Will I receive 600 dollars from this stimulus plan?
Last year I made about 25,000 dollars previously taxes. I am 20 years old and still live near my parents who claim me as a dependent. Since they are claiming me as a dependant do I get any money out of this plan...or am I excluded because I am a dependant?
Answers: If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit beneath the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut within 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you own taxable income in 2008, you will see a charge cut when you file contained by 2009.
Dependents aren't eligible, sorry.
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Answers: If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit beneath the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut within 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you own taxable income in 2008, you will see a charge cut when you file contained by 2009.
Dependents aren't eligible, sorry.