Comments on: According to the economic stimulus bill, would I get a rebate if I reduced my tax burden to zero buying IRAs? http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/ IRA Questions and Answers Thu, 20 Oct 2011 14:36:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Richard M http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/comment-page-1/#comment-607 Richard M Wed, 24 Feb 2010 16:47:38 +0000 http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/#comment-607 If you had earned income of at least $3000, you would get at least the minimum rebate of $300. While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers. It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income. Use the calculator below to compute your rebate. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It’s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

Use the calculator below to compute your rebate.

]]> By: Judy http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/comment-page-1/#comment-606 Judy Wed, 24 Feb 2010 16:32:20 +0000 http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/#comment-606 As long as you had adjusted gross income of at least $3000, you would be eligible for the rebate. You wouldn't get the full $600 and would probably just get $300 if your taxable income is zero. As long as you had adjusted gross income of at least $3000, you would be eligible for the rebate. You wouldn’t get the full $600 and would probably just get $300 if your taxable income is zero.

]]> By: Tomk http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/comment-page-1/#comment-605 Tomk Wed, 24 Feb 2010 15:44:32 +0000 http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/#comment-605 No. What you owe or pay doesn't have anything to do with it. If you made $3,000 or more in 2007, you get the rebate. $600 if single, $1,200 if married filing jointly, and $300 for each child you claim. There is a cut-off limit to your income. If you are single, the rebate phases out if you made between $75,000 & $87,000. Married filing jointly between $150,000 & $174,000. No. What you owe or pay doesn’t have anything to do with it.

If you made $3,000 or more in 2007, you get the rebate. $600 if single, $1,200 if married filing jointly, and $300 for each child you claim.

There is a cut-off limit to your income. If you are single, the rebate phases out if you made between $75,000 & $87,000. Married filing jointly between $150,000 & $174,000.

]]> By: wartz http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/comment-page-1/#comment-604 wartz Wed, 24 Feb 2010 15:32:43 +0000 http://www.iraroth.net/2010/02/according-to-the-economic-stimulus-bill-would-i-get-a-rebate-if-i-reduced-my-tax-burden-to-zero-buying-iras/#comment-604 Read the Yahoo News article on rebates at http://biz.yahoo.com/cnnm/080208/020808_rebates_what_you_need_to_know.html?.v=11&.pf='insurance' Read the Yahoo News article on rebates at http://biz.yahoo.com/cnnm/080208/020808_rebates_what_you_need_to_know.html?.v=11&.pf='insurance‘

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