Two Rebate Questions

[Black Bart]

(1) Is there a time limit on this thing? Is the deadline April 15th of this year or can you file one anytime for the rest of the year? Or even on into 2009?

(2) If a low-income family has two kids and owe no tax (nothing to apply child tax credit against), do they still get $300 extra for each of the kids?

[ecb34691]

Answer to #1. Payments will be issued through 12/31/08. If you failed to get it in 2008, you can "apply for the credit" on your 2008 return (in 2009 or whenever you file it).

[Gretel]

I am interested myself in answer #2. It appears to me that they would get nothing for the kids since they haven't had at least $1 in tax liability. But I am not sure at all about this.

[ecb34691]

Bart have you tried the calculator that was posted and try some figures like the $3000 "earned" income they talk about?

I just tried it with MFJ, 2 kids, $3500 earned income - answer $1200. edited ecb to clarify

[Bees Knees]

Bart have you tried the calculator that was posted and try some figures like the $3000 "earned" income they talk about?

I just tried it with MFJ, 2 kids, $3500 earned income - answer $1200. edited ecb to clarify

A married couple with 2 kids and $3,500 of W-2 income would also qualify for EIC in addition to the advance refund.

[ecb34691]

BK - Yea I know about EIC, but BB's question was on the "StimRet".

[Bees Knees]

BK - Yea I know about EIC, but BB's question was on the "StimRet".

Well, I brought it up because I’m not sure I like the idea of people doing those altered 1040A returns designed for the stimulus payment only.

Situation: Married couple with 2 kids, $3,500 W-2 income.

The 1040A stimulus return says to put the $3,500 on line 7, sign the return and send it in for your $1,200 stimulus check.

The problem is, putting the word “stimulus payment” at the top of the 1040A indicates the taxpayers are only filing for the stimulus payment and the $3,500 on line 7 is only to qualify for that payment. Otherwise the taxpayer would not file a return, and therefore does not complete the rest of the return.

Yet a married couple with 2 kids and only $3,500 of W-2 income also qualifies for EIC. So I’m thinking, how many are going to fall for this bogus filing method thinking that’s all they need to do, missing out on other possible tax benefits for not filing a real return?

[ecb34691]

Agree BK, right now putting all data in the sofware for these returns and if it qualifies for more than "Stimilus" it's a regular return.