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
Tax Rebate Question?
May 05, 2008
1 Replies
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
formatting link
where you can confirm this.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required