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 How much income tax can I expec to get back if I have a 6 month old baby, who I do not claim as exemption? |
Additional Details
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Nutsngum | Will the tax rebate be based on 2007 or 2006 AGI? |
Additional Details
Just curious how they will determine the income cap at 75K/150K. I'm assuming it may be based on AGI, but not sure how and when they'll determine it (if anything gets passed at all).
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Michael R
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2007
It is sort of based on income since if you made less than 3k you will not get it. If you made more than 75,000 as a single person or 150,000 as a couple then you will not receive the rebate. |
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jwishz
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What I heard on the news this morning is that the latest compromise will give everyone who is working full time a check. It is not based upon AGI. |
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accountant_srl
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They will be using your 2007 AGI for the rebate purposes. They will use this return to identify your income and to figure out how much you will be getting (number of members in the family- single/married, kids, etc).
The rebates (if approved) will start being sent out in May, but I would expect it closer to July... |
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Tim
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They haven't realeased the details of the plan. The leaks indicated that you need to earn at least $3000. I would assume it would be based on 2006, since 2007 taxes aren't due until April 15, 2008. |
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jack S
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here i your answer this is close to bottom of the page.
Those who earned a minimum of $3,000 in 2007 will get a check for at least $300, or $600 if they are married and filing a joint return, even if they did not owe any income tax. But their rebates will gradually climb as does their income tax
http://money.cnn.com/2008/01/24/news/economy/stimulus_package/index.htm |
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Mike R
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"Treasury Secretary Henry Paulson said Thursday that the IRS should start sending checks 60 days after a measure is enacted."
How can they use your 2007 AGI if they are going to start sending checks before taxes are due?
Would they only send them to people who have filed for 2007? |
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Rebel
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IF there is a tax rebate, it will just be a standard amount based on whether you're an individual or married and making under a certain specified amount (I think 100,000 per year). It's not guaranteed that there will definitely be a rebate. It still needs final approval. |
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wartz
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Nobody knows anything yet about what, if anything will happen because there is nothing to know. |
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