Thursday, March 13, 2008

Time&Money: IRS "stimulus" payments

The IRS has begun notifying taxpayers that more than 130 million households will start receiving economic stimulus payments in May.

To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. Phaseout reduction begins at $75,000 for single filers.

More details are available at www.irs.gov.

What should single parents expect? Here are some examples from the IRS:

Head of household with children:
1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900

2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900

3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900

4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability before child tax credit is $195.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900

5) Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.
Individual rebate is $395
Qualifying child credit is $600
TOTAL is $995

6) Single parent with two children, AGI is $60,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

7) Single parent with two children, AGI is $90,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
Phaseout reduction is ($750)
TOTAL is $450

9 comments:

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AimTrust is what you thought of all the time
The company represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

Its head office is in Panama with structures around the world.
Do you want to become a happy investor?
That`s your chance That`s what you wish in the long run!

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I feel good, I started to take up income with the help of this company,
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