Tax rebate

[Questionguy101]

Taxpayer made $18,000 in 2007.
Spouse doesn't work so she has no income in 2007.
1 child.
No tax due 2007 in tax return.

How much tax rebate is the family going to receive?

[ChEAr$]

$900 which they should spend immediately.

[taxxcpa]

See FS-2008-15

If their tax is $ 1500 or more It is $ 1200 for couples with qualifying income plus $300 for each qualifying child--so it would be the lesser of $ 1500 or the amount of their 2007 tax.

For example, if their tax was only $ 1200, that would be the most they could get. If the child was NOT eligible for the Child tax credit, or did not have a SSN the child would NOT qualify.

If they owe NO tax, there is a $ 600 minimum for taxpayers who file a return and owe nothing. There would be another $ 300 if the child qualifies.

[taxxcpa]

No, don' t wait that long

$900 which they should spend immediately.

They should immediately go out and spend it on wine, women and song on credit spend it before they get the money to speed up the stimulation of the economy before the March primary elections..

[JohnH]

Wine, women & song?

Boy am I confused. I thought we were supposed to spend the rebate on wide screen TV's and DVD players. Can I really invest it in wine, women, & song and still be legal?

[Bees Knees]

Can I really invest it in wine, women, & song and still be legal?

Only if made in America.

[fliszt]

John, Bees,

Originally Posted by JohnH
Can I really invest it in wine, women, & song and still be legal?


John, Bees, would you like to buy a couple bottles of my Chateau Duhart-Milon
Domaines Bacons DeRothschild 1995 Pauillac (Lafite) Grand Cru Classe??

[JohnH]

I wouldn't know the difference between a Chateau Duhart-Milon Domaines Bacons DeRothschild 1995 Pauillac (Lafite) Grand Cru Classe and a bottle of MD2020, but I have a feeling that your price wouldn't allow me to meet my asset allocation target.

[ChEAr$]

excellent suggestions there about the wines

But here I was, already planning on spending on a new energy efficient, tax credit type,
big window to let in more light.
I know; wife can spend hers on that; I'll take the wine/women and song.

[fliszt]

John,

You're funny. Got a laugh out of me!!
Larry