Stimulus Rebates- Low Income Seniors

[Beth]

Good article here..

http://biz.yahoo.com/cnnm/080213/021308_rebates_seniors.html?.v=7&.pf=taxes

[fliszt]

Thanks

for posting the link Beth.

[Zee]

Very good article to help explain this to Seniors. Thanks!

[fliszt]

Just finished reading

Beth's link and Brad's link.

I have a senior couple whose only 2007 income was $21,875 in s/s which would not normally show on a return. If I put the s/s income on line 14b (1040A) then there will be fed tax, $218, on that income. Is there a way to bypass this for the 2007 tax year? I don't want to refer them elsewhere since I do not charge couples for this type income level.

[Larmil]

Beth's link and Brad's link.

I have a senior couple whose only 2007 income was $21,875 in s/s which would not normally show on a return. If I put the s/s income on line 14b (1040A) then there will be fed tax, $218, on that income. Is there a way to bypass this for the 2007 tax year? I don't want to refer them elsewhere since I do not charge couples for this type income level.

The dollar amount goes on 14a. 14b is zero.

[glgillis]

It only goes on 14A, nothing taxable on 14B.

Gerald

[fliszt]

Thank you, but

I understand the s/s would normally go on line 14a, but for them to receive the stimulus check doesn't some dollar amount have to show up in the AGI?

[Larmil]

I understand the s/s would normally go on line 14a, but for them to receive the stimulus check doesn't some dollar amount have to show up in the AGI?

Acrording to the IRS it only goes on 14a.

[KBTS]

SS is considered qualifying income for the rebate, so that is all the IRS will need to see on the return. AGI will be zero, but that will not matter as long as the SS benefits are shown on line 14a on the 1040A.

[fliszt]

ok, thank you all

for the help. This old brain just doesn't work as good as it once used to.
Thanks again.

In memory: "tweet"

[Acownt4it]

How much will the rebated be for a social security only couple and the husband dies in 2008? The 2007 return will filed MFJ with two exemptions.

[fliszt]

Wouldn't it

be $600 each? Total $1200? If the tax return for 2007 is filed during this tax season the checks would be issued this spring. Or are you talking about not filing now, and just taking the credit in tax season 2008?

[Acownt4it]

be $600 each? Total $1200? If the tax return for 2007 is filed during this tax season the checks would be issued this spring. Or are you talking about not filing now, and just taking the credit in tax season 2008?

No, filing now. I was thinking they would get $1200 but I wasn't sure if "deceased" on the 2007 tax return would some how trigger only $600.

[quicksam]

They will only get $600. $300 for the taxpayer and $300 for the spouse since there was no tax on the return.

[Acownt4it]

You are right. $300 each. Thanks for your help.