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Posted by Phil Marti on February 11, 2008, 8:39 pm
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"Billy" wrote:
> A whole lotta poeple dont pay much in tax after the credits, based on your
> response, they won't see a dime even though they work. Child Tax Credit
> and EIC wipe out a lot of liability.
My response was to you, not to people whose liability is wiped out by the
Child Tax Credit and EIC. People with zero income tax after credits EXCEPT
CTC and all refundable credits, including EIC, will get the $300 minimum if
they have the $3,000 of qualifying 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 ebetts3 on February 13, 2008, 6:11 pm
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>
>
>
>
>
>
> > "Billy" wrote:
>
> >>> If they file a joint return it will be based on the joint return
> >>> information. There's no need that both spouses have taxable income in
> >>> order to receive the full amount.
>
> >>>Not clear on ans. Will the disbled Vet get both pmts? Thus making 3 pmts
> >>>to the couple?
>
> > No. Assuming no children under 17, the couple will get a maximum of $1200
> > and a minimum of $600. That minimum requires $3000 of one spouse's earned
> > income and $3000 of the disability pension.
>
> > Nothing has been announced yet about how people who don't have to file tax
> > returns will be identified. In the meantime, if you file a joint return
> > and the Income Tax after Credits is at least $1,200 on your 2007 return,
> > you'll get $1,200.
> > --
> > Phil Marti
> > Clarksburg, MD
>
> A whole lotta poeple dont pay much in tax after the credits, based on your
> response, they won't see a dime even though they work. Child Tax Credit and
> EIC wipe out a lot of liability.
>
> bill
>
> --
>
Bill - EIC doesn't wipe out liability- only line items 47-55 (day
care, education, energy, foreign tax, child tax, retirement and
various other credits from rarely used forms decrease diability. You
need to read the 2/13/08 US Treasury Press Release which has 5 pages
of examples.
--
<< ------------------------------------------------------- >>
<< 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 Andrew on February 11, 2008, 7:56 pm
Please log in for more thread options Phil Marti wrote:
>
Phil (or others) - I've seen $300 per person minimum and $600 also throw
about. What determines whether or not you get more than the $300 (for a
minimum of $3,000 income from last year, or something to that effect?)
Wondering about my child who started her working life in t/y 2007 and is no
longer my dependent. How can we tell how much SHE will get as a single
individual
(Does make considerably more than $3,000 if 2007). I've looked at online
resources, and can't see where this is stated.
Thanks!
--
-------------------------------------------------------------
Regards -
- Andrew
--
<< ------------------------------------------------------- >>
<< 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 Phil Marti on February 11, 2008, 8:40 pm
Please log in for more thread options "Andrew" wrote:
> I've seen $300 per person minimum and $600 also throw about. What
> determines whether or not you get more than the $300 (for a minimum of
> $3,000 income from last year, or something to that effect?)
You start with income tax after credits except the child tax credit. If
that amount is $600 or more ($1200 on a joint return), you get $600/$1200.
If it's less, you get only the amount of tax after credits, but no less than
$300 if you have $3,000 of qualifying 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 Andrew on February 12, 2008, 8:50 am
Please log in for more thread options Phil Marti wrote:
> "Andrew" wrote:
>
>> I've seen $300 per person minimum and $600 also throw about. What
>> determines whether or not you get more than the $300 (for a minimum
>> of $3,000 income from last year, or something to that effect?)
>
> You start with income tax after credits except the child tax credit. If
> that amount is $600 or more ($1200 on a joint return), you get
> $600/$1200. If it's less, you get only the amount of tax after
> credits, but no less than $300 if you have $3,000 of qualifying
> income.
> --
> Phil Marti
> Clarksburg, MD
Ah, thanks Phil. Appreciate it.
--
-------------------------------------------------------------
Regards -
- Andrew
--
<< ------------------------------------------------------- >>
<< 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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