Tax Rebate... What are you spending your Tex Rebate on???
OMG I guess I have to step in to educate your asses!!!! 
He could have claimed some dependents (don't have to be your child to claim someone as a dependent), have some extraordinary medical bill or paid a lot of mortgage interest or real estate taxes, not earned as much as you think, and there many other variables that he could have included on his tax return to get that amount of money.
A more detailed answer would be:
$300 for those individuals who made at least $3,000 but didn't pay any federal income tax would get $300 per individual or $600 per couple. The error is that you wrote (didn't file taxes).
Individuals with incomes higher than $87,000 and couples with incomes higher than $174,000 would not be eligible, unless they had children.
Most individuals will get up to $600; couples will get up to $1,200. People will get an additional $300 for each dependent child.
Those who made at least $3,000 but didn't pay any federal income tax would get $300 per individual or $600 per couple.
I got most of these answer through this link: http://www.mlive.com/news/index.ssf/...oming_you.html
Just remember that you cannot be a qualifying child of another person (parents) to qualify for the Earned income tax credit, even if they do not claim you as a dependent for the tax year. Also you are disqualified if you claim Married filing separately.
Your parents are probably claiming you as a dependent and as a result, you cannot claim for most of the tax credits that are out there. I know cuz I am also single, 22 and I let my parents claim me as a dependent since I live in their household.
The gross income requirement for most taxpayers to be obligated to file a tax return for 2007 is:
$8,750 for singles under 65
$17,500 for married couple filing jointly
$3,400 for married couple filing separately
The formula for these numbers is Personal exemption ($3,400) + the standard deduction depending of your filing status ($5,350 for singles + $1,300 if single, 65+, and/or blind).
Follow this link for more information: http://www.hrblock.com/taxes/tax_tip...doyoufile.html
Hmmm, I haven't heard anything about this requirement for the tax rebate.
.....and oh yeah I'm studying to be a "tax man" this year so that's why I am confident that my answers are correct. Peace!
There's a difference in the federal tax return (which you get every year) and the tax rebate that they are proposing.
The tax rebate they are proposing is:
$300 for single people who made more than $3000 last year but didn't file taxes.
$600 for those who are single and made less than $100,000 (I think) and filed taxes last year.
There's other things to it like $1200 for married people who pay taxes and stuff, but I'm single so I don't care about that.
I'll be getting $600 from the tax rebate and just over $2500 in federal tax return.
I'm credit card debt free and the only bills I have are a car payment, insurance, and rent / utilities. Almost all of my money will go into savings as I have already budgeted my mods in to my monthly spending and I don't like to live paycheck to paycheck. My tax rebate will probably go towards something for the car, though.
The tax rebate they are proposing is:
$300 for single people who made more than $3000 last year but didn't file taxes.
$600 for those who are single and made less than $100,000 (I think) and filed taxes last year.
There's other things to it like $1200 for married people who pay taxes and stuff, but I'm single so I don't care about that.
I'll be getting $600 from the tax rebate and just over $2500 in federal tax return.
I'm credit card debt free and the only bills I have are a car payment, insurance, and rent / utilities. Almost all of my money will go into savings as I have already budgeted my mods in to my monthly spending and I don't like to live paycheck to paycheck. My tax rebate will probably go towards something for the car, though.
$300 for those individuals who made at least $3,000 but didn't pay any federal income tax would get $300 per individual or $600 per couple. The error is that you wrote (didn't file taxes).
Individuals with incomes higher than $87,000 and couples with incomes higher than $174,000 would not be eligible, unless they had children.
Most individuals will get up to $600; couples will get up to $1,200. People will get an additional $300 for each dependent child.
Those who made at least $3,000 but didn't pay any federal income tax would get $300 per individual or $600 per couple.
I got most of these answer through this link: http://www.mlive.com/news/index.ssf/...oming_you.html
How the F@ck do i always end up owing???? I really dont get it, lol. The first year it was kinda ****ty, but now its just f@cking retarded. I hate to change the topic, but if anyone here is knowledgeable about taxes i have a question. Ive been working since 16 and of course i didnt make any real money for the first couple years, but i was lead to believe that you didnt HAVE to do taxes unless you made over 5k. Well that was the first couple years i was working. Is there a way to see if im eligable to anything that i should have gotten in the past and apply that to my balance as of now? I know they can get you on backed taxes, just seeing if it goes both ways?
The gross income requirement for most taxpayers to be obligated to file a tax return for 2007 is:
$8,750 for singles under 65
$17,500 for married couple filing jointly
$3,400 for married couple filing separately
The formula for these numbers is Personal exemption ($3,400) + the standard deduction depending of your filing status ($5,350 for singles + $1,300 if single, 65+, and/or blind).
Follow this link for more information: http://www.hrblock.com/taxes/tax_tip...doyoufile.html
.....and oh yeah I'm studying to be a "tax man" this year so that's why I am confident that my answers are correct. Peace!
I wish my parents were claiming me, then it would make sense, lol. I am also 22, single, but ive been on my own for a while, I made over 33k but i dont have a house or anything like that. This year it looks like i owe around $130?!?! but im prolly going to get an extension because i still owe from when i did Real Estate! Thats why im wondering if their is anyway to get any monies owed from previous years that i didnt claim where i made under 5k?
My plans for this spring are some summer tires and a ported intake manifold and throttle body. I was planning on buying these either way so my tax return and refund will just have more left over for saving now.
I wish my parents were claiming me, then it would make sense, lol. I am also 22, single, but ive been on my own for a while, I made over 33k but i dont have a house or anything like that. This year it looks like i owe around $130?!?! but im prolly going to get an extension because i still owe from when i did Real Estate! Thats why im wondering if their is anyway to get any monies owed from previous years that i didnt claim where i made under 5k?
.
ugh last year i owed, my boss wasnt taking out the max or whatever. I'm 20, single, live with my dad and made $42,000 last year. After last year i told him to take out the max he could out of my check every week..im not 100% sure how taxes work but i really hope i do not owe like i did last year 
Thanks for explaining the details, BlueDemon. Bummer, I get nothing. I have always wondered about the one size fits all approach to taxes. I could have a nice large house back in the town I grew up in for the down payment I put on the current house.
For the time being I'm gonna take that extra money from the govt and put it towards my credit cards.
Let this be of some encouragement to you guys.....
2008 is the year I will pay off the EVO 3.5 years ahead of schedual, and pay off 2 entire credit cards....
Let this be of some encouragement to you guys.....
2008 is the year I will pay off the EVO 3.5 years ahead of schedual, and pay off 2 entire credit cards....
