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Posted by Alan on February 23, 2008, 5:01 pm
Please log in for more thread options roggo wrote:
>> Billy wrote:
>>> I claim my 21 year old son as dependent since he is a full time college
>>> student.
>>> He made $7300 in 2007 as a laborer and filed a return.
>>> Will he be eligible for the tax rebate even though I claimed his a
>>> dependent? ( realize I can't qualify for rebate for him because he is over
>>> 17)
>> No.. dependents are not eligible.
>>
>> --
>> << ------------------------------------------------------- >>
>> << The foregoing was not intended or written to be used, >>
>> << nor can it used, for the purpose of avoiding penalties >>
>> << that may be imposed upon the taxpayer. >>
>> << >>
>> << The Charter and the Guidelines for submitting posts >>
>> << to this newsgroup as well as our anti-spamming policy >>
>> << are atwww.asktax.org. >>
>> << Copyright (2007) - All rights reserved. >>
>> << ------------------------------------------------------- >>
>
> I've read on another forum that although he cannot claim the rebate
> this year based on the 2007 tax returns as your dependent, that he
> will on the 2008 tax return qualify for the rebate if, at that time,
> he claims his own exemption, that is if he is no longer your dependent
> for 2008 tax year.
>
That's true because there is no rebate. It is actually an advance
payment on a refundable tax credit for 2008. When any taxpayer
prepares their 2008 taxes they will compute how much of a tax
credit they are entitled to. They then subtract any advance
payment to see if any credit is left. If there is an additional
credit, they get it. If the advance payment was too large, they
do not have to pay it back.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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