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Posted by Andrew on May 10, 2008, 10:17 am
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Phil Marti wrote:
>
> There are cases in which people will qualify for the credit but not
> the advance payment. I have a friend who exercised some stock
> options last year that put him over the AGI limit for the advance
> payment, but I've already instructed him on how to keep 2008 AGI low
> enough to qualify for the credit. Other examples would be people who
> have a child in 2008 or divorced parents who alternate years claiming
> a qualifying child's personal exemption.
> --
> Phil Marti
> Clarksburg, MD
How about those who earned a high income in t/y 2007 because they worked but
retired towards the end of the end and "enjoy" a much lower income in t/y
2008 (ie: well below the $75K level). They too will benefit, no?
--
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Regards -
- Andrew
--
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Posted by Phil Marti on May 10, 2008, 11:12 am
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"Andrew" wrote:
> How about those who earned a high income in t/y 2007 because they worked
> but retired towards the end of the end and "enjoy" a much lower income in
> t/y 2008 (ie: well below the $75K level). They too will benefit, no?
Yes, as long as they have a 2008 tax liability or at least $3,000 of
"qualifying" 2008 income.
--
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 D. Stussy on May 10, 2008, 2:50 pm
Please log in for more thread options > "Andrew" wrote:
> > How about those who earned a high income in t/y 2007 because they worked
> > but retired towards the end of the end and "enjoy" a much lower income
in
> > t/y 2008 (ie: well below the $75K level). They too will benefit, no?
>
> Yes, as long as they have a 2008 tax liability or at least $3,000 of
> "qualifying" 2008 income.
However, they have to wait until next year and include a "stimulus credit"
on their 2008 tax returns.
--
<< ------------------------------------------------------- >>
<< 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 Mark Bole on May 7, 2008, 8:51 pm
Please log in for more thread options Harlan Lunsford wrote:
> sue wrote:
[...]
> The way I read this, you say "we", as if you filed a joint return with
> husband, in which case his social security would normally have been
> listed first, unless y'all were among the very few who list your name
> and number first.
>
> So check again, using name and number first listed on the joint tax return.
> That is IF I read you right.
Hopefully, you didn't switch taxpayer and spouse SSN's in order to try
to move up in the schedule -- that's probably guaranteed to mess things
up for this year.
-Mark Bole
--
<< ------------------------------------------------------- >>
<< 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 sue on May 8, 2008, 12:24 am
Please log in for more thread options Phil wrote:
OTOH, it sounds like you may not know that the stimulus payments now
being
issued are an advance payment, based on your 2007 return, of a tax
year 2008
refundable credit. That means that if you qualify for the payment
and
didn't receive an advance payment in 2008, you'll get the credit when
you
file your 2008 return in 2009.
True? Where would I find that information ? If thast's the case I will
be much happier.
I don't know why this wasn't brought to my attention earler either and
neither did the IRS.
And no, we didn't make too much money to qualify, I wish we did.
> << ------------------------------------------------------- >>
--
<< ------------------------------------------------------- >>
<< 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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