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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2325
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I am a single parent head of household. My AGI in 2007 was ...

Customer Question

I am a single parent head of household. My AGI in 2007 was $8889 and I have sole custody of my seven year old child. My total tax was 1351, my EIC was 2853 and my tax refund was 1502. I have already received my economic stimulus tax refund, but it is only for $600. I figure I should have received $900 ($600 for me and $300 for my child). My child and his SS# XXXXX clearly   listed on my 2007 tax return. How can I get the additional $300?
Submitted: 6 years ago.
Category: Tax
Expert:  MequonCPA replied 6 years ago.

DearCustomer-

In your case, you have taxable income, but no tax liability due to the EIC. Taxpayers in this situation are entited to a $300 rebate with an additional $300 for your dependent. Below is an excerpt from the IRS web page that covers your situation. I have also provided a link to the page.

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

Q. I want to estimate my payment. Please explain how it is figured.

A. Essentially, there are two parts to the stimulus payment: a basic amount based on tax liability, filing status or other qualifying factors if there is no tax liability and an additional amount based on whether a qualifying child is reported on the return.

Basic Amount of Payment: Taxpayers who had a net income tax liability will receive a payment, unless they can be claimed as dependents on someone else's return, are high-income individuals or do not have a valid Social Security Number. The payment is equal to the taxpayer's net income tax liability, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly.

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.

Extra Money for Qualifying Child: Eligible taxpayers who qualify for a payment may receive an additional $300 for each qualifying child. To qualify a child must be under age 17.

MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2325
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
MequonCPA and other Tax Specialists are ready to help you
Customer: replied 6 years ago.
Thanks Steve. Now I do not have to go around for weeks thinking the government screwed me. That is stressful and $15 is a small price to pay to eliminate that stress. Great service and thank you.
Expert:  MequonCPA replied 6 years ago.
You're welcome. Glad I could help.

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CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.