How will you spend your rebate - checks go out Monday

Awww yeah baby! Cash money deposited tonight!

I GOT MY MUH-KNEE!
I'M GONNA SPEN-DIT!
ON WHA-TEVER I WANT!

 

How's it determined how much you get? You're obviously single and you qualified. With that said.... they say you can get up to $600. How come some people get $300 and some other single people get $600 and one previous poster said he got like $583 or some odd figure like that.

Anybody know????

 

Based on the amount you make over 80k if your single. Under 80k, you get 600. Over 80k, it is decreased accordingly.

 

i just got my rebate but it was only $300.

i thought it was supposed to be $600.

can someone explain what happened?

 

i definately made less than 80k last year. probably ~6k. am i getting hosed?

 

Ka-ching!

 

Hey. I'm 56 and I didn't get any money today!!!!!!!

I did it through H&R block and got DD.

 

Basic Amount of Payment: Taxpayers who had a net income tax liability will receive a payment, unless they can be claimed as dependents on someone else’s return, are high-income individuals or do not have a valid Social Security Number. The payment is equal to the taxpayer’s net income tax liability, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly.

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.


Phase Out: The stimulus payment –– both the basic component and the additional funds for qualifying children –– begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds.

Here are two examples of how the phase out works:


An individual with AGI of $80,000 and federal income tax liability in excess of $600 would qualify for a basic rebate of $600. Because this individual’s AGI exceeds $75,000, however, her rebate is reduced by $250 (the credit is reduced by multiplying the amount of AGI over $75,000 by 5%). The taxpayer receives an economic stimulus payment of $350.

A married couple with two children, AGI of $160,000 and federal income tax liability before the child tax credit exceeding $1,200 qualifies for a basic rebate of $1,200 and an additional qualifying child credit of $600 for a total rebate of $1,800. But because the couple’s AGI exceeds $150,000, their rebate is reduced by $500 (the amount of AGI over $150,000 multiplied by 5%). The couple receives an economic stimulus payment of $1,300.

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

 

If you were a low income earner then you will most likely receive only $300.

 

Has anybody received a paper check yet?

 

Oops. 75k, not 80k. My memory sucks. Thanks for the info ken.

 

http://www.consumerismcommentary.com/2008/...08-tax-returns/

http://www.sfgate.com/cgi-bin/article.cgi?...2/BUOAV0BJP.DTL

Is this accurate? If so, the government completely misled the American people.

 

DOH!!! oh well. still free money.

 

Mine is now pending in my checking account

 

Got mine today, second group, direct deposit. Already paid off a few CCs.

 

Someone check out my post above.

 

sweet jesus! got my $900 today. and so did everyone else in the office apparently.

 

Actually, it's not free.

 

I got mine Wednesday. All that money is going to my savings.