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Posted by CWLee on March 24, 2008, 7:34 am
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I received a form notice from the IRS describing the amount
of the stimulus payment under certain common situations.
The final sentence reads: "The stimulus payments are
reduced for taxpayers with adjusted gross income (AGI) of
more than $75,000 (more than $150,000) if married filing
jointly).
What is the formula or rule that determines the amount of
the reduction?
Thanks.
--
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CWLee
Former slayer of dragons; practice now limited to sacred
cows. Believing we should hire for quality, not quotas, and
promote for performance, not preferences.
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Posted by Phil Marti on March 24, 2008, 8:21 am
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"CWLee" wrote:
> The final sentence reads: "The stimulus payments are reduced for
> taxpayers with adjusted gross income (AGI) of more than $75,000 (more than
> $150,000) if married filing jointly).
>
> What is the formula or rule that determines the amount of the reduction?
The reduction is 5% of your AGI above the applicable limit.
--
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. >>
<< ------------------------------------------------------- >>
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Posted by CWLee on March 24, 2008, 3:44 pm
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> The reduction is 5% of your AGI above the applicable
> limit.
Thanks. That is exactly what I was looking for.
--
<< ------------------------------------------------------- >>
<< 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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Posted by Elle on March 24, 2008, 1:27 pm
Please log in for more thread options > What is the formula or rule that determines the amount of
> the reduction?
Perhaps the IRS's online calculator for stimulus payments
would be helpful. See the link at
http://www.irs.gov/newsroom/article/0,,id=177937,00.html#Calculator
--
<< ------------------------------------------------------- >>
<< 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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Posted by CWLee on March 24, 2008, 3:45 pm
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> Perhaps the IRS's online calculator for stimulus payments
> would be helpful. See the link at
> http://www.irs.gov/newsroom/article/0,,id=177937,00.html#Calculator
Not useful in this case.
Since I already knew my AGI, the calculator was not useful,
since one must make a large number of intermediate entries
to enable the calculator to perform.
Nevertheless, Thanks.
--
<< ------------------------------------------------------- >>
<< 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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