"Alan" <sfcnm-mtm[at]yahoo.com> wrote in message
news:Ws3zj.12364$xq2.4420[at]newssvr21.news.prodigy.net...
- quote -

I think that the better option is: Don't worry about it until you get it.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Phil Marti wrote:
- quote -

requirement for individuals that have Gross Income in excess of
the sum of the basic standard deduction & personal exemption and
are left with at least $1 of tax liability excluding the CTC.
Under this scenario your qualifying income can be zero and you
would still get $300.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"Ed" wrote:

- quote -

Well, you don't understand. Let's see if we can fix that.

For everyone who meets the AGI limits for a full payment the starting point
is 2007 income tax after credits except the child tax credit. That's the
sum of lines 57 and 52 on the 2007 1040. Your stimulus payment is that
amount, capped at $1200 for joint filers, $600 for all others.

If the general rule doesn't yield at least $600 for joint filers, $300 for
all others, you next look at "qualifying income," which is the sum of lines
7, 12 and 20a of the 2007 1040. If that amount is at least $3,000 joint
filers get $600, all others $300 even if the general rule yields less.

Tacked onto the base amount is $300 per dependent child listed on the 2007
return who will be under 17 12/31/2008.

For the sake of clarity I've not muddled this with the AGI phaseouts and the
requirements for people who wouldn't be otherwise required to file a 2007
return.

--
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. > << ------------------------------------------------------- >

If I understand the stimulus payment program, the following conditions
exist:
Single or MFS taxpayer, no children, no tax liability, qualified
income greater than $3000: payment is $300.
Single or MFS taxpayer, no children, at least $1 tax liability,
qualified income less than $8750: payment is zero
Single or MFS taxpayer, no children, at least $1 tax liability,
qualified income is $8750 or more: payment is $300 to $600 depending
on tax liability.

The same three conditions exist for HOH except the qualified income
threshhold is $11250.
The same three conditions exist for QW except the qualified income
threshhold is $14100.
The same three conditions exist for MFJ except the qualified income
threshhold is $17500 and the payment is $600 to $1200.

Is this correct? If it is, people who have a tax liability and
qualified income of more than $3000 but less than the threshholds are
really going to be upset.

If the qualified income is more than the threshhold amount, the
payment is calculated as follows:
Tax liability Payment
1 - 300 300
301 - 599 Tax liability
600 or more 600

MFJ figures:
1 - 600 600
601 - 1199 Tax liability
1200 or more 1200

If all this is correct, you don't need a fancy calculator, you can put
the figures in a simple easy-to-read matrix, which I have done. If
this is not correct, I do not understand the program and give up
trying to understand it.

Ed Durall

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >