A
Ally
Guest
I was reading the IRS website and it says this...
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.
Examples of how the Economic Stimulus Act of 2008 may affect taxpayers who are married, file a joint return and have children who qualify for the child tax credit payment:
1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200
Am I reading this correct??? My accountant said that we would be getting back 1800, Today I got 1200 in my bank, is the other 600 coming later or am I not getting that...???
My husband made under $6,000 on the books last year and I do not work, but we did joint file (EFILE)
I was told it was 600 EACH for married couples...and 300 EACH for kids under 17. So what the hell does the IRS website say...
IRS WEBSITE ALSO SAYS..
6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800
What is a AGI or a Federal Income tax liability??
VERY CONFUSED>>HELP!
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.
Examples of how the Economic Stimulus Act of 2008 may affect taxpayers who are married, file a joint return and have children who qualify for the child tax credit payment:
1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200
Am I reading this correct??? My accountant said that we would be getting back 1800, Today I got 1200 in my bank, is the other 600 coming later or am I not getting that...???
My husband made under $6,000 on the books last year and I do not work, but we did joint file (EFILE)
I was told it was 600 EACH for married couples...and 300 EACH for kids under 17. So what the hell does the IRS website say...
IRS WEBSITE ALSO SAYS..
6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800
What is a AGI or a Federal Income tax liability??
VERY CONFUSED>>HELP!