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Posted by Billy on May 11, 2008, 10:01 pm
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If qualifying income for the stimulus payment is basically wages (not
referring to Soc. security or veteran pmts).
How is stimulus payment calculated when total AGI is used for tax
calculation (less cap gain, etc. qualifiers) and the net income tax figure?
For instance. If my income was 15K from wages and 14K from interest, my tax
would based on 29k less deductions.
Is this clear?
tks all
billy
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Posted by Herb Smith on May 12, 2008, 4:55 am
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> If qualifying income for the stimulus payment is basically wages (not
> referring to Soc. security or veteran pmts).
>
> How is stimulus payment calculated when total AGI is used for tax
> calculation (less cap gain, etc. qualifiers) and the net income tax figure?
>
> For instance. �If my income was 15K from wages and 14K from interest, my tax
> would based on 29k less deductions.
>
> Is this clear?
Not really. Your stimulus rebate is NOT based on your taxable income,
as long as you have enough "qualifying" income (wages, social
security, veterans benefits) to get a payment. The AMOUNT of your
payment will be determined by your Net Tax Liability (sum of Line 52
and 57) on your 1040 form.
BTW, the amount of interest income is irrelevant and it is not
"qualifying income" for this purpose.
--
<< ------------------------------------------------------- >>
<< 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 Billy on May 12, 2008, 5:21 pm
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>> If qualifying income for the stimulus payment is basically wages (not
>> referring to Soc. security or veteran pmts).
>>
>> How is stimulus payment calculated when total AGI is used for tax
>> calculation (less cap gain, etc. qualifiers) and the net income tax
>> figure?
>>
>> For instance. ?If my income was 15K from wages and 14K from interest, my
>> tax
>> would based on 29k less deductions.
>>
>> Is this clear?
>
> Not really. Your stimulus rebate is NOT based on your taxable income,
> as long as you have enough "qualifying" income (wages, social
> security, veterans benefits) to get a payment. The AMOUNT of your
> payment will be determined by your Net Tax Liability (sum of Line 52
> and 57) on your 1040 form.
>
> BTW, the amount of interest income is irrelevant and it is not
> "qualifying income" for this purpose.
>
>
OK, simplifying this then, one qualifies for stimulus payment if qualifying
income is $3000 or more. However, the amount is determined by adding lines
52 and 57 on 1040 with maximum payouts of $600 and $1200. I was trying to
figure the tax on qualifying income alone.
tks
bw
--
<< ------------------------------------------------------- >>
<< 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 Billy on May 12, 2008, 5:23 pm
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>> If qualifying income for the stimulus payment is basically wages (not
>> referring to Soc. security or veteran pmts).
>>
>> How is stimulus payment calculated when total AGI is used for tax
>> calculation (less cap gain, etc. qualifiers) and the net income tax
>> figure?
>>
>> For instance. ?If my income was 15K from wages and 14K from interest, my
>> tax
>> would based on 29k less deductions.
>>
>> Is this clear?
>
> Not really. Your stimulus rebate is NOT based on your taxable income,
> as long as you have enough "qualifying" income (wages, social
> security, veterans benefits) to get a payment. The AMOUNT of your
> payment will be determined by your Net Tax Liability (sum of Line 52
> and 57) on your 1040 form.
>
> BTW, the amount of interest income is irrelevant and it is not
> "qualifying income" for this purpose.
>
> --
OK, simplifying this then, one qualifies for stimulus payment if qualifying
income is $3000 or more. However, the amount is determined by adding lines
52 and 57 on 1040 with maximum payouts of $600 and $1200. I was trying to
figure the tax on qualifying income alone.
tks
--
<< ------------------------------------------------------- >>
<< 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 Bill on May 12, 2008, 9:37 am
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billnospamever1234543@aol.com (Billy) posted:
>If qualifying income for the stimulus payment
>is basically wages (not referring to Soc.
>security or veteran pmts).
>How is stimulus payment calculated when
>total AGI is used for tax calculation (less cap
>gain, etc. qualifiers) and the net income tax
>figure?
>For instance. If my income was 15K from
>wages and 14K from interest, my tax would
>based on 29k less deductions.
>Is this clear?
As covered in other posts, the important discriminator will be how much
tax was due on your return. If line 57, Form 1040, shows a figure of
$600 or more ($1200 for MFJ), then your stimulus payment would be $600
(or $1200 MFJ).
If your deductions wiped out your tax liability, for example, then your
stimulus payment would be reduced to the minimum $300 ($600 MFJ), _or_
might be posponed and applied to your tax return for 2008.
Bill
--
<< ------------------------------------------------------- >>
<< 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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