Specific info on stimulus

[JenMO]

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.

[veritas]

Your software

doesn't it compute the rebate for you for informational purposes?

[WhiteOleander]

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.

[JenMO]

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).

[David1980]

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.

[erchess]

Software

doesn't it compute the rebate for you for informational purposes?

What software does that? Ultratax may but I didn't know it and my everyday software which is TRX Alliance does not.

[joanmcq]

heck, just tell 'em they'll get what they get. Whole thing is a waste of everyone's time.

[dyne]

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.

[BOB W]

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!

[Uncle Sam]

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.