Why did we not receive the full amount for our tax stimulus?
We received the tax stimulus check for 00. Our joint income is 000 with two children. Where is the 0 for our two children (ages 5 and 9)?
I keep hearing about tax liability. Where do I find that on my taxes and why does that change your stimulus check?
Posted in tax stimulus
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May 20th, 2009 at 7:13 pm
On your tax return is a line for your total income tax due. This is how much tax you paid for the year, your total tax liability. Subtract withholding payments made during the year, and you get balance due (if you still owe more than the withholding) or refund due (if you paid more than you owe). Your own tax liability is the maximum rebate you can receive within the guidelines for a maximum rebate (so bigger earners who pay more taxes don't get a rebate — it phases out).
May 20th, 2009 at 7:13 pm
i am 22 and i only got 300 dollars
May 20th, 2009 at 7:13 pm
How much is your tax on Line 57 of your Form 1040? If there is a zero there, you are only entitled to $300 for each of you, which would make $1200 the correct payment.
May 20th, 2009 at 7:13 pm
Net income tax liability is the amount shown on Form 1040, Line 57 plus the amount on Line 52. For 1040A filers, it is the amount on Line 35 plus the amount on Line 32. For Form 1040EZ filers, it is the amount on Line 10. you might just be getting 300 for each
May 20th, 2009 at 7:13 pm
My goodness, aren't you guys lucky? Here in the UK we get nothing, with a capital N. i saw a report which suggested you all won't be out spending it (as intended) but will use it to help pay your bills.
May 20th, 2009 at 7:13 pm
Hi,
We received $1500 for the 5 of us. I don't think many people will receive the maximum amount that is available because odds are that if you have 2, 3 + children your tax liability is going to be very low or zero. Its a bit of a double edge sword.
I had a bunch of bills slated to pay because of my assumption of rebate amount and unfortunately had to skip over a few bills. I hope that this does not affect your family greatly. I still feel lucky that we received any money when their is so many out there that will get nothing for various silly reasons.