Lawmakers pass the stimulus tax credit
Posted by TJ on Friday February 8, 2008 @ 05:25 PM
[Tags: accounting, taxes, guide]

Most people will be receiving a credit from the Government as they hope to stimulate the economy and reduce fears of recession. Will it work? Probably not, but that's a whole other story. Here is the lowdown on the credits.

When will I get the check?
If you are eligible you will most likely see your check in May or July.

Your credit is $600 if single and $1,200 combined if married. You also receive an additional $300 per child.

Calculating the credit
Add $600 - If you filed Form 1040 for the 2007 tax year
Add $600 - If your married
Add $300 - for each of you dependent children
Total = Your potential household refund (see partial refunds below)

To be fully eligle
Your 2007 adjusted gross income(AGI) has to be less than $75,000 single or $150,000 married. You can find your AGI by look on line 7 of Form 1040.

Partially elgible?
If your adjusted gross exceed 75,000(single) or 150,000 (married) you may still receive a partial refund.

Take your Adjusted Gross income from your 2007 1040, Line 37
Then subtract $75,000 if you filed single or $150,000 if you filed a joint return
Now multiply the result by 5%. This is the amount you reduce your credit by (see "calculating your credit above").

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