What tax year determines income qualifications for stimulus package?
Sunday, January 3, 2010 10:17Posted in category 2009 Stimulus Check
Ok, so my wife, and I made over 150K in 2006, but less than 150K in 2007. How is the government determining income qualifications for the new stimulus package?
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SuperCactus says:
January 3rd, 2010 at 11:01 am
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.
The first rebate payments could begin going out in May, and most people could have them by July, though the IRS will already be overwhelmed processing 2007 tax returns.
The rebate is not taxable at the federal level, and it’s unlikely the states would tax it, though that’s not entirely clear at this point.
wizjp says:
January 3rd, 2010 at 11:42 am
2007
Ralph N says:
January 3rd, 2010 at 12:25 pm
2007–irs will use info just in computers for rebate—2006