Stimulus payment

The answer depends on the amount of earned income, i.e., wages, salaries, or net self-employment income.

Condor

Correction: it depends on the amount of "qualified" income, not just earned income.

So then, assuming the 8749$ includes such, rebate will be 300$.

ChEAr$, Harlan Lunsford, EA n LA

I agree. As I understand the definition of "qualified income," it includes eaned income, social security benefits, and veterans disability and indemnity compensation. If the sum of all three amounts equals at least $3,000, with a tax liability of $1, I believe the rebate will total $301.

Condor

No. $3,000 of qualifying income entitles one to a stimulus payment. The amount of the stimulus payment is 2007 tax after credits except the CTC, with a minimum of $300 ($600 joint) and a maximum of $600 ($1200 joint). $300 per child under 17 as of 12/31/2008 is tacked on.

So, with a tax liability of $1 the payment would be $300.

How does a person with an AGI of $8749 have a $1 tax liability? The basic std deduction and personal exemption total $8750. As such, this person would have to have qualifying income of at least $3000 to obtain a $300 advance payment.

Could be a single fellow still at home and claimed by parents.

Plus maybe a tax credit bringing net tax down to the 1$.

ChEAr$, Harlan Lunsford, EA n LA

In which case he would get no stimulus payment.

That is correct. However, if he's filing on his own next year, i.e.

2008, he will might benefit from the maximum 600$ (10% of first 6,000 of taxable income)

ChEAr$, Harlan Lunsford, EA n LA