Stimulis Rebate Check, what is net income tax liability?

Question

I received my letter from the IRS stating when to expect my rebate check, but I dont understand why it says because of my tax liability I shoud receive $300 and not the $600 per person that everyone says they get. Can anyone tell me why that may be or what? Also does anyone knowif you actually receive it on the day that they tell you or is that just the day that the IRS mails it out?

Answer 1

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 2

The different rebate levels are explained in detail on the back of that notice.  You probably didn't pay enough taxes or have a high enough income to be in the $600 level.  The date on there is the date they mail it out, unless you have it direct deposited into your account.

Answer 3

The check will be mailed on the date it says on the letter.  If you are getting $300, it means you paid $300 or less in taxes.

Answer 4

Your nest income tax liability is your income tax after some credits.  If you used form 1040 the look at line 57, form 1040A line 37, or 1040EZ line 10.  

You had to have a tax liability after credit in order to receive the $600 and not the $300.

Answer 5

A net income tax liability means that you actually PAID taxes.

In order to qualify for more than $300 of rebate, you had to have paid $301 or more in income tax.  *You* apparently paid $300 or less in tax.

PS, the date is the mailing date.  Most people seem to get the check by Wednesday of the following week.