Married taxpayers normally have income in the range of $50K, but this year they had gambling winnings in excess of $120K, offset by losses on Sched A. I ran it with & without the gambling winnings just to see what would happen. The other adjustments to itemized deductions, taxable SocSec benefits, loss of medical deduction, etc were pretty costly, and then I had to tell them that to add insult to injury they wouldn't get the rebate.
After thinking about it, they will probably get the rebate based on 2008 income unless they hit some more big jackpots this year. So maybe the prospect of a sure $1,200 this year will dampen the lure of the casinos? Nah, probably not.
After thinking about it, they will probably get the rebate based on 2008 income unless they hit some more big jackpots this year. So maybe the prospect of a sure $1,200 this year will dampen the lure of the casinos? Nah, probably not.