Economic Stimulus Package – does tax liablity play a role?
Written By: admin on June 15, 2009
One Comment
My wife and I file jointly, and we have a daughter – BUT…I just did my 2007 taxes and my tax liability when all is said and done is only about 0.
I keep hearing that a couple filing jointly will recieve "up to" 00 (plus 0 for the munchkin) – but can we receive 00 of "tax relief" when we only paid 0 in federal tax?
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Tags: federal tax, Financial News, munchkin, tax liability, tax reliefTags: federal tax, munchkin, tax liability, tax relief
If you file jointly and your tax liability was $950 (which is less than the $1200 maximum rebate), then you will receive a rebate of $950 for you and your wife. Since you qualify for a rebate you will receive an additional $300 for the dependent child under 17.
So you total rebate will be $1250.
Check it for yourself using the Kiplinger rebate tax calculator (link below) which will compute your rebate.