Here are two examples of how the phase out works:
*
An individual with AGI of $80,000 and federal income tax
liability in excess of $600 would qualify for a basic rebate of $600.
Because this individual's AGI exceeds $75,000, however, her rebate is
reduced by $250 (the credit is reduced by multiplying the amount of
AGI over $75,000 by 5%). The taxpayer receives an economic stimulus
payment of $350.
*
A married couple with two children, AGI of $160,000 and federal
income tax liability before the child tax credit exceeding $1,200
qualifies for a basic rebate of $1,200 and an additional qualifying
child credit of $600 for a total rebate of $1,800. But because the
couple's AGI exceeds $150,000, their rebate is reduced by $500 (the
amount of AGI over $150,000 multiplied by 5%). The couple receives an
economic stimulus payment of $1,300.
On Mon, Apr 28, 2008 at 12:08 PM, Tony wrote:
> ok, so my agi is above the 75k limit. but ive read things before
> that talked about if it was over that, you will get a PORTION of that
> $600. but ive never seen the conversion chart.
>
> anyone?
>
> (pin drop)
>
> anyone?
>
> tw
>
> --
> 'Never have anything in your life that you can't walk out on in thirty
> seconds flat, if you spot the heat coming around the corner'
>
> robert deniro - heat (1995)
>
>
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