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Posted by Ed on March 1, 2008, 6:06 pm
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There seems to be some discrepancies among the online tax rebate
calculators. If a single person has a $1 tax liability and $8749 AGI,
what is the rebate if any?
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Posted by Condor on March 1, 2008, 6:43 pm
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> There seems to be some discrepancies among the online tax rebate
> calculators. If a single person has a $1 tax liability and $8749 AGI,
> what is the rebate if any?
The answer depends on the amount of earned income, i.e., wages, salaries, or
net self-employment income.
Condor
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Posted by Harlan Lunsford on March 1, 2008, 9:36 pm
Please log in for more thread options Condor wrote:
>> There seems to be some discrepancies among the online tax rebate
>> calculators. If a single person has a $1 tax liability and $8749 AGI,
>> what is the rebate if any?
>
> The answer depends on the amount of earned income, i.e., wages, salaries, or
> net self-employment income.
Correction: it depends on the amount of "qualified" income, not just
earned income.
So then, assuming the 8749$ includes such, rebate will be 300$.
ChEAr$,
Harlan Lunsford, EA n LA
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<< 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. >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Condor on March 2, 2008, 8:10 am
Please log in for more thread options >> The answer depends on the amount of earned income, i.e., wages, salaries,
>> or net self-employment income.
>
> Correction: it depends on the amount of "qualified" income, not just
> earned income.
>
> So then, assuming the 8749$ includes such, rebate will be 300$.
I agree. As I understand the definition of "qualified income," it includes
eaned income, social security benefits, and veterans disability and
indemnity compensation. If the sum of all three amounts equals at least
$3,000, with a tax liability of $1, I believe the rebate will total $301.
Condor
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<< The foregoing was not intended or written to be used, >>
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Posted by Phil Marti on March 2, 2008, 9:28 am
Please log in for more thread options "Condor" wrote:
> I agree. As I understand the definition of "qualified income," it
> includes eaned income, social security benefits, and veterans disability
> and indemnity compensation. If the sum of all three amounts equals at
> least $3,000, with a tax liability of $1, I believe the rebate will total
> $301.
No. $3,000 of qualifying income entitles one to a stimulus payment. The
amount of the stimulus payment is 2007 tax after credits except the CTC,
with a minimum of $300 ($600 joint) and a maximum of $600 ($1200 joint).
$300 per child under 17 as of 12/31/2008 is tacked on.
So, with a tax liability of $1 the payment would be $300.
--
Phil Marti
Clarksburg, MD
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<< The foregoing was not intended or written to be used, >>
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<< to this newsgroup as well as our anti-spamming policy >>
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