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Economic Stimulus question

post #1 of 23
3/25/08 at 4:52pm
Thread Starter 
I went to the IRS website, and read over the scenarios. Now I'm more confused than I was.

All of the scenarios discussed two qualifying children. I have 4 children. Do they all qualify, or only 2 of them?
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post #2 of 23
3/25/08 at 4:59pm
From my understanding there is no cap on the number of children.
So all 4 of them will qualify.
post #3 of 23
3/25/08 at 5:17pm
What does the calculator tell you? The best thing to do is to input the numbers and go from there. They can't give every single scenario, so it's best to just run the numbers.
post #4 of 23
3/25/08 at 6:00pm
i suggest doing the calculator thats on the site. (U NEED UR TAX PAPER WORK for the correct answers)

our family of 4---- one person working outside the home and 2 small children and me being a stay at home mom we are supposedly getting a little less then 1800
post #5 of 23
3/25/08 at 7:11pm
I did the calculator and it told me $1200, even though we have two children and two adults. It seems my child tax credit or earned income credit or whatever is not on the line they say it should be on when using the calculator. So I'm actually pretty upset about that and don't know how it will turn out. I should call the local office.
post #6 of 23
3/25/08 at 7:38pm
Quote:
Originally Posted by Galatea View Post
I did the calculator and it told me $1200, even though we have two children and two adults. It seems my child tax credit or earned income credit or whatever is not on the line they say it should be on when using the calculator. So I'm actually pretty upset about that and don't know how it will turn out. I should call the local office.
the thing with the estimator it said -Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. also did u use the right form... the lines and inputted data should match exactly...
post #7 of 23
3/25/08 at 8:34pm
i did it and I,m reciving 600 back one adult and one child. I only had a $24 tax liablity and because of that i only get 300 for myself and 300 for DC.
post #8 of 23
3/26/08 at 2:03am
Quote:
Originally Posted by asianyoushi View Post
the thing with the estimator it said -Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. also did u use the right form... the lines and inputted data should match exactly...

Yeah, I used a 1040A and told it that. But it makes sense that it says "up to." Thanks for pointing that out. I only earned like $1000 and I don't think we owed anything.

But, I redid the calculator, and when I changed the one line for child tax credit to a higher number (it was 0 on my 1040A), it gave me $1800. I need to call the hotline and see if I need to amend my tax return to get the bigger stimulus check.
post #9 of 23
3/26/08 at 12:10pm
Quote:
Originally Posted by Galatea View Post
Yeah, I used a 1040A and told it that. But it makes sense that it says "up to." Thanks for pointing that out. I only earned like $1000 and I don't think we owed anything.

But, I redid the calculator, and when I changed the one line for child tax credit to a higher number (it was 0 on my 1040A), it gave me $1800. I need to call the hotline and see if I need to amend my tax return to get the bigger stimulus check.
hope the hotline will give u the correct answers. ( u havent filed ur taxes yet?- if u are gonna do direct deposit for ur tax return u get the stimulas check faster- just an fyi... there is another thread that has the dates for the mail outs/deposits around here some where... i will bump it when i find it...
post #10 of 23
3/26/08 at 12:13pm
Quote:
Originally Posted by asianyoushi View Post
hope the hotline will give u the correct answers. ( u havent filed ur taxes yet?- if u are gonna do direct deposit for ur tax return u get the stimulas check faster- just an fyi... there is another thread that has the dates for the mail outs/deposits around here some where... i will bump it when i find it...
It is already done and we got our direct deposit. I checked the calendar and I think we're like May 9th or something.
post #11 of 23
3/26/08 at 12:21pm
I think that a lot of people will end up with less than they are expecting. I know I was surprised when I used the IRS calculator and discovered that DH and I only qualify for the $300 each. It's not that I think the government should be giving me more , but news reports don't talk a lot about who qualifies for the full $600/person.

On one hand, I think that this economic stimulus package is such a bad idea. The country is in too much debt as it is. But on the other hand, this check will be paying to keep us warm next winter, and it's hard not to appreciate that.
post #12 of 23
3/26/08 at 1:01pm
I did the calculator and we are supposed to get 1800 for 2 adults and 2 children. Ours is looking at going to a corn stove likely to help with heating costs next year.
post #13 of 23
3/26/08 at 1:09pm
Quote:
Originally Posted by annethcz View Post
I think that a lot of people will end up with less than they are expecting.
Agreed. It is nice that they have the calculator there, I hope people use it.
post #14 of 23
3/26/08 at 1:11pm
we are a family of 7, 2 adults 5 kids. we are getting $1800
our new baby was born just 3 hours too late to get on the tax return, so she doesnt qualify.
and we have 0 tax liability, so we are only getting $600 as a couple.
post #15 of 23
3/26/08 at 5:00pm
Quote:
Originally Posted by Galatea View Post
Yeah, I used a 1040A and told it that. But it makes sense that it says "up to." Thanks for pointing that out. I only earned like $1000 and I don't think we owed anything.

But, I redid the calculator, and when I changed the one line for child tax credit to a higher number (it was 0 on my 1040A), it gave me $1800. I need to call the hotline and see if I need to amend my tax return to get the bigger stimulus check.
If you only earned $1000, you are likely ineligible for the child tax credit.

Quote:
In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
The way I understand it, to get the full $600 per adult you would have needed to pay federal income tax (I'm not sure how much).
post #16 of 23
3/26/08 at 5:05pm
Quote:
Originally Posted by TiredX2 View Post
If you only earned $1000, you are likely ineligible for the child tax credit.



The way I understand it, to get the full $600 per adult you would have needed to pay federal income tax (I'm not sure how much).
i think u need to at least make 3000 to qualify.... i know 3000 was a magical number but i cant remember the specifics........
post #17 of 23
3/26/08 at 5:10pm
Quote:
Originally Posted by Galatea View Post
Yeah, I used a 1040A and told it that. But it makes sense that it says "up to." Thanks for pointing that out. I only earned like $1000 and I don't think we owed anything.
Assuming you are a single filer, it looks like you might not be eligible for the stimulus package (If you filed jointly, it's different. *I* didn't make any money, but DP made enough for us both to get it).

Quote:
People with no net income tax liability will usually get a minimum payment of $300 for a single person or $600 for a married couple filing jointly, as long as they have qualifying income of at least $3,000. To figure your qualifying income, add together the following amounts:

Wages that are reported on Form W-2.
Net self-employment income.
Social Security benefits reported in box 5 of the 2007 Form 1099-SSA, which would have been received in January 2008. People who do not have a Form 1099-SSA may estimate their annual Social Security benefit by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Certain Railroad Retirement benefits reported in box 5 of the 2007 Form 1099-RRB, which recipients would have received in January 2008.
Veterans’ benefits received in 2007, including veterans’ disability compensation and pension or survivors’ benefits received from the Department of Veterans Affairs. People who weren’t required to file a tax return can estimate their annual veterans’ benefits by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Nontaxable combat pay if the taxpayer elects to include it as earned income.
post #18 of 23
3/26/08 at 7:21pm
Quote:
Originally Posted by TiredX2 View Post
Assuming you are a single filer, it looks like you might not be eligible for the stimulus package (If you filed jointly, it's different. *I* didn't make any money, but DP made enough for us both to get it).
I earned $1000, dh earned ~ $26,000. We have two kids. So $1200 seems right?
post #19 of 23
3/26/08 at 7:48pm
Quote:
Originally Posted by Galatea View Post
Yeah, I used a 1040A and told it that. But it makes sense that it says "up to." Thanks for pointing that out. I only earned like $1000 and I don't think we owed anything.

But, I redid the calculator, and when I changed the one line for child tax credit to a higher number (it was 0 on my 1040A), it gave me $1800. I need to call the hotline and see if I need to amend my tax return to get the bigger stimulus check.
OK I am confused by this, I haven't done my taxes yet so I'm trying to make sure I do them right to get the full stimulus check I am entitled to, but I don't think you can just change things on the tax return so that you get a better check? I mean, if you have done the tax return right, then shouldn't it mean you get the right check? If that's not true, then, what do I need to make sure I fill in on the tax return? I know I pay taxes and I have a good salary but I usually get a tax refund (small, under $300) I think due to my student loan interest. Does getting a refund mean I have no tax liability, or just that I have a tax liability but I have already overpaid?
post #20 of 23
3/26/08 at 9:29pm
Quote:
Originally Posted by crayolaab View Post
Does getting a refund mean I have no tax liability, or just that I have a tax liability but I have already overpaid?
It could mean either. Most people have a tax liability but overpaid.

The years that we've had no federal income tax liability we had several credits (additional child credit, adoption credit).