On Apr 17, 12:24 pm, curiousgeorge...[at]hotmail.com wrote:

- quote -

If you had SS you would probably qulaify the rebate this year. But if
not, then you could try to defer some income to 2009 if you think your
income would be over 75k.

--
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"njoracle" wrote:

- quote -

No. You left out the important number: Income tax after credits (line 57).
If there is at least $3,000 of qualifying income (there is here) the credit
is income tax after credits (no children here) with a minimum of $300 and a
maximum of $600 (no joint return here). With this set of facts the credit
will be line 57 in case 1 and $300 in case 2. In case 2 he'll get a little
help paying the self-employment tax (line 58); in case 1 he'll owe the
complete amount of SE tax.

--
Phil Marti
Clarksburg, MD

--
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On Apr 16, 4:03*pm, Barry Margolin <bar...[at]alum.mit.edu> wrote:
- quote -

Well, that will be my situation exactly; and I doubt that it is so
unusually, at least in my profession.

As a retired person, I had very little taxable income in 2007. But
this year, I took some contract work that will pay me a 6-digit
taxable wage.

--
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On Apr 16, 4:03 pm, Barry Margolin <bar...[at]alum.mit.edu> wrote:

- quote -

Could happen if his business takes off suddenly, or if he has huge
capital gains for 2008.

--
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"Phil Marti" <prm20871[at]verizon.net> wrote
- quote -

Self-employment income is qualifying income for the rebate.
I see the IRS calculator taking this into account using
self-employment tax with the link at
http://www.irs.gov/newsroom/article/...tml#Calculator.

--
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Phil Marti wrote:
- quote -

deduction. I plugged some numbers into TaxCut (2007) and came up with
two scenarios:

1. Line 12,22 Income = $13000
Line 43 Taxable Income = 3331
Line 76 Tax due = 2131


2. Line 12,22 Income = $12000
Line 43 Taxable Income = 2402
Line 76 Tax Due = 1829

Can I assume that under 1. there would be a credit but under 2. there
would be no credit or will it some how graduated?

--
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"njoracle" wrote:

- quote -

As I recall this is self-employment income. At that income level the bulk
of the tax liability, assuming no other income, will be self-employment tax.
It's only income tax that is considered in calculating the credit.

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

D. Stussy wrote:
- quote -

For the record, 2008 income is estimated to be $10,000 to $15,000

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"dpb" wrote:

- quote -

Which is one reason why farmers can income average.

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

"njoracle" <njoracle[at]att.net> wrote in message
news:HEmNj.197916$cQ1.128804[at]bgtnsc04-news.ops.worldnet.att.net...
- quote -

The other answers have already told you that to the extent that you don't
qualify based on your 2007 return, you may qualify based on 2008 and receive
it )or part of it) then.

However, it's NOT A CARRYOVER.

--
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Tom Russ wrote:
- quote -

Easy enough in farming to go from one extreme to another (altho it's a
whole lit easier to stay on the losing end (damhikt) ).

--

--
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On Apr 16, 4:03*pm, Barry Margolin <bar...[at]alum.mit.edu> wrote:

- quote -

I agree.

Although perhaps a real estate agent specializing in $10 million+
homes might be in that situation....

--
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In article
<c3ba99d9-fd93-4d9d-a36f-f2bdeb9795c2[at]q27g2000prf.googlegroups.com> ,
"removeps-groups[at]yahoo.com" <removeps-groups[at]yahoo.com> wrote:

- quote -

That would be a pretty volatile business, if he goes from making too
LITTLE one year, to making too MUCH the following year.

It's certainly possible, but probably pretty rare.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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

"Paultry" <afn02552at[at]afn.org> wrote
- quote -




Sex for money? Who does that.

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

On Apr 16, 7:51*am, njoracle <njora...[at]att.net> wrote:

- quote -

What do you mean by "substantially higher"? If the person is single
and their 2008 income is over 87k, they won't get a stimulus check (in
the form of a tax credit) on their 2008 return filed by April 2009.
Between 75k and 87k they get less than $600. Below 75k they get the
full amount.

PS: Someone correct me if I'm reading the rules wrong.

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

Paul Thomas, CPA wrote:

- quote -

So an amorous first quarter may have had a financial motive?
:-)

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

On Apr 16, 10:51*am, njoracle <njora...[at]att.net> wrote:
- quote -

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But
my tax situation will be different in 2008. Will I qualify for any
special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to
help those who did not qualify for a payment or those who received a
reduced amount determine if they can obtain a benefit when they file
their 2008 tax returns next year.

Milt Baker CPA
Michigan

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

"njoracle" wrote:

- quote -

Yes.

The stimulus payment is actually an advance payment of the estimate, based
on your 2007 return, of a 2008 tax credit. Any amount of the 2008 credit
that you didn't receive as a stimulus payment will be credited on your 2008
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. > << ------------------------------------------------------- >

"njoracle" <njoracle[at]att.net> wrote
- quote -




Yes. The bribe err......economic stimulus rebate check.......sent out in
2007 is an advance on a 2008 credit.

When all of us file the 2008 return (early 2009), we'll compute the amount
of the 2008 economic stimulus credit, and then subtract the amount received
in advance (in 2008). For most people it'll be even, for some they'll get
some extra amount however the math works out.

So if your friend has more income in 2008, and qualifies for $600, but
received $0, he'll get that much more tacked on to his refund, or owe that
much less.

Other examples would be a family that bore a child in 2008, would see the
extra $300 in their 2008 return.



--
Paul A. Thomas, CPA
Athens, Georgia

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

A self employed person had a bad year in 2007 and had less then $3000
income for 2007. Therefore, the person won't be eligible for a stimulus
rebate. They expect 2008 income to be substantially higher then $3000.
Will they be eligible to get the rebate in 2008 because they weren't
eligible in 2007? The IRS FAQ's have a vague reference to this as a
possibility but I'm not clear on the details.

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