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Julie D | Why stimulous refund is less than 600? |
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Soror Kate ART VT
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Lots of reasons, including having zero or little tax liability, owing back taxes, child support, or federal loans, and misunderstanding the calculations. I'm attaching a calculator link so that you can see how the rebate is calculated.
My rebate for myself was only $300. I don't make much, and had no tax liability for 2007. This is happening to many people. I actually spoke with another tax professional from a competing firm who assured me that I was getting $600. When I questioned him, because I knew better, he assured me several times that EVERYONE would get $600. This was just wrong. I attempted to explain it to him, but knowing I worked for a competitor, he was unwilling to listen. I can't say I blame him - lol.
Here's the link. I hope it helps! |
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Judy1
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Most likely because your tax liability for the year was less than $600. The stimulus payment is UP TO $600 per adult - you only get that much if your tax liability was at least $600. Otherwise you get a full refund of your tax liability, with a minimum of $300 even if your tax was less than that. |
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bostonianinmo
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Why do you think it should be $600? The rebate for a single taxpayer is UP TO $600, not an automatic $600. IF your tax liability was less than $600 then your stimulus check will be equal to your tax liability with a minimum of $300 as long as you had at least $3,000 in Qualifying Income.
Your tax liability is the sum of lines 57 and 52 if you filed Form 1040 or lines 35 and 32 if you filed Form 1040-A or line 10 if you filed Form 1040-EZ. Your rebate should be equal to that. |
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src50
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www.irs.gov |
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Gertie
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A. Your economic stimulus payment is based on information provided on your 2007 income tax return.
Many but not all taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.
Your payment may be less than the maximum for one or more of the following reasons:
You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
You are married and your net income tax liability is less than $1,200.
You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
You are married filing a joint return and your AGI is more than $150,000.
You owe back taxes that reduced your payment.
You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment.
Around the time you receive your payment, you will also receive a notice from the IRS explaining how your payment was calculated. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts that were offset or deducted from your stimulus payment. |
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Linda R
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You don't say your circumstances....do you have a child on your taxes born BEFORE 12/31/90, or could it be your filing status. You don't get credit for a child born before 12/31/90, and the rest of the stimulus payment is calculated by filing status and refund amt. They also take into account if you owe taxes, defaulted loans, owe child support, etc.
It is all explained on the irs page. |
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Othniel
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You should have received a letter from the IRS showing how the stimulus amount was calculated. If you owed back taxes or child support etc. then they would have deducted that amount from the total. |
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Bon
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This happened to me also. The refund was less than what was expected because if you don't make enough money then the refund goes down. Ex: Family of 3 with one qualifying child= 600+600+300= 1500. Our stimulous was only 1053. |
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