Comments on: Calculate Your Economic Stimulus Tax Rebate

By: Business Tax Guru

Business Tax Guru — Mon, 23 Nov 2009 03:48:49 +0000

I’ve been interested in taxations for lengthier then I care to acknowledge, both on the individual side (all my employed life history!!) and from a legal stand since passing the bar and pursuing tax law. I’ve provided a lot of advice and rectified a lot of wrongs, and I must say that what you’ve put up makes impeccable sense. Please uphold the good work – the more individuals know the better they’ll be armed to comprehend with the tax man, and that’s what it’s all about.

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By: chelsea

chelsea — Fri, 20 Mar 2009 22:33:31 +0000

i have had a baby since i filed my taxes do i get an extra 300 with my stimulus? and is there someone i need to update?

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By: nana

nana — Tue, 17 Feb 2009 23:55:49 +0000

How much will get back made $31,000 and claim one depent of the age 17 years, how much will i be getting back?

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By: ALisha

ALisha — Sun, 17 Aug 2008 19:42:19 +0000

I heard that there will be another check in november of 08 anyone else heard this?

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By: Jimmy Miller

Jimmy Miller — Mon, 07 Jul 2008 03:49:52 +0000

The calculator said that I was suppose to get back 1500 and I only got back 900, I have checked with other fellow workers that I work with that make about the same thing that I do with 1 child, what happened to my check. I haven’t cashed it yet, what should I do?

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By: Julie

Julie — Sat, 07 Jun 2008 21:35:30 +0000

My husband has 50/50 custody of his child with his ex-wife. They take turns claiming their daughter on their taxes each year. In 2007, the ex-wife claimed the daughter. Does that mean she will get the $300? Shouldn’t it be split 50/50?

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By: Rebecca Rivera

Rebecca Rivera — Mon, 05 May 2008 22:25:31 +0000

I am using my check to rent a car and visit my ailing Grandparents in Ohio. I am a single mom with no debt and three months emergency money in the bank. I have been wanting to visit my grandparents for five years, but could not afford a vacation. So I am happy and I guess I am stimulating the economy by renting a car (my old clunker will not make the trip) and buying gas.

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By: Kevin

Kevin — Sat, 03 May 2008 03:00:25 +0000

If i was claimed but still made over $3,000 and filed taxes do i still get the check?

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By: hopeful27

hopeful27 — Fri, 02 May 2008 14:50:57 +0000

Hello, can anyone give some advise….My husband and I filed jointly. But I always have to file injured spouse. Because of back childsupport… So We claimed 3 children 2 are ours and 1 is his…does this mean they will take a portion for his back childsupport,(he pays faithfully everyweek from his paycheck for years and years now) (like they do for our taxes) and I will get my portion or is that not an issue since its a rebate check….I think that is they were doing such wonderful things by giving us this rebate check to help with bills oil food etc…they shouldnt take it weither someone owes for anything. But if someone could give me some advise that would be great..

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By: Be Wise With Your Economic Stimulus Tax Rebate | My Super-Charged Life

Be Wise With Your Economic Stimulus Tax Rebate | My Super-Charged Life — Thu, 01 May 2008 13:38:41 +0000

[...] Of course, knowing when you will receive your rebate is only half the equation. You probably also want to know how much money to expect. Well, fortunately, there is a nifty little calculator you can use to determine the exact amount of your rebate. Here’s how to Calculate Your Economic Stimulus Tax Rebate. [...]

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By: Sue

Sue — Wed, 30 Apr 2008 17:51:51 +0000

I am a single mom with one 17 year old and I filed Head of Household. I grossed $25,600 in 2007. It looked like I was suppose to get $900, but it was deposited into my checking account yesterday, and it was $600. Other parents in my same situation are saying the same thing. Anyone know why we got $300 less than expected?

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By: Sour Grapes

Sour Grapes — Mon, 28 Apr 2008 21:00:33 +0000

Why does the government treat citizens so unequally? I’m not getting a rebate, even though I am your prime spending demographic. I make a nice living, yes, but it’s not THAT nice, and I pay a bunch of taxes every year. And yet, I’m punished for my success, despite the fact that friggin’ Hurricane Katrina knocked me on my rear financially, and every cent I earn is going toward my recovery, which I am far from achieving. So, enjoy your rebates. I’m going to grump in the corner and resent the government’s unfair populist policies. GRRRRRRRR!!!!! (Please know, that I don’t begrudge anyone getting the rebate, but I think I should get one too, and there should be absolutely no income restriction. It’s so un-equal, un-American, and unfair). Definite sour grapes over here.

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By: smhoo

smhoo — Mon, 28 Apr 2008 17:59:51 +0000

Please help me figure this out. We do not qualify for the stimulus based on 2007 taxes because we cashed in a large nest egg in order to move into a (small!) house in a decent neighborhood. The capital gains put our gross income over $200,000 – hence the rebate shrinks to zero.

But in 2008, with all of our savings sunk into our house, we will be back down to $120,000.

If this is a “pre-bate” for 2008, will we get anything ever? (We sure could use it, trying to pay for housing in California…)

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By: Courtney

Courtney — Wed, 16 Apr 2008 19:59:17 +0000

My baby was born in January 2008. Will I get a rebate for him as well?

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By: puzzled

puzzled — Sun, 13 Apr 2008 06:31:15 +0000

Forgot – I did not earn any income or file taxes in 2006

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By: puzzled

puzzled — Sun, 13 Apr 2008 06:29:23 +0000

I sold my artwork last year at the town library for the month of April 2007, and received a 1099 from them (the library handled all the sales and kept 10% of the proceeds). The amount (in box 7) on the 1099 is just under $3000. I also sold another couple of paintings totaling $600. So my “gross profit” was $3600. Does that mean I qualify for any sort of stimulus rebate? I don’t operate as a standard “business”, so I’m not sure what to do. Is my “qualifying income” calculated after I deduct expenses? I’m lost. And broke. I live with a friend who has generously not required me to pay room and board.

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By: Liz

Liz — Thu, 03 Apr 2008 15:19:12 +0000

I’m confused about one thing. PLEASE HELP!!!

My husband and I were able to claim one child each from previous marriages. His child lives with the mother (no child tax credit but claimed as dependent) my child, I share true 50/50 custody with the father (no tax credit but claimed as dependent). Will we get anything for the children since they were claimed as dependents even though we couldn’t claim the child tax credit?

I talked to H&R block, who did our taxes, and they said they base it on dependents claimed but everything I’m finding also mentions something about the child tax credit playing a factor. Anybody know?

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By: Dan

Dan — Wed, 02 Apr 2008 17:05:54 +0000

My baby was born on 03/23/08, is she entitle to stimulus rebate?

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By: Bobby

Bobby — Mon, 31 Mar 2008 14:38:29 +0000

Brian,
“Child” for tax credit is not the same as for dependant for deduction. Under certain conditions, your child can be your dependant for life. The qualifications for dependants are much more permanent in terms of tax law history; the credit is subject to congressional whim and therefore no attempt is made by congress to equalize the two.
My question is this: I have pension income and capital gain income only. Due to donations and 3 child tax credits, we pay no income tax. Would I still receive the child related rebates if I pay no income taxes? Should I restructure some income to 2009?

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By: Brian

Brian — Thu, 27 Mar 2008 15:41:30 +0000

Confusing about the qualifying child. If you go to the IRS site it says that you can claim a child as a dependent as long as they are under age 19, but in order to claim “child tax credit” they have to be under age 17 at the end of the tax year. So, I claim my son who turned 17 mid-November, as a dependent, supporting him 100% of the year, and can’t claim tax credit for him. He is still depending on my support 100% until he graduates from high school or gets a job, and if he is not working and filing his own tax forms then why shouldn’t I be able to claim him as a child tax credit. I would like him to have a job too, but finishing high school successfully is the top priority right now. I think that rule needs to be revised to say under the age of 18 instead, because they are taking away that one last year of credit that a child is, 9 out of 10 times, living in the home and still dependent on the parental support while finishing their general schooling. They can determine if that child is working and bringing in their own income during the year, then the rules can establish that fact and deny the credit, but for a dependent child that doesn’t work during the last year or two in high school the parent gets NO child tax credit whatsoever. Doesn’t make sense to me. Sorry just a gripe, but the calculator seems to be right on for me with those facts otherwise. Checked the Kiplinger one and said the same thing.

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By: eamonn

eamonn — Tue, 18 Mar 2008 04:01:41 +0000

Paul C, thanks for your reply, I hope you’re right!

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By: Paul C

Paul C — Mon, 17 Mar 2008 06:34:04 +0000

Sarah (26.), the popular tax software I’m using calculates the rebate, and appears to NOT count self-employment tax. So my guess is you’ll get the minimum payment, $300 per person, based on your having > $3000 self-employment “qualifying” income. Unless your AGI is too high (since your schedule C earnings show up in your AGI).

The possibly good news is that the economic stimulus law also increased Section 179 limits for 2008 and added some sort of increased depreciation. So I guess you’re being stimulated to buy $250,000 of business equipment (Google “economic stimulus business deduction” for info).

eamonn, when you file jointly everything is lumped together, so your wife not being an earner shouldn’t matter, just the total, AFAIK.

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By: eamonn

eamonn — Sat, 15 Mar 2008 22:18:12 +0000

My wife and I file jointly, although she’s a stay at home mom (3 kids). I made about $110,00 last year. Because she doesn’t have an income, are we out of luck? Thanks.

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By: chris

chris — Sat, 08 Mar 2008 20:12:17 +0000

I’m very excited to get some of my own money back. My wife is a full time student and our only debts are the mortgage and student loans. I made $46,633 last year with 2,014 tax liability; so we’ll get the full $1200 which will go to a furnace and installing the duckworth in our house. Our regular tax refund of $4,186 (oregon and fed) will go to pay student loans.

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By: Dwain

Dwain — Wed, 05 Mar 2008 02:19:57 +0000

I am american with ss number, two kids both have ss number. My wife has a ITIN #, but irs states I will not get rebate check, because we filed jointly. What about myself and two kids who are born americans all with a valid ss #. Only reason my wife is still using itin I’m in military and we have yet moved to usa. Am I reading this plan correctly?

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By: Jacki

Jacki — Mon, 03 Mar 2008 20:51:51 +0000

Hmm ! I am confused ..I am filing married jointly and with 2 kids should get $1200 300 for each child which = $1800 – the calculator gives me $1200 – anyone know why ??

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By: Dan

Dan — Thu, 28 Feb 2008 22:06:58 +0000

Sue,

The only thing 2007 taxes is used for is to determine eligibility for advance payment. Your 2008 tax situation will determine whether or not you receive the credit if your 2007 doesn’t qualify you. If you owe $3,000 in federal taxes, you will qualify as long as you aren’t single earning over $75,000 or married earning over $150,000. As long as you don’t exceed those limits, you appear qualified for the advance payment as well.

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By: SUE

SUE — Thu, 28 Feb 2008 16:58:57 +0000

if a person owes and is not getting a refund on their 2007 taxes are they still eligible for a check? i owe 3000 on fed taxes so does that knock me out?

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By: Thomas

Thomas — Wed, 27 Feb 2008 16:50:21 +0000

The form allows for more than two qualifying children. I do believe only two are allowed. So if you have three kids, people would be likely to write a three which would skew the result. That is what I did the first time around. If I am right it might be best to put a limit on that field or calculate as two if the number is equal than greater than two. If I am wrong, I will be happy with the extra 300

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By: Dan

Dan — Tue, 26 Feb 2008 20:36:38 +0000

Bhadran, It depends. Eligibility for the credits is based on 2008 tax returns, so as long as you earn inside the min/max limits in 2008, you will receive the credit.

The advances that are scheduled to go out as early as May are based on 2007 tax returns. If your 2007 tax return doesn’t meet the qualifications, then you will get the credit you qualify for when you file your 2008 taxes next year. If your 2007 tax return does qualify, you’ll get the advance.

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