Did you get a $600 or $1200 rebate? Why the difference?

Question

Is it a tax rebate to the rich? I have paid more income tax than most of you in my lifetime, but only received 600 dollars-

Why?

Answer 1

gar you are assuming awful lot there -- i have not received mind yet and expect only 300 since i am single -- may not get any since all my income is passive and amounts to around 60k a year!!

Answer 2

There are a lot of rules regarding the rebates, but in general if you are single and have income under $75,000 and have a tax liability of at least $600, then you should be eligible for the $600.  If you are married and your income is below $150,000 and your tax liability is at least $1200, then you should be eligible for $1200 ($600 for each spouse).  If you have children under 17, it is possible to get $300 for each of them.  There are a lot of quirks regarding these rebates but the above is the general rule of thumb.

Answer 3

Your stimulus payment is based on your net federal income tax for 2007. If your tax was between $600 and $1200 on your joint return, you get back everything you paid. If your tax was less than $600, you get an even better deal, and get $600, even MORE than you paid in. If you paid over $1200 though, your rebate is limited to $1200.

Your net income tax liability is one of the following depending on which form you filed:

· On Form 1040, the amount shown on Line 57 plus the amount on Line 52;

· On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or

· On Form 1040EZ, the amount on Line 10.

And by the way, the maximum amount is hardly just for the rich.  A married couple with no dependents, taking the standard deduction, with no additional deductions or credits, gets the maximum if they make $23,500, hardly rich.

Since you are asking about $600 vs $1200 I assume you are married filing a joint return, since the maximum for an individual is $600.  If you did NOT file a joint return, then if you got $600 you DID get the maximum.  The max on a joint return is twice that because there are two people filing.

Answer 4

its free money you get what u get jut remeber last year there wan't a rebate.

Answer 5

i filed head of household claim 2 of my kids received a total of

600 head of household

300 per child  total income per year about 33,000