mirss7c1001[at]sneakemail.com wrote:
- quote -

$300 if you had qualifying income of $3000. To get more than
$300, your taxes had to be more than $300. Assuming you did not
have a qualifying child under age 17, you received $450 because
your taxes were $450. A careful reading of the law tells one that
the stimulus payment was really an advance (not a rebate) of a
2008 tax credit. Your 2008 tax return qualifies you for a $300
recovery rebate credit less the advance of $450 you already
received. You received $150 too much stimulus. Thanks to Congress
& the President, you do not have to pay back the excess you received.

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The rebate was $600/person. And if your income is over a certain
amount, it is reduced.; but you have another crack at it in 2008.

Well, for the 2007 tax return, I qualified for approx. $450. In 2008,
my earned income is over $3K plus investment income. My federal tax
is approx. $120. Should I be getting a credit of at least $120 out of
the $150 left over from 2007?

I am asking because TurboTax did not give me that credit. So I am
wondering whether I miss checking a box somewhere in TurboTax.

TIA

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