Where do you find out what you paid in?

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~~Amanda~~ Mommy to Elijah (3), TTC #2

This is the same website someone else posed up above
Economic Stimulus Payment FAQs: Did I Get the Right Amount?
It says that :

I thought we were getting back $1500 but today we got 908.60???? This doesn't even make sense. Where did the 8.60 come from? I think I get it though, I had a loss on my business so therefore we got everything except like $300 back, so I am assuming that is why we didn't get the full amount. I again I am assuming here, but they must have some kind of formula they use that caused us to get the addiitional 8.60.
They really should have made all of this a little more clear. Because I tell you I had my hopes up for the $1500 and never saw anything that let me know that I wouldn't get all of that.

What really makes me angry is my sister and her hubby are getting $1800, all of it!!! and she just missed the cut off by a couple thousand! But because my company had a loss means that I don't get the full amount. Hello, I took a loss!!! Apparently someone in Washington doesn't realize that when you take a loss that you had more going out than you had coming in!!! Really infuriates me, but hey it is the goverment. I guess my sister and bil just don't have enough money to spend. They don't need stimlus they spend it like it is water!!!!! Oh well. I will get off my soap box now.

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gourdlady




"I do not regret the things I have done, but those I did not do"

You net income tax liability is found on the tax forms you filed -- if you used the form 1040 its line 56 and I think they add in line 52 (child credit). It is all explained on the IRS website but you will need a copy of your tax return.

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Grace

Wife to Stoney

Mommy of Sarah (8), Hannah (6.5), and John(4.5)

It is really convoluted but that is government. The rebate is an advance paid credit that you will get on your 2008 taxes. That is a mouthful. But they don't know what your tax bill is for 2008 until you file next year, so they look at your 2007 return. If you didn't pay much or anything in taxes for 2007 (maybe because of a loss) then they don't know whether you will owe any taxes in 2008 either. If you did pay some taxes for 2007 they assume you will again for 2008. So, the Democrats pushed to make sure that even those that paid little to no taxes would get something (can't really call it a rebate, call it "welfare"). That is the reduced amount that some are seeing.

To complicate it even more, they will true up this rebate next tax filing time and see whether their guess at your tax bill for 2008 was correct. For those that had a loss in 2007 but not in 2008, you should get the rest of the rebate amount as a credit on your 2008 filing. No one should have to pay anything back, if I read it correctly.

Cathleen