Just wondering if anyone knows how much a family of 7 (2 adults, 5 children) with an AGI of approxmiately $65,000 and a taxable income amount of $30,000 and child tax credit of $3400 might get back in the stimulus package. I have been on the government website and all they do is give you the %26quot;normal%26quot; 2 adults 2 kids scenarios and even those are a little confusing.
Question regarding the new Tax Stimulus program?
With that amount of taxable income, you will pay over $1200 in 2007 Federal Income tax, so you will get a $1200 rebate for the married couple. Since you qualify for a rebate, you will receive an additional $300 for each dependent child under 17.
Use the Kiplinger rebate tax calculator (link below) to compute your rebate.
Question regarding the new Tax Stimulus program?
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers
Question regarding the new Tax Stimulus program?
Most likely $1200 for you and your spouse, plus $300 for each dependent child under age 17.
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