My wife and I filed jointly, under 150k with 2 exemptions and we're getting one check for $600. Is that right?

Question

My wife and I filed jointly, under 150k with 2 exemptions and we're getting one check for $600. Is that correct? I thought it was a check for $1200.00. Not complaining but just wondering. Thanks!

Answer 1

If your actual tax bill is less than $600, you only get $600.

To get $1200, you had to actually have paid at least that much in income tax.

Answer 2

The amount of the rebate check is dependent on your tax liability.  The range is between $600 an &1,200 for a couple.  Any dependents must be under 17 to get the additional $300 per child.

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.

Answer 4

Go to the IRS website click on the Stimulus Payment Estimator and enter the info and it will tell you how much you will get