their college students, they'll figure it out!
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First of all a 'Economic Stimulus Package', which is what this is ... is not due to 'struggling'. Most everyone gets it ...the idea is to 'stimulate' the economy by giving people some spending money. The hope was it would be used to purchase things, not to pay off bills or whatever.
Personally, I think the idea is bogus, but heck, I'll take the money and use it well.
Didn't you say she filed a return of her own? IF so she will get something, but I thought it was around $300.00. I think the $600.00 is for the joint return. So if a married couple files it would be $1200.00 if you qualify.
To me this is a windfall so why complain? It's nothing owed to us; just supposed to stimulate the economy. Not due to struggling. They (gov) want us to spend it to help the economy recover.
Here is information on the Single filer.
Single without Qualifying Children
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.
Examples of how the Economic Stimulus Act of 2008 may affect taxpayers who are single and either childless or do not have children who qualify for the child tax credit:
1) Individual with wages of $4,000, no federal income tax liability.
Individual rebate is $300
2) Individual with no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability.
Individual rebate is $300
3) Individual with no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability.
Individual rebate is $300
4) Individual with no wages, no social security benefits, no veterans’ benefits, AGI is $10,000, federal income tax liability is $125.
Individual rebate is $300
5) Individual with AGI is $12,000, federal income tax liability is $325.
Individual rebate is $325
6) Individual with AGI is $35,000, federal income tax liability in excess of $600.
Individual rebate is $600
7) Individual with AGI is $80,000, federal income tax liability in excess of $600.
Individual rebate is $600
Phase out reduction is ($250)
TOTAL is $350
Check out the IRS link that Vonn sent; it is really helpful.
Tootsie