Originally Posted by Twinkle Toes
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 elseís return, are high-income individuals or do not have a valid Social Security Number. The payment is equal to the taxpayerís 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.
Veteransí benefits received in 2007, including veteransí disability compensation and pension or survivorsí benefits received from the Department of Veterans Affairs. People who werenít required to file a tax return can estimate their annual veteransí 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.