I FOUND THE ANSWER TO MY QUESTION

[bumplett]

I was asking in a different thread about the "stimulus" checks -

I'll keep my colorful comments to myself.




Married with Children

In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.

Examples of how the Economic Stimulus Act of 2008 may affect taxpayers who are married, file a joint return and have children who qualify for the child tax credit payment:

1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

2) Married couple with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

3) Married couple with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

4) Married couple with two children, no wages, no social security benefits, no veterans’ payments, AGI is $25,000, federal income tax liability before child tax credit is $70.
Rebate is $600
Qualifying child credit is $600
TOTAL is $1,200

5) Married couple with two children, AGI is $35,000, federal income tax liability before child tax credit is $1,070.
Rebate is $1,070
Qualifying child credit is $600
TOTAL is $1,670

6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800

7) Married couple with two children, AGI is $160,000, federal income tax liability before child tax credit exceeds $1,200.
Rebate is $1,200
Qualifying child credit is $600
Phaseout reduction is ($500)
TOTAL is $1,300

[cissylu]

thank`s so much for shareing this information.

[dianne9106]

So why did you only get $1,200? I am being nosey, but we are in the same situation too.

[bumplett]

So why did you only get $1,200? I am being nosey, but we are in the same situation too.

I'm thinking it's because our "taxable" income was less than $4000. for the year. Everything else was combat pay.....

Only the month of January was taxable.

so, if this applies, it means we did receive $300/per child, but only $600/couple.

[dianne9106]

See I was reading that non-taxable combat pay was supposed to be used for the purpose of the rebate. That stinks and I am sorry. My hubby didn't go to the tax free zones last year - but we could've used the break on taxes. Thanks for sharing.

[bumplett]

I give up trying to understand.



I'll just be happy with what's in the bank

If you figure out the secret meaning of it all, please let me know.