messajarjar
02-13-2008, 07:27 PM
http://www.smartmoney.com/tax/advice/index.cfm?story=20080211-Stimulus-Offers-Free-Money-to-Most
Here's a good link I found explaining the rebate. I think that is you qualify for the rebate, then you can get UP TO the maximum the bill allows if your tax liability for 2007 is equal to or greater than that. So for example, a married couple with no children who make less than $17,500 would only get $600 in total because their income does not exceed the standard deductions plus 2 exemptions (10,700 + 6,800 =17500). They make more than $6000 in total, ,but have no liability after the dedcution and exemptions so they only qualify for $300 each.
Similarly, a single parent with one child who claims head of household and makes less than $14,650 (7850+6800=14650) would only get $300 for themselves and $300 for their child.
Also, say someone meets these threshholds but does not pay the full amount of the credit in their tax liability, then they would only get up to their tax liability amount. So if they are married and make more than $17500, but only had a $750 liability, then the receive $750, NOT $1200.
Kind of a bummer, but money is money-I'll take whatever they want to give me! :cool:
Here's a good link I found explaining the rebate. I think that is you qualify for the rebate, then you can get UP TO the maximum the bill allows if your tax liability for 2007 is equal to or greater than that. So for example, a married couple with no children who make less than $17,500 would only get $600 in total because their income does not exceed the standard deductions plus 2 exemptions (10,700 + 6,800 =17500). They make more than $6000 in total, ,but have no liability after the dedcution and exemptions so they only qualify for $300 each.
Similarly, a single parent with one child who claims head of household and makes less than $14,650 (7850+6800=14650) would only get $300 for themselves and $300 for their child.
Also, say someone meets these threshholds but does not pay the full amount of the credit in their tax liability, then they would only get up to their tax liability amount. So if they are married and make more than $17500, but only had a $750 liability, then the receive $750, NOT $1200.
Kind of a bummer, but money is money-I'll take whatever they want to give me! :cool: