Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-24-2008, 01:17 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Which Taxpayers will not be getting a Tax Rebate check?

According to the IRS, taxpayer's woud not get a "stimulus payment in 2008, if any of the following apply" to that taxpayer;

1. The Taxpayer has not filed a 2007 tax return.

2. The Taxpayer's net income tax liability is zero and her qualifying income is less than $3,000. (See Note 1 below for how this is determined).

3. If the Taxpayer can be claimed as a dependent on someone else’s return.
This would include "a child or student who can be claimed on a parent’s return."

4. The Taxpayer does not have a valid Social Security Number.

5. The Taxpayer is a nonresident alien, "files a Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007."

Note 1:How does a Taxpayer calculate his or her Qualifying Income?
The Qualifying Income for a Taxpayer is determined by combining his or her Wages, Net Self-Employment Income, Nontaxable Combat pay, Social Security benefits, certain Railroad Retirement benefits and certain Veterans’ payments.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-24-2008, 02:48 PM
Junior Member
 
Join Date: Jan 2007
Posts: 5
Tax Rebates Eligibility!

What this means is that effectively most if not all US taxpayers may be eligible for the Tax Rebates!

Nice going Congress!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



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

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


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.