|
|
|
|
|
Posted by IMAFriend on May 9, 2008, 10:20 pm
Please log in for more thread options
I am married, filed jointly, and have two young children. I thought
I'd get a stimulus payment of $1800. 600+600+300+300.
I actually only got $1200, and I'm wondering if someone can help
explain. What is net income tax liability?
We are a fairly standard family. (What exactly is a standard family?)
We paid taxes throughout the year, a little bit more than needed. And
we have the mortgage. We got a tax refund, so we got money coming in,
instead of having to pay out, to settle the tax bill.
But what part of that calculation is the 'net income tax liability'
and what would make a working family have a low one (under $1200?)
I like CD's and fixed-rate mortages because they are simple. I'm not
dumb, but I don't know fancy financials. Thanks for helping this
money-moron figure out about the net income tax liability.
DougB
===================================================
>From the IRS website:
Many, but not all, taxpayers qualify for the maximum basic payment of
$600 for singles or $1,200 for married couples. Many parents are also
receiving an additional $300 for each qualifying child, born after
Dec. 31, 1990.
Your payment may be less than the maximum for one or more of the
following reasons:
You are married and your net income tax liability is less than
$1,200.
===================================================
========================================= MODERATOR'S COMMENT:
- smart enough to ask is smarter than most.
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by Phil Marti on May 10, 2008, 1:27 am
Please log in for more thread options
"IMAFriend" wrote:
>I am married, filed jointly, and have two young children. I thought
> I'd get a stimulus payment of $1800. 600+600+300+300.
>
> I actually only got $1200, and I'm wondering if someone can help
> explain. What is net income tax liability?
For purposes of the stimulus credit "net income tax liability" is the total
of lines 52 and 57 of your 2007 1040. I would guess that yours was less
than $600 but you had more than $3,000 of wage income. Thus your payment
would be the $600 minimum for a joint return plus $300 for each child.
The current payments are actually an advance payment of a 2008 tax year
credit. If your 2008 return, using the same calculations, entitles you to
more than $1200 you'll get the rest of it as a refundable credit on your
2008 return.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by Condor on May 10, 2008, 3:14 am
Please log in for more thread options >I am married, filed jointly, and have two young children. I thought
> I'd get a stimulus payment of $1800. 600+600+300+300.
>
> I actually only got $1200, and I'm wondering if someone can help
> explain.
The following also is from the IRS website- a little farther down from the
information you found:
============
Your net income tax liability is one of the following:
On Form 1040, the amount shown on Line 57 plus the amount on Line 52;
On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or
On Form 1040EZ, the amount on Line 10.
NOTE: Net income tax liability is not the same as the amount of tax withheld
from your pay, the amount of your refund or the balance due on your return.
=============
Hopefully the text I pasted above clears up your confusion. You will
receive Notice 1378 via snail mail explaining how your ESP was calculated in
about a week to 10 days. If you still believe IRS shorted you on your
stimulus payment after reviewing the notice, you will need to contact IRS.
IRS is aware that a few stimulus payments were issued without the correct
amount calculated for dependents. IRS has posted an alert message
internally advising its customer service assistors to input a manual
adjustment to allow any additional amount due when these types of
underpayments are identified.
Condor
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Stimulus and Amended Return with much lower tax liability | April 14, 2008, 10:46 am |
| Stimulus payment | March 1, 2008, 6:06 pm |
| Stimulus Payment for Teenager | March 21, 2008, 3:51 pm |
| Interpreting stimulus payment notice | May 7, 2008, 12:24 pm |
| stimulus payment - final post on this topic | March 4, 2008, 8:53 pm |
| Re: tax liability question for income earned in China | October 27, 2006, 10:55 pm |
| Foreign Company Liability for Hawaii Corporation Income Tax | May 29, 2008, 10:18 am |
| Stimulus Qualifying income | May 11, 2008, 10:01 pm |
| Stimulus Package Question - low income with children | April 4, 2008, 5:43 pm |
| Stimuls Payment Reduction Formula for Higher Income Taxpayers? | March 24, 2008, 7:34 am |
|
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap