Wayne Z
 |
It depends on your tax liability which depends on your income and deductions/credits for 2007.
Married couples are eligible for a rebate of UP TO $1200. It is not a guaranteed $1200. My guess is that you received the minimum of $600 for you and your wife ($300 each) plus $300 for one of your daughters. If you oldest daughter was over 16 as of 12/31/2007, then she doesn't qualify for the extra $300.
Also, for some reason, some married couples file as "Head of Household" because they think that this is correct because only one spouse works. Did you file as "Married-Filing Jointly"? |
Judy1
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You only get $1200 for the two of you if your tax liability was that much. Sounds like the money you got was $600 total for you and your wife, plus $300 for your child. If you filed a joint return, it IS for the couple, not each individual, and it has nothing to do with which of you made the money - the people who said that your wife doesn't get anything are WRONG if you filed a joint return. If you read the materials that were sent out, they said that the amount was UP TO $1200 for a married couple together. UP TO doesn't mean that everyone gets that much.
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.
Your stimulus "refund" was more than you paid in, a pretty good deal.
Are both of your girls eligible? You only get $300 for your kids under age 17 as of the end of 2007 - if one of them was over 16, then you don't get anything for her. If you forgot to check the box in the exemption section of your return for being a qualified child for one of them, but she really was eligible, you'd still get another check for $300 for that child.
Your assumption that you and your wife would get $600 each wasn't correct, it sounds like you were only eligible for $300 each. But if your girls were both eligible, you should get $300 for each of them, which would give you $1200 total for the family.
You should have gotten a letter which said how much you were getting for you and your wife together, and how much for your kids. If you didn't get that letter, go to https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC&selectLanguage=en and enter your info to get that info. |
MukatA
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Only dependent who is under 17 in 2007 is eligible for stimulus payment.
You are your spouse each got $300:
The rebate payment is equal the amount of tax liability on the return (tax liability on the return Form 1040 line 46 or Form 1040A line 28) with a minimum amount of $600 and a maximum amount of $1200 for individuals.
If you do not receive full amount of $600 now, then you may get the balance amount when you file your 2008 return, and you become eligible for the tax rebate.
For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/04/list-of-articles.html |
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