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Are you expecting a cash 2009 Income Tax Reabet from IRS this year? IRS estimates that more than 130 million households will get benefits of income tax rebate this year. IRS calls it stimulus payments. To get this income tax rebate the taxpayers must have a valid Social Security Number and he must file a 2008 federal tax return with $3000 of Income. According to IRS eligible taxpayers will receive up to $600 and $1200 for married couples, and parents will receive an additional $300 for each eligible child younger than 17yrs. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must file their return this year in order to receive a stimulus payment. To get your tax rebate from the IRS, be sure to file your Federal Tax Return  |
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Federal Income Tax Rebate Scenarios Single (Head of Household) with Children
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 2009 may effect taxpayers who are single, file as head of household and have children who qualify for the child tax credit payment:
Head of household with children:
1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability before child tax credit is $195.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
5) Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.
Individual rebate is $395
Qualifying child credit is $600
TOTAL is $995
6) Single parent with two children, AGI is $60,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
TOTAL is $1,200
7) Single parent with two children, AGI is $90,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
Phaseout reduction is ($750)
TOTAL is $450
Examples of how the Economic Stimulus Act of 2009 may effect taxpayers who are single, file as head of household and have children who qualify for the child tax credit payment:
Head of household with children:
1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability before child tax credit is $195.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
5) Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.
Individual rebate is $395
Qualifying child credit is $600
TOTAL is $995
6) Single parent with two children, AGI is $60,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
TOTAL is $1,200
7) Single parent with two children, AGI is $90,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
Phaseout reduction is ($750)
TOTAL is $450
Labels: 2008 federal income tax rebate, 2008 tax rebate for federal income tax rebate, income tax rebate scenarios for single with children
Get Your Federal Income Tax Rebate Check Now
Why Do Your Taxes - To Get IRS Income Tax Rebate?
You should do you taxes online now because you will only be eligible to get IRS Stimulus, if you have filed your 2008 federal tax return. The amount of tax rebate you received will be based on information contained in your tax return. Taxpayers who file their taxes after April 15 could get their rebates months after those who file on time.