Tuesday, May 11, 2010

What about married people when one of the couple doesn't work?

They are a family of four. The husband makes enough that he actually pays taxes each year even though he pays in enough that he still gets a refund. Will he get $1200 for him and his wife and $300 per kid or will he only get $600 for himself and $300 for each kid. His wife doesn't work.What about married people when one of the couple doesn't work?
What people forget is what ever they get from this rebate, they will LOOSE in next years refund because of it. If they owe more then what the refund was, they will not have to pay it back. But it will all be deducted from what your refund would have been for the 2008 tax year when you file in 2009 So don't be so quick %26amp; happy about this refund/rebate.What about married people when one of the couple doesn't work?
If you filed a joint return it doesn't matter who made the money, you get the same whether one of you earned all of it, or it was split.





You get UP TO $1200 - the $1200 is for couples whose federal income tax liability for 2007 was at least that much. Otherwise you get the amount of the tax, with a minimum of $600 total for the two of you assuming that you qualify for the stimulus payment. Plus $300 for each dependent child under age 17.
If he files MFJ and pays $1200 or more in taxes, then the rebate is $600 for him, $600 for mom and $300 for each qualifying child. The fact that the mom didn't work is unimportant.





If they paid between $601 and $1200 in taxes, they will get that instead plust $300 for each qualifying child.





If they paid $600 or less in tax, they get $600 for mom and dad.
It does not matter who the working spouse is. If they filed married jointly, the amount they get as a married couple depends on the tax liability shown on the 2007 tax return.

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