Is there a place to get more specific info. Previous post - Wife has earned income, husband has loss on farm. Does the earned income get added together, or is each one looked at separately for the $3000 minimum. Also, are wages and Sch F loss added together, if less than 3000, no stimulus or are wages looked at separately. I have quite a few of these.
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Your software
doesn't it compute the rebate for you for informational purposes? -
Go to the IRS site. There is a place to get the rebate info. You input the info in from the clients' return. It will calculate the rebate.You have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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I tried the IRS site, but it doesn't have a line for Sch C income and Sch F loss. I'm still confused. Just would like to give me client an idea. I guess tell them if you get it, it's good, if not wait for next year? Where would it be in my software (ATX).Comment
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The IRS calculator bases the SE income off of 1/2 of SE tax deduction on the 1040. SE tax is per person not per return, so if one has $3000 of income and the other has $3000 even though the net result is $0, it still has SE tax on $3000 of income and would seem to qualify for the stimulus payment based on $3000 of income.Comment
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heck, just tell 'em they'll get what they get. Whole thing is a waste of everyone's time.Comment
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stimulus payment
Drake Software automatically calculates the amount of the stimulas payment and
prints out a sheet which can be shown or given to the client.Comment
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I gave the worksheet to the client as I got tired of them asking "How does that work?". I would tell them, it can get very complicated under certain condition and the worksheet may help them understand it better. And out the door they go........... next!This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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Stimulus Rebate
I had virtually EVERY client that came in this tax season asking about this rebate MORE IMPORTANTLY than giving me their current tax information to get their tax returns prapared. What a waste of time.Uncle Sam, CPA, EA. ARA, NTPI FellowComment
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