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My DH was talking to our accountant today about doing our taxes. It turns out that the rebate they are sending out (the $1200 per fam/$300 per kid) is not EXTRA money-its actually just an advancement on your 2008 taxes. So its money you'd be getting anyway-you'll just get it this year instead of next year!!!
I didnt pick up on that at all in all the times I read up on it. Weird. Anyway we werent eligible but I thought I'd let the rest of you gals know!
from irs website
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Q: I know some people wonít get a stimulus payment. How do I know if Iím one of them?
A: You wonít get a stimulus payment in 2008, if any of the following apply to you:
You donít file a 2007 tax return.
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veteransí payments.
You can be claimed as a dependent on someone elseís return. For example, this would include a child or student who can be claimed on a parentís return.
You do not have a valid Social Security Number.
You are a nonresident alien.
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.
well now I am thoroughly confused. I know my DH made too much $$$ this year for us to qualify. He had his relocation bonus and some other things on his w2 that counted as income.
However-I am going to have to re-question him because Stephie is exactly right so I am totally confused!!!
Ok. According to what I read, and how I understand it, if you make over $75,000 (single) or $150,000 (married) Adjusted Gross Income, then your payments start getting reduced. They take whatever you make over that, multiply it by 5% and then subtract that from the amount that you would normally qualify to receive. And I have no idea what all they add to make it an 'adjusted gross income'. My guess would be stocks, all investment type things, etc.