My 2007 tax return shows a total of $5,300 in Schedule C business income plus $1,000 in interest income. No other income. I am married, filing jointly. Am I likely to be receiving one of those tax rebate checks now being mailed?
Thank you, Jim
Yes. The starting point for the calculation is income tax after credits. In your case that's zero. However, you have at least $3,000 of "qualifying income" in your Schedule C bottom line. Thus, you'll get the minimum of $600 for a joint return.
There's a calculator at
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