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Posted by Phil Marti on May 5, 2008, 5:43 pm
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"Jim" wrote:
> My 2007 tax return shows a total of $5,300 in Schedule C business income
> plus $1,000 in interest income. No other income. I am married, filing
> jointly.
> Am I likely to be receiving one of those tax rebate checks now being
> mailed?
Yes. The starting point for the calculation is income tax after credits.
In your case that's zero. However, you have at least $3,000 of "qualifying
income" in your Schedule C bottom line. Thus, you'll get the minimum of
$600 for a joint return.
There's a calculator at www.irs.gov where you can confirm this.
--
Phil Marti
Clarksburg, MD
--
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