Tax rebate stimulus payment is limited or equal to your net income tax liability

[Bulldog]

Just learned something new about the Economic Stimulus Payment.

Your stimulus payment is limited or equal to your net income tax liability, Therefore if your tax liability was less than the $600 for single and $1200 for married filing a joint return, you will receive only the amount of tax that you paid last year!

Due to energy tax credits and war veteran disability credits that I had last year, my tax liability was less than $1200 as a married filing jointly return. Therefore my Economic Stimulus Payment was exactly the same amount that I paid in taxes.

 

[jcrandall]

I thought I read something that when you file your 2008 return, if your tax liability was more or less than the refund, the refund could adjust.

So if your liability is more than last year, you may still get that money they took off as a credit on your return. If your liability went down, you may get less back.

Something like that.

 

[motorcycle_rider]

Just learned something new about the Economic Stimulus Payment.

Your stimulus payment is limited or equal to your net income tax liability, Therefore if your tax liability was less than the $600 for single and $1200 for married filing a joint return, you will receive only the amount of tax that you paid last year!

Due to energy tax credits and war veteran disability credits that I had last year, my tax liability was less than $1200 as a married filing jointly return. Therefore my Economic Stimulus Payment was exactly the same amount that I paid in taxes.

This is something that I was aware of, and happy about, I did not want to see people who paid nothing in get free money.

 

[Bulldog]

This is something that I was aware of, and happy about, I did not want to see people who paid nothing in get free money.

Some people are!!

If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600 married.

 

[Bulldog]

I thought I read something that when you file your 2008 return, if your tax liability was more or less than the refund, the refund could adjust.

So if your liability is more than last year, you may still get that money they took off as a credit on your return. If your liability went down, you may get less back.

Something like that.

Sounds good, then I might be getting a little credit next year.

 

[topcats69]

Some people are!!

If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600 married.

this is correct IF you get soc sec (any type) VA etc you get $300 if file a special tax form they send to non filers.

I work with a couple of clients that are on disablity that got one that way.

 

[goaliebob99]

I was tax free last year in iraq and I still got one with my wife's income and our child.

 

[motorcycle_rider]

Some people are!!

If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600 married.

I stand corrected! Dont get me wrong bulldog I appreciate what you have done for our country, you are one of the few that will get hurt because of how it is written. That is unless you are elligable for the credit others have mentioned.

I wont comment much further on it because I will start heading it toward pit style conversation.

 

[haertig]

You don't get any refund if you make "too much" money either.

 

[snathanb]

You don't get any refund if you make "too much" money either.

Which isn't all that much. Phase out starts at AGI of $150,000 for a couple filing jointly or $75,000 single. Subtract 5% of your AGI over the threshold for the amount of the deduction.

 

[Stargazer]

Unearned income does not go towards this so if someone makes part of their income renting houses and/or interest from cd's/savings accounts, you will get nothing.

I had just bought into a business last year and it showed as a loss in which offset my profits that I made last year which dropped me below the minimum to get my rebate check therefore I will get nothing unless they have some other type of "rule" that will make me eligible.

 

[Bogy]

I'm still waiting to find out if my daughter will get the $300 minimum. She was serving in the Peace Corps last year, so did not make enough to pay tax, but still had earned income and according to the Peace Corps staffer who does all the tax stuff she was supposed to qualify. Haven't heard from her if it has showed up in her account yet. She could really use the money, since she wasn't supposed to leave Kenya until the end of July, and with being evacuated six months early the amount she had in her account for separation was not what it would have been, and she and a lot of those who returned with her are having a tough time finding a job. She had planned on starting the job search about the time she was sent home.

 

[topcats69]

I'm still waiting to find out if my daughter will get the $300 minimum. She was serving in the Peace Corps last year, so did not make enough to pay tax, but still had earned income and according to the Peace Corps staffer who does all the tax stuff she was supposed to qualify. Haven't heard from her if it has showed up in her account yet. She could really use the money, since she wasn't supposed to leave Kenya until the end of July, and with being evacuated six months early the amount she had in her account for separation was not what it would have been, and she and a lot of those who returned with her are having a tough time finding a job. She had planned on starting the job search about the time she was sent home.

She should as long as she files a tax form for 2007 and write on the top stimulus refund.

I got a mailing for the IRS that explained it.