Discussion:Economic Stimulus Payment
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Discussion Forum Index --> Basic Tax Questions --> Economic Stimulus Payment
Discussion Forum Index --> Tax Questions --> Economic Stimulus Payment
| 3 May 2008 | |
| I have a 75 year old client with $8,975 in earned income, $6,396 in Social Security Benefits and a $12,000 farm loss. My software is estimating her economic stimulus payment at $0 due to her negative AGI. She is basically filing her return to receive her refund of $385. Realizing other people that only have Social Security greater than $3,000 qualify for the economic stimulus payment, it seems this person should as well. Any help is appreciated. | |
RoyDaleOne (talk|edits) said: | 4 May 2008 |
| http://www.irs.gov/app/espc/
The online IRS calculator for the stimulus payments. | |
| 4 May 2008 | |
| The negative AGI is resulting in your client not being eligible for the Economic Stimulus payment($12,000 farm loss). Other seniors who only receive social security that exceed $3,000 generally are are not in the situation of negative AGI and receive the benefit . | |
| 5 May 2008 | |
| Negative AGI should not cause the client to lose his $300 rebate since net losses from SE are not taken into account in determining qualifying income. | |
| 26 May 2008 | |
| I may be wrong but your software is not going to tell you what the stimulus refund will be. It calculates a normal refund. It's all too new to software to work that out. The IRS will calculate and send the correct amount. Use the calculator ROYDALEONE suggested. | |
| 26 May 2008 | |
| Markham...LaCerte SW will give you stimulus amout...not that difficult. | |
| 27 May 2008 | |
| The Proseries Rebate Calculator calculates that the taxpayer would receive a $300 rebate given the information you presented. | |
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