|
| quote: | Originally posted by DCgirly
you only get it if your gross income is LESS THAN 75k single, or 110k married. |
from the treasury:
| quote: | US Treasury Document
Treasury's Fact Sheet illustrates stimulus package's refund provisions.
On Jan. 25, Treasury released a Fact Sheet with 17 examples showing how to compute the rebate (including the phaseout) under the Economic Growth Package—the bipartisan stimulus package agreed to by House Democrats and Republicans and President Bush on Jan. 24, to jumpstart the slowing economy. The House stimulus package includes a rebate provision under which rebate checks would be computed under two separate calculations, with an overall phase-out for those with adjusted gross incomes (AGI) above $75,000 for single taxpayers and $150,000 for married couples. Rebate checks will include a base amount determined under the greater of two options:
income tax paid in 2007, with a maximum of $600 for a single taxpayer and $1,200 for married couples; or
$300 for an individual and $600 for a married couple, if the individual or couple earned income of at least $3,000 in 2007.
The Fact Sheet included the following examples on how the rebate phaseout works:
For a married couple with two children, AGI of $160,000, and federal income tax paid in excess of $1,200, the total rebate is $1,300:
Individual rebate of $1,200
Child tax credit of $600
Phaseout reduction of $500 [5% × ($160,000 − $150,000) = $500]
For a single parent with two children, AGI of $90,000, and federal income tax paid in excess of $600, the total rebate is $450:
Individual rebate of $600
Child tax credit of $600
Phaseout reduction of $750 [5% × ($90,000 − $75,000) = $750]
For a married couple with no children, AGI of $160,000, and federal income tax paid in excess of $1,200, the total rebate is $700:
Individual rebate of $1,200
Phaseout reduction of $500 [5% × ($160,000 − $150,000) = $500]
For an individual with AGI of $80,000, and federal income tax paid in excess of $600, the total rebate is $350:
Individual rebate of $600
Phaseout reduction of $250 [5% × ($80,000 − $75,000) = $250] |
This was only passed in the house, it still has to enter the much more difficult Senate. For those of us who make > $75,000, you can deduct certain expenses to get below the $75K mark. for example, student loan interest, student tuition deduction, health savings accounts, self employed health insurance deduction, alimony, etc....
|
