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Offlinejonathanseagull
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Registered: 10/28/05
Posts: 993
Last seen: 10 years, 11 days
Economic Stimulus Package Question
    #8034384 - 02/17/08 11:47 AM (15 years, 11 months ago)

Can anyone give me the details to my specific questions?

I earned $5500+, which is over the $3000 limit I read about. But I filed as a dependent, being in college in a home I'm not paying for, etc. It's what my parent's wanted me to do. So does that make me a child? If so, I'll supposedly be worth $300 to my parent's on their rebate. But then again, I heard that that is only for children under 17. I am in my mid-twenties. So that leaves me having no clue what I'll be worth. I'm in some limbo region, assuming everything I've read and heard is correct.

Can anyone who knows the real deal let me know? Also, when can we expect this? Thank you.


--------------------
Loving in truth, and fain in verse my love to show, That the dear She might take some pleasure of my pain: Pleasure might cause her read, reading might make her know, Knowledge might pity win, and pity grace obtain.


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InvisibleVeritas
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Registered: 04/15/05
Posts: 11,089
Re: Economic Stimulus Package Question [Re: jonathanseagull]
    #8034682 - 02/17/08 01:10 PM (15 years, 11 months ago)

Quote:

For rebate purposes, a qualifying child is one who is younger than 17. That means that taxpayers who claim an older college student as a dependent won't get the extra money.

Neither will college kids themselves be happy. The rebate bill specifically makes dependents, or even those who could be claimed as a dependent, ineligible for the rebate. So students who can be claimed by parents won't get rebates even if they held jobs outside class that otherwise would have qualified them for the money.

"The kid may have $3,000 in income, but his parents are paying much more for his college expenses so he's a dependent," says Bob D. Scharin, RIA senior tax analyst form Thomson Tax & Accounting. "It does seem unfair that the child can't claim the rebate."




http://biz.yahoo.com/brn/080216/24581.html?.v=1&.pf='taxes'

Your parents should qualify for a $1200 rebate, assuming that they are married filing jointly, and that their income does not exceed the limits. If they exceed the income limits, their rebate will be reduced by a percentage of their "excess" income.

The IRS anticipates issuing the rebates beginning in May, with the first rebates going to the earliest filers of 2007 returns. The rebates will be issued by check or Direct Deposit (if you've set that up for your tax refund when filing your 2007 return).


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