Tax rebate question.......?

Question

Today I got my tax rebate and it was not as much as I thought it would be. There are four of us in my family. Me, my husband, and two children. We don't owe any money to the government or anything. We received 1200. I though each adult got 600 and then 300 per child. ??

Answer 1

Each of you got $300.

The rebate payment is equal the amount of tax liability on the return (tax liability on the return Form 1040 line 46 or Form 1040A line 28) with a minimum amount of $600 and a maximum amount of $1200 for joint return.  

If you do not receive full amount of $600 now, then you may get the balance amount when you file your 2008 return, and you become eligible for the tax rebate.  

   For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/02/are-...

Answer 2

no it should be 600 for families or head of household and 300 per qualifying child

Answer 3

No, every adult who qualifies gets at least $300, or UP TO $600.

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.

On top of the amount for the adults, you get $300 for each eligible child.