Why is my stimulus payment less than what it should be?
My wife and I filed jointly and we have one qualifying child. We are way under the $150,000 limit. We have no outstanding tax debts, no child support orders, but have been repaying a student loan for the last couple years with no late payments. Our notice says we will be recieving $600. Shouldn't it be $1500? The only red flag I realized is that my wife's original last name still appears on our return and am assuming still appears on her Social Security id. Could that be the reason? None of the FAQs on irs.gov address this issue and had no luck calling their hotline. I also have a question regarding tax rates on rental property depreciation upon the sale of that property if someone wants to field that also.
How do you define "should be"? Your stimulus payment is based on your net federal income tax liability for 2007. If your tax was between $600 and $1200 on your joint return, you get back everything you paid. If your tax was less than $600, you get an even better deal, and get $600, even MORE than you paid in. If you paid over $1200 though, your rebate is limited to $1200. But unless your tax liability was at least $1200, you don't get the maximum payment of $1200. The payment is UP TO $1200, not that much for everyone.
Your net income tax liability is one of the following depending on which form you filed: · On Form 1040, the amount shown on Line 57 plus the amount on Line 52; · On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or · On Form 1040EZ, the amount on Line 10.
you acquire this so completely incorrect. The stimulus became $900 entire, $3 hundred on your husband, $3 hundred for you and $3 hundred on your baby. the only way it could have been $1500 became in case you and your husband had easily paid $1200 or greater in taxes. You did not even pay $600 in taxes, so which you acquire the minimum. 2d, the IRS is splitting the stimulus in 0.5 for injured companion claims. that includes any money for infants. a million/2 of $900 is $450. you acquire the the final option volume.
Did you check the IRS Stimulus Calculator, it would tell you exactly how much you would be receiving. Contact IRS at 1-800-829-1040 for any tax questions. Or visit your local IRS office. There has been some problems with the Stimulus and will later receive the additional refund if you qualified for more than you are receiving.