Stimulus Rebate ...

[mawilson 2,133]

You won’t get a stimulus payment in 2008, if ...

Your net income tax liability is zero and your qualifying income is less than $3,000

or your qualifying income is more than $???,???

will be reduced if income is above $ 75k single ($150k couple). Not sure if it is AGI or Gross.

Reduced by how much?

[simple_male 1]

You won’t get a stimulus payment in 2008, if ...

Your net income tax liability is zero and your qualifying income is less than $3,000

or your qualifying income is more than $???,???

will be reduced if income is above $ 75k single ($150k couple). Not sure if it is AGI or Gross.

Reduced by how much?

Here is the answer:

"Wealthier taxpayers also face some rebate limits. Your rebate amount will begin phasing out if you're a single filer with an adjusted gross income, or AGI, of more than $75,000; more than $150,000 for married couples filing jointly.

These taxpayers will find their rebates reduced by $50 for every $1,000 above the income limit. That means the $600 rebate will be eliminated for individuals with an $87,000 AGI; it will be zeroed out for married joint filers with an AGI of $174,000."

[mawilson 2,133]

Bummer.

[jundp 191]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

Good job, Jenn! Now I think this thread should turn into a flame war.

I hate you!

HAHAHAHAHAHAHAHA

This made my day

Here is the answer:

"Wealthier taxpayers also face some rebate limits. Your rebate amount will begin phasing out if you're a single filer with an adjusted gross income, or AGI, of more than $75,000; more than $150,000 for married couples filing jointly.

These taxpayers will find their rebates reduced by $50 for every $1,000 above the income limit. That means the $600 rebate will be eliminated for individuals with an $87,000 AGI; it will be zeroed out for married joint filers with an AGI of $174,000."

Hmmm...but what if you file "head of household"? And have a dependent?

Not that it really matters because thanks to the ex-husband, my tax returns for last year and this year will go back to the IRS. Wish I'd known about the "innocent spouse" form before we finalized our divorce.

B4st4rd. (the ex...not you, simple male)

[simple_male 1]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

Good job, Jenn! Now I think this thread should turn into a flame war.

I hate you!

HAHAHAHAHAHAHAHA

This made my day

Here is the answer:

"Wealthier taxpayers also face some rebate limits. Your rebate amount will begin phasing out if you're a single filer with an adjusted gross income, or AGI, of more than $75,000; more than $150,000 for married couples filing jointly.

These taxpayers will find their rebates reduced by $50 for every $1,000 above the income limit. That means the $600 rebate will be eliminated for individuals with an $87,000 AGI; it will be zeroed out for married joint filers with an AGI of $174,000."

Hmmm...but what if you file "head of household"? And have a dependent?

Not that it really matters because thanks to the ex-husband, my tax returns for last year and this year will go back to the IRS. Wish I'd known about the "innocent spouse" form before we finalized our divorce.

B4st4rd. (the ex...not you, simple male)

I will let you know, if I find out about "head of household."

[almaty 19]

Bummer.

i agree with you brother MA, everyone who qualifies should get it and there should not be a penalty for earning more

[w¡n9Nµ7 §£@¥€r 123]

i agree with you brother MA, everyone who qualifies should get it and there should not be a penalty for earning more

What kind of communist are you?

My states governor just announced he's gonna increase property taxes (by cutting the rebate) on households making more than 100k. Households from 100-150k will end up paying about 5% more and households over 150K will end up paying about a third more. Even the goddamn property tax is being turned into a 'progressive' tax on income.

[eric&gen 0]

When are the rebates coming out? does anyone know? is there a time line for each person? I need a new computer damn it lolololol.

[Jenn! 918]

I heard they will start sending in May.

Also, they will use direct deposit if you provided that information on your 2007 return.

[simple_male 1]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

Good job, Jenn! Now I think this thread should turn into a flame war.

I hate you!

HAHAHAHAHAHAHAHA

This made my day

Here is the answer:

"Wealthier taxpayers also face some rebate limits. Your rebate amount will begin phasing out if you're a single filer with an adjusted gross income, or AGI, of more than $75,000; more than $150,000 for married couples filing jointly.

These taxpayers will find their rebates reduced by $50 for every $1,000 above the income limit. That means the $600 rebate will be eliminated for individuals with an $87,000 AGI; it will be zeroed out for married joint filers with an AGI of $174,000."

Hmmm...but what if you file "head of household"? And have a dependent?

Not that it really matters because thanks to the ex-husband, my tax returns for last year and this year will go back to the IRS. Wish I'd known about the "innocent spouse" form before we finalized our divorce.

B4st4rd. (the ex...not you, simple male)

Jundp, hope the following information is helpful for you:

Single (Head of Household) with 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 effect taxpayers who are single, file as head of household and have children who qualify for the child tax credit payment:

Head of household with children:

1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.

Individual rebate is $300

Qualifying child credit is $600

TOTAL is $900

2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.

Individual rebate is $300

Qualifying child credit is $600

TOTAL is $900

3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.

Individual rebate is $300

Qualifying child credit is $600

TOTAL is $900

4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability before child tax credit is $195.

Individual rebate is $300

Qualifying child credit is $600

TOTAL is $900

5) Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.

Individual rebate is $395

Qualifying child credit is $600

TOTAL is $995

6) Single parent with two children, AGI is $60,000, federal income tax liability before child tax credit exceeds $600.

Individual rebate is $600

Qualifying child credit is $600

TOTAL is $1,200

7) Single parent with two children, AGI is $90,000, federal income tax liability before child tax credit exceeds $600.

Individual rebate is $600

Qualifying child credit is $600

Phaseout reduction is ($750)

TOTAL is $450

[jundp 191]

@simple male: Thank you.

That helps clarify.

[mawilson 2,133]

i agree with you brother MA, everyone who qualifies should get it and there should not be a penalty for earning more

What kind of communist are you?

My states governor just announced he's gonna increase property taxes (by cutting the rebate) on households making more than 100k. Households from 100-150k will end up paying about 5% more and households over 150K will end up paying about a third more. Even the goddamn property tax is being turned into a 'progressive' tax on income.

That's INSANE.

Households over $150K in NJ will pay 33% more??? Your governor must be joking.

[morocco4ever 63]

The tax rebates in process as part of the Federal economic stimulus package are not a loan against future taxes and will not affect tax returns filed for 2008, according to the Internal Revenue Service.

"That's been a major point of confusion about the stimulus package," said Eric Erickson, spokesperson for the IRS. "It is not taxable income, and it will not increase or affect the refund for next year in any way. It is strictly a one-time rebate or refund."

http://circlevilleherald.1upmonitor.com/ma...amp;TM=58154.39

Good job, Jenn! Now I think this thread should turn into a flame war.

I hate you!

HAHAHAHAHAHAHAHA

This made my day

Here is the answer:

"Wealthier taxpayers also face some rebate limits. Your rebate amount will begin phasing out if you're a single filer with an adjusted gross income, or AGI, of more than $75,000; more than $150,000 for married couples filing jointly.

These taxpayers will find their rebates reduced by $50 for every $1,000 above the income limit. That means the $600 rebate will be eliminated for individuals with an $87,000 AGI; it will be zeroed out for married joint filers with an AGI of $174,000."

Hmmm...but what if you file "head of household"? And have a dependent?

Not that it really matters because thanks to the ex-husband, my tax returns for last year and this year will go back to the IRS. Wish I'd known about the "innocent spouse" form before we finalized our divorce.

B4st4rd. (the ex...not you, simple male)

Innocent Spouse is tough to get. I had it stated in my divorce decree that my husband was solely responsible for his back taxes since he refused to pay them. When it came time to collect they took all of it from me. You see it is easier to collect from responsible people who file their tax returns than it is from self employed jerks that take advantage of the governments method of going the "easier route". The B4st4rd owes me over $8,000.00 for just that alone.

Back to topic...I plan on doing something...uh....to increase my assets with that money!

[Dr. A ♥ O 203]

SOB! I was counting on that check to pay one of my months of rent and now I just learned I'm not eligible. GAH!

HUFF PUFF HUFF PUFF!

Edited February 28, 2008 by Olivia*

[Ban Hammer 13,337]

i agree with you brother MA, everyone who qualifies should get it and there should not be a penalty for earning more

What kind of communist are you?

My states governor just announced he's gonna increase property taxes (by cutting the rebate) on households making more than 100k. Households from 100-150k will end up paying about 5% more and households over 150K will end up paying about a third more. Even the goddamn property tax is being turned into a 'progressive' tax on income.

That's INSANE.

Households over $150K in NJ will pay 33% more??? Your governor must be joking.

joisey sucks!