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Subject Author Date
Stimulus payment Ed 03-01-2008
Posted by Alan on March 2, 2008, 11:44 am
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 Ed 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?
>
How does a person with an AGI of $8749 have a $1 tax liability?
The basic std deduction and personal exemption total $8750. As
such, this person would have to have qualifying income of at
least $3000 to obtain a $300 advance payment.

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Posted by Harlan Lunsford on March 2, 2008, 4:44 pm
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 Alan wrote:
> Ed 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?
>>
> How does a person with an AGI of $8749 have a $1 tax liability? The
> basic std deduction and personal exemption total $8750. As such, this
> person would have to have qualifying income of at least $3000 to obtain
> a $300 advance payment.
>
Could be a single fellow still at home and claimed by parents.

Plus maybe a tax credit bringing net tax down to the 1$.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< 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 March 2, 2008, 6:28 pm
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"Harlan Lunsford" wrote:

>> How does a person with an AGI of $8749 have a $1 tax liability? The basic
>> std deduction and personal exemption total $8750. As such, this person
>> would have to have qualifying income of at least $3000 to obtain a $300
>> advance payment.
>>
> Could be a single fellow still at home and claimed by parents.

In which case he would get no stimulus payment.

--
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 Harlan Lunsford on March 2, 2008, 6:35 pm
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Phil Marti wrote:
> "Harlan Lunsford" wrote:
>
>>> How does a person with an AGI of $8749 have a $1 tax liability? The basic
>>> std deduction and personal exemption total $8750. As such, this person
>>> would have to have qualifying income of at least $3000 to obtain a $300
>>> advance payment.
>>>
>> Could be a single fellow still at home and claimed by parents.
>
> In which case he would get no stimulus payment.
>
That is correct. However, if he's filing on his own next year, i.e.
2008, he will might benefit from the maximum 600$ (10% of first 6,000
of taxable income)

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< 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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