Discussion:Got an odd stimulus rebate situation?
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Discussion Forum Index --> Tax Questions --> Got an odd stimulus rebate situation?
Scottycoyote (talk|edits) said: | 2 April 2008 |
| ok so i have a couple mfj, she draws social security of about 6k, he has sch c losses, my software (drake) has them not qualifying for any stimulus, but if i file them separate she gets 300.
Ok same couple has their grandkids living with them, the kids draw soc sec and va benefits, so much so that ive never let them claim them as dependents. The kids are under 17 and not dependents, would they qualify for the stimulus rebate on their own? Everything i read says yes but it just doesnt seem right. | |
Taxestaxes (talk|edits) said: | 2 April 2008 |
| I believe in scenario 1-they would still get the rebate, because as long as they draw $3000 Soc Sec. they qualify....
Scenario 2 - sounds weird, but I dont see why not- according to everything I have read as well..... | |
Scottycoyote (talk|edits) said: | 2 April 2008 |
| so ur saying you think them filing jointly they should still get the rebate and maybe my software is computing it wrong (drake), or that i would need to file them separate for her to get it?
it doesnt effect him or her by going mfs, neither would still have taxable income this is just an unusual situation | |
| 2 April 2008 | |
| I just heard on Natl Public Radio that a couple just got their rebate. Instead of cash, they got an air conditioner! They live in Arizona. The govt did a profile on the couple and thought that the couple would just pay off their credit cards instead of "go out and buy something". So the Treasury bought something for them to stimulate the ecomony. About one million tax payers are going to get some item delivered to them instead of cash. Go figure!
Will I get a snow blower? | |
| 2 April 2008 | |
| I'm serious. The husband said "Well, we can't pay our mortgage but at least the house will be cool." He was happy but the wife was upset. | |
| 2 April 2008 | |
| Susan, you are seriously on drugs or too dumb to figure out this is April Fools day. You had a chance to say you are kidding. | |
| 2 April 2008 | |
| http://marketplace.publicradio.org/display/web/2008/04/01/april_1st
Sounds real to me. You tell me. | |
| 2 April 2008 | |
| And I put a fake golf ball on my husband's car windshield this morning. | |
| 2 April 2008 | |
| Could explain the 20 year old Asian woman in the mail today however. | |
| April 2, 2008 | |
| Okay, that was hook, line, sinker, fishing boat....went for the whole thing.
There should be a rule the April Fools Day can't come during tax season! | |
| 2 April 2008 | |
| How much for the little girl? How much for the women?
Your women. I want to buy your women. The little girl, your daughters... sell them to me. Sell me your children.
| |
Taxestaxes (talk|edits) said: | 2 April 2008 |
| Back to Scottycoyote: I think scenario one will get the rebate still......I had a couple who only made $2000, but draws social security; according to calculator they dont get rebate, but we know they do, or at least will get the $600. If you do some of the calculators on the internet and answer one way based on w2 - they dont get it; but answer based on social security- they do; I assume calculators dont see the whole story-but IRS should!! | |
Scottycoyote (talk|edits) said: | 2 April 2008 |
| thank you taxes for bringing MY discussion back to meeeeeeeeeeee lol.
Well to be safe i just went ahead and filed tax returns for the kids and i filed the husband and wife mfs.....ill be interested to see how it turns out | |
| 2 April 2008 | |
| I'm not sure I want to spoil a fun discussion by trying to keep on subject but since April 1 has come and gone I will risk it.
Scoyote - be careful MFS living together I believe makes SS all taxable. Could be a problem if the amount is high enough. (Look it up because I am going from memory.) | |
Taxestaxes (talk|edits) said: | 2 April 2008 |
| Oh yeah - good point EZ, never even thought of that, since I was so focused on stimulus issue!! But I read post as the spouse only had Soc. Sec. so that wouldnt be taxable when MFS.....But Scotty-the one spouse who had only sched C loss will loose out on rebate!! If they had filed together, they would have gotten the $600 ($300 each)but MFS wont let him get it!!??? | |
Scottycoyote (talk|edits) said: | 3 April 2008 |
| well living together and going mfs with ss makes 1/2 of it taxable i believe...but she didnt have enough ss for it to effect her.
but my software has them not receiving any stimulus filing jointly, but gives it to her filing separate. I might need to check for updates. | |
Scottycoyote (talk|edits) said: | 3 April 2008 |
| i updated and its still the same result.....it appears when they file joint his negative income offsets her soc sec to the point where they do not qualify for any stimulus filing jointly. | |
Taxestaxes (talk|edits) said: | 4 April 2008 |
| I hate to keep beating this one around, but for the couples sake, I would call the IRS and verify......according to IRS website - "People with no net income tax liability will usually get a minimum payment of $300 for a single person or $600 for a married couple filing jointly, as long as they have qualifying income of at least $3,000." So for this particular couple, they have no tax liability, but since they get social sec. they get at least $600-if they file jointly. THe loss cannot offset Soc. Sec. since its not taxable.....the loss is just that a loss, meaning they have no tax liability. | |
Scottycoyote (talk|edits) said: | 4 April 2008 |
| ok man thanks, ill try to get some verification and let you know. I guess worst case scenario is i can always amend to go back to mfj after the due date.......but i cant go mfj to mfs.....if i cant find a definitive answer i may have to keep it mfs to be safe. | |
