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Posted by Barry Margolin on April 16, 2008, 7:03 pm
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>
> > A self employed person had a bad year in 2007 and had less then $3000
> > income for 2007. Therefore, the person won't be eligible for a stimulus
> > rebate. They expect 2008 income to be substantially higher then $3000.
> > Will they be eligible to get the rebate in 2008 because they weren't
> > eligible in 2007? The IRS FAQ's have a vague reference to this as a
> > possibility but I'm not clear on the details.
>
> What do you mean by "substantially higher"? If the person is single
> and their 2008 income is over 87k, they won't get a stimulus check (in
> the form of a tax credit) on their 2008 return filed by April 2009.
> Between 75k and 87k they get less than $600. Below 75k they get the
> full amount.
>
> PS: Someone correct me if I'm reading the rules wrong.
That would be a pretty volatile business, if he goes from making too
LITTLE one year, to making too MUCH the following year.
It's certainly possible, but probably pretty rare.
--
Barry Margolin, barmar@alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***
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