Friday, January 15, 2010

Can anyone explain the tax rebate? If you are married and your spouse didnt start work until this year do you?

Can anyone explain the tax rebate? If you are married and your spouse didnt start work until this year do you still get 1200 dollars or does the working spouse for last year get 600, even if you filed jointly but the spouse was unemployed last year was just started working first time this year????Can anyone explain the tax rebate? If you are married and your spouse didnt start work until this year do you?
If you file jointly, your rebate will depend on the amount of your joint income, regardless of whether only one spouse worked. If you paid at least $1200 in Federal Income Tax for 2007, and filed jointly, your rebate will be $1200.Can anyone explain the tax rebate? If you are married and your spouse didnt start work until this year do you?
Sounds confusing if you ask me! :)





If your spouse did not work last year but you did and you are going to file a married joint return, you will at least get $600 as I understand the proposal. Several people have asked if one spouse was not working and they filed a joint return would they get the full $1200 or just the individual $600....there is not a clear answer yet on that! Hopefully the full $1200 but again, it will be based on your income as well and if you did not make very much or have zero tax liability, the amounts will be lower as I understand it.





Hopefully we will get some more info soon because I heard today they are planning on voting on it in several days. So if the proposal gets signed into law, they will give us all the details on exactly how much we should expect....right now it is just speculation based on what some members of Congress have talked about.
I have been following this one closely %26amp; from what I understand of it so far is...IF you are married you get 1200 back %26amp; single get 600 back PLUS 300 per child. BUT it is not for low income families, it is for middle income families. The bracket starts when the tax payer pays at least $300 into taxes at the end of the year. Lets say you payed $500 into taxes (on your W2-forms.) But after all deductions, ect, you only get $200 back...you've paid your $300 in for taxes that year so you will get the $1200 if you are married, no matter if your spouse worked or not. I did not include the earned income credit or child tax credit with my figures...that's ';free'; money %26amp; it doesn't matter if you get that or not.


However, this is still a work in progress %26amp; they haven't fully figured it all out just yet...but that's how it goes so far. For single I believe it if you make up to $85000 per year %26amp; Married is up to $150000 per year (I believe)

No comments:

Post a Comment