Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 03-31-2008, 01:31 PM   #21
Recycles dryer sheets
Twinkle Toes's Avatar
Join Date: Nov 2007
Posts: 202
Well, I played with the IRS stimulus calculator again. This time, I didn't get caught in the loop as I did the other day...still don't know why that happened. Instead, I got a message that I would have been eligible for a check for $0; however, since my income was greater than $150,000, I would not receive a check. Interesting message, since my income was less than $150,000. I returned to the calculator and changed total income and AGI to $4, the same response. Mmmm...maybe IRS has a sense of humor!

Twinkle Toes is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-01-2008, 07:09 AM   #22
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 2,504
Originally Posted by Twinkle Toes View Post
Only income I have is passive. I tried using the Internal Revenue Service calculator to determine whether I will bet a stimulus check. The IRS calculator thinks I failed to include income and puts me in a loop to go back and "properly" fill out the information requested.

Anyone else go through this exercise? No stimulus check for me...even though I will be paying federal income tax this year.
from an IRS press release FAQ: the qualifying income as necessary probably was an early version when SS only folks were going to be let out. i'm guessing that when they added the SS only folks later they probably added taxpaying folks who had other non-qualifying income only too.

Q. I want to estimate my payment. Please explain how it is figured.

A. Essentially, there are two parts to the stimulus payment: a basic amount based on tax liability, filing status or other qualifying factors if there is no tax liability and an additional amount based on whether a qualifying child is reported on the return.

Basic Amount of Payment: Taxpayers who had a net income tax liability will receive a payment, unless they can be claimed as dependents on someone else’s return, are high-income individuals or do not have a valid Social Security Number. The payment is equal to the taxpayer’s net income tax liability, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly.

People with no net income tax liability will usually get a minimum payment of $300 for a single person or $600 for a married couple filing jointly, as long as they have qualifying income of at least $3,000. To figure your qualifying income, add together the following amounts:

Wages that are reported on Form W-2.
Net self-employment income.
Social Security benefits reported in box 5 of the 2007 Form 1099-SSA, which would have been received in January 2008. People who do not have a Form 1099-SSA may estimate their annual Social Security benefit by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Certain Railroad Retirement benefits reported in box 5 of the 2007 Form 1099-RRB, which recipients would have received in January 2008.
Veterans’ benefits received in 2007, including veterans’ disability compensation and pension or survivors’ benefits received from the Department of Veterans Affairs. People who weren’t required to file a tax return can estimate their annual veterans’ benefits by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Nontaxable combat pay if the taxpayer elects to include it as earned income.

kaneohe is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax Rebate or Tax Advance ?? Helena FIRE and Money 29 02-14-2008 09:25 PM
Current Tax Rebate Risk TBPu FIRE and Money 0 01-30-2008 10:34 AM
Economic Stimulus rebate question rickier55 FIRE and Money 6 01-29-2008 06:03 PM
AGI and State Tax Refund jazz4cash FIRE and Money 12 02-14-2007 08:54 AM
Help: Federal Tax in ER Sam FIRE and Money 10 11-29-2006 08:52 PM


All times are GMT -6. The time now is 06:20 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.