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gogreenleafy | HELP PLEASE! WHY did my husband and I only get 600 dollars for our tax rebate/stimulus?? |
We were both self employed in 2007 and paid several thousand in taxes. We got our rebate check yesterday FINALLY and it was only for 600 dollars for the both of us. EVERYONE else we know got 1200 per couple. I have called the IRS and looked on their website. They said that it was because on line 57 we only paid 291 dollars. What the heck does that mean and is it possible our accountant made a mistake? If so, will they let us change it so we can get our full rebate???
UGH I know nothing about taxes...help please
Additional Details
If my accountant would call me back, sure I'd ask him. Until then its just you guys. |
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Judy1
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Your stimulus payment is based on your net federal income tax for 2007. If your tax was between $600 and $1200 on your joint return, you get back everything you paid. If your tax was less than $600, you get an even better deal, and get $600, even MORE than you paid in. If you paid over $1200 though, your rebate is limited to $1200.
Your net income tax liability is one of the following depending on which form you filed:
· On Form 1040, the amount shown on Line 57 plus the amount on Line 52;
· On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or
· On Form 1040EZ, the amount on Line 10.
Much of what you paid in taxes was most likely for self employment tax, for social security and medicare. That doesn't enter into the rebate calculation, only income tax does. |
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julieisbest
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If you have an accountant this is really a question you should pose to them. None of us did your taxes so we have no way of knowing. |
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Wayne Z
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Most of your balance due for 2007 was Self-Employment tax and self-employment is not used for calculating the rebate. Only the income tax is used.
Look at the bright side. You only paid $291 in income taxes but got a rebate of $600. You are $309 ahead!!! |
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Steve
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Did you review your tax return to see what Line 57 was? There were limits placed on the maximum amount of the tax rebate. These were published on the IRS website and in most newspapers.
Without knowing the details of your tax return, no one here can tell you the exact reason why your rebate was only $600.
Don't take this wrong, but you need to educate yourself on the basics of Tax Law so you know what you are signing when you file any tax return. For all you know, your accountant could have "cooked the books" and filed a fraudulent tax return on your behalf. If that is the case, YOU will get in trouble with the IRS and you won't have a clue as to why.
By signing your tax return, you are saying it is true and correct. Why would you sign a document if you don't know if the contents are true and correct?
Just some things to think about. |
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travelguruette
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Sounds like you didnt pay enough in income taxes. It is up to 600 per person not a guarantee 600 per person |
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Chris L.
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Did you pay $4000 in federal tax, or was it federal tax combined with SS, Medicare and other self employment taxes?? If you are self employed and paid $4000 most of that was probably not federal tax. Look at your 1040 form as the IRS said, you paid $291 in federal tax, so you got the minimum of $600 for the rebate for a married couple-you got free money if you only paid $291. It looks like you got your full rebate and then some. |
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John Scott
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Judy gave a good answer. I'd add that the $291 is after any credits you may have taken for such things as retirement contributions, education, etc. |
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critter52
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well we had the same thing The Social security office still has me listed by the first married name!!!! Talk about efficient, My ss card I carry is in the name of my last husband ,they are behind one. How did they lose me?So we only got the 600 too it looks to them as we are not married. They make all kinds of mistakes ....Persue it!!!! |
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Tiffany
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You receive $300 per adult and , I believe, an additional $600 per child. Sounds like you don't have any qualifying children, but your neighbors do. If that is not the case then there is a mistake somewhere. |
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