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Topic: IRS tax rebate...  (Read 3061 times)

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Re: IRS tax rebate...
« Reply #15 on: March 22, 2008, 02:12:56 PM »
I can understand not qualifying for the rebate if you haven't earned at least $3000 in the US, but I haven't seen anything on the IRS website indicating that you are not eligible for the rebate check simply because you have a foreign address.  Seems a bit unfair. 

At any rate, here's the Economic Stimulus Payment Calculator: http://www.irs.gov/app/espc/

Does seem a bit unfair, but them's the breaks, and the reason they gave me.  The non-annoyed part of me rationalizes that the ethos behind the rebate is so you spend it and stimulate the US economy.  We don't fit into that, since most of us would spend it here. 
I refuse to answer that question on the grounds that I don't know the answer.



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Re: IRS tax rebate...
« Reply #16 on: March 22, 2008, 05:41:37 PM »
I just did my taxes on turbo tax, I did earn more than $3000 last year in the states as we moved over in February 07 and still have a rental property, I did put my foreign address down and Turbo tax says I will recieve the rebate, I shall believe it when I see it though!  :)


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Re: IRS tax rebate...
« Reply #17 on: March 22, 2008, 06:04:35 PM »
Aah - but not just any $3000 will do.  As ProfPotts noted in an earlier post, it has to be income of a certain kind:

Quote
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. To figure your qualifying income, add together the following amounts:

Wages that are reported on Form W-2.
Net self-employment income.
Social Security benefits reported in box 5 of the 2007 Form 1099-SSA, which would have been received in January 2008. People who do not have a Form 1099-SSA may estimate their annual Social Security benefit by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Certain Railroad Retirement benefits reported in box 5 of the 2007 Form 1099-RRB, which recipients would have received in January 2008.
Veterans’ benefits received in 2007, including veterans’ disability compensation and pension or survivors’ benefits received from the Department of Veterans Affairs. People who weren’t required to file a tax return can estimate their annual veterans’ benefits by taking their monthly benefit and multiplying it by the number of months during the year they received the benefit.
Nontaxable combat pay if the taxpayer elects to include it as earned income.

Now, I'm in a similar boat, and I'll be happy if it works out that your TurboTax result is correct. 


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Re: IRS tax rebate...
« Reply #18 on: March 22, 2008, 07:14:10 PM »
Does seem a bit unfair, but them's the breaks, and the reason they gave me.  The non-annoyed part of me rationalizes that the ethos behind the rebate is so you spend it and stimulate the US economy.  We don't fit into that, since most of us would spend it here. 

True, except DH and I are planning to use our $1800 rebate check towards our move to the UK in June!    Muwhaaahaaahaaahaaaaa  >:D


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Re: IRS tax rebate...
« Reply #19 on: March 22, 2008, 07:38:14 PM »
Aah - but not just any $3000 will do.  As ProfPotts noted in an earlier post, it has to be income of a certain kind:

Now, I'm in a similar boat, and I'll be happy if it works out that your TurboTax result is correct. 

One of the things that I do in my boat as a tax professional is check to maximise the refund.

This may require changing the "mix" of deductions/credits/exemptions/exclusions/adjustments on the 1040 with little or no effect on the bottom line for 2007.  Since the 2007 taxes are mostly not due until June 15th (for those of us overseas) this gives plenty of time to play with the numbers before filing for 2007 - this is of course easier with software but I strongly recommend doing this maths before filing!


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Re: IRS tax rebate...
« Reply #20 on: March 22, 2008, 07:49:46 PM »
True, except DH and I are planning to use our $1800 rebate check towards our move to the UK in June!    Muwhaaahaaahaaahaaaaa  >:D

 [smiley=2thumbsup.gif]
I refuse to answer that question on the grounds that I don't know the answer.



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