I never have enough confidence because I always second-guess myself, especially when people write in and tell me I’m wrong. I’m like, ok, fine…I was wrong.
But I wasn’t. This if for all those commenters who told me I was getting jack shit. READ THIS. This is straight from the stimulus package.
Tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in income – which can include Social Security and disability payments – will get $300 rebates per person or $600 per couple.
Tax filers who do not owe income taxes because of various credits and deductions but have at least $3,000 in earned income or $3,000 in Social Security benefits or certain veteran’s benefits will get $300 rebates per person or $600 per
From the same article, a couple of paragraphs down:
I make more than the income caps. What about me?
You might get a partial rebate. It depends on how much your income exceeds the caps.
The stimulus legislation allows for a 5% phaseout rate for households above the income caps of $75,000 for single filers and $150,000 for joint filers.
That means that for every dollar a tax filer earns above those caps, he or she will lose 5 cents of the rebate, said Jason Furman, senior fellow at the Brookings Institution.
Put another way, the rebates of those taxpayers will be reduced by the amount of income above the cap multiplied by 5%, said Mark Luscombe, principal analyst at tax information publisher CCH.
Take a couple with two children. If they make less than the income cap, they will likely get an $1,800 rebate. If they make $15,000 more than the cap, they will see their $1,800 rebate reduced by $750 ($15,000 x 0.05). So instead they will receive a check for $1,050 ($1,800-$750).
A childless couple whose AGI falls below the cap will likely get a $1,200 rebate. But if their AGI exceeds the cap by $15,000, their rebate will be reduced by $750. So they’d get a check for $450.
Single filers with no kids and an income below $75,000 will likely get a $600 rebate. But if they made $80,000, their rebate will be reduced by $250 ($5,000 x 0.05). So they will get a check for $350 ($600-$250).
The point at which the rebate gets phased out entirely will vary. For example, a single filer with no kids whose income exceeds the cap by $12,000 or more will get no rebate, because it will be reduced by an amount equal to or greater than the $600 ($12,000 x 0.05 = $600).
There is no shame in being wrong, only in failing to correct our mistakes. Or being wrong twice.
Hey Catherine, Im not following your interpretation of the program or how those sections you quoted are relevant to your situation (tax exempt citizens…people who essentially do not pay taxes, make very little money).