Why is our income tax stimulus rebate less than I expected?
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May 22, 2008

Why is our income tax stimulus rebate less than I expected?

Q: We have just received by direct deposit to our bank an amount of $600.00.  We filed a joint return with valid security numbers and showing that we both had tax liabilities.  I thought that we should have received $1,200 according to our filing status. Is there an answer to this problem?

A: In order to receive more than $600, you needed to have a 2007 tax liability of more than $600. The stimulus payment for a couple (no kids) is your tax liability with a minimum of $600 and a maximum of $1,200. For a single person (no kids) it's your tax liability with a minimum of $300 and a maximum of $600.

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About This Blog

St. Petersburg Times personal finance editor Helen Huntley writes about money topics and answers questions about financial planning, investments and personal income taxes.

Helen has been following the Lou Pearlman/Trans Continental investment scam since December 2006. Read more about it in this special report and on this blog.

Looking for help with your income taxes? Check out this special report

E-mail questions to Helen Huntley:
hhuntley@sptimes.com.

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