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#7
03-02-2008, 10:35 PM
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 Re: Stimulus payment Phil Marti wrote: - quote - > "Harlan Lunsford" wrote:
2008, he will might benefit from the maximum 600$ (10% of first 6,000> > > How does a person with an AGI of $8749 have a $1 tax liability? The basic > > > std deduction and personal exemption total $8750. As such, this person > > > would have to have qualifying income of at least $3000 to obtain a $300 > > > advance payment. > > > > Could be a single fellow still at home and claimed by parents. > In which case he would get no stimulus payment. That is correct. However, if he's filing on his own next year, i.e. of taxable income) ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << 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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#6
03-02-2008, 10:28 PM
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| Re: Stimulus payment "Harlan Lunsford" wrote: - quote - > > How does a person with an AGI of $8749 have a $1 tax liability? The basic
In which case he would get no stimulus payment.> > std deduction and personal exemption total $8750. As such, this person > > would have to have qualifying income of at least $3000 to obtain a $300 > > advance payment. > > Could be a single fellow still at home and claimed by parents. -- 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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#5
03-02-2008, 08:44 PM
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| Re: Stimulus payment Alan wrote: - quote - > Ed wrote: > > There seems to be some discrepancies among the online tax rebate > > calculators. If a single person has a $1 tax liability and $8749 AGI, > > what is the rebate if any? > > How does a person with an AGI of $8749 have a $1 tax liability? The > basic std deduction and personal exemption total $8750. As such, this > person would have to have qualifying income of at least $3000 to obtain > a $300 advance payment. Could be a single fellow still at home and claimed by parents. Plus maybe a tax credit bringing net tax down to the 1$. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << 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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#4
03-02-2008, 03:44 PM
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| Re: Stimulus payment Ed wrote: - quote - > There seems to be some discrepancies among the online tax rebate
The basic std deduction and personal exemption total $8750. As> calculators. If a single person has a $1 tax liability and $8749 AGI, > what is the rebate if any? How does a person with an AGI of $8749 have a $1 tax liability? such, this person would have to have qualifying income of at least $3000 to obtain a $300 advance payment. -- << ------------------------------------------------------- > << 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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#3
03-02-2008, 01:28 PM
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| Re: Stimulus payment "Condor" wrote: - quote - > I agree. As I understand the definition of "qualified income," it
No. $3,000 of qualifying income entitles one to a stimulus payment. The> includes eaned income, social security benefits, and veterans disability > and indemnity compensation. If the sum of all three amounts equals at > least $3,000, with a tax liability of $1, I believe the rebate will total > $301. amount of the stimulus payment is 2007 tax after credits except the CTC, with a minimum of $300 ($600 joint) and a maximum of $600 ($1200 joint). $300 per child under 17 as of 12/31/2008 is tacked on. So, with a tax liability of $1 the payment would be $300. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
03-02-2008, 12:10 PM
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| Re: Stimulus payment - quote - > > The answer depends on the amount of earned income, i.e., wages, salaries,
I agree. As I understand the definition of "qualified income," it includes> > or net self-employment income. > Correction: it depends on the amount of "qualified" income, not just > earned income. > So then, assuming the 8749$ includes such, rebate will be 300$. eaned income, social security benefits, and veterans disability and indemnity compensation. If the sum of all three amounts equals at least $3,000, with a tax liability of $1, I believe the rebate will total $301. Condor -- << ------------------------------------------------------- > << 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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#1
03-02-2008, 01:36 AM
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| Re: Stimulus payment Condor wrote: - quote - > > There seems to be some discrepancies among the online tax rebate
Correction: it depends on the amount of "qualified" income, not just> > calculators. If a single person has a $1 tax liability and $8749 AGI, > > what is the rebate if any? > The answer depends on the amount of earned income, i.e., wages, salaries, or > net self-employment income. earned income. So then, assuming the 8749$ includes such, rebate will be 300$. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << 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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03-01-2008, 10:43 PM
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| Re: Stimulus payment - quote - > There seems to be some discrepancies among the online tax rebate
The answer depends on the amount of earned income, i.e., wages, salaries, or> calculators. If a single person has a $1 tax liability and $8749 AGI, > what is the rebate if any? net self-employment income. Condor -- << ------------------------------------------------------- > << 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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#-1
03-01-2008, 10:06 PM
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| Stimulus payment There seems to be some discrepancies among the online tax rebate calculators. If a single person has a $1 tax liability and $8749 AGI, what is the rebate if any? -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
| Tags |
| payment, stimulus |
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