Stimulus plan income phase-out

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Stimulus plan income phase-out HW \"Skip\" Weldon 03-22-2008  Re: Stimulus plan income phase-out Dave Dodson 03-22-2008  Re: Stimulus plan income phase-out Elle 03-22-2008
Posted by HW \"Skip\" Weldon on March 22, 2008, 9:23 am I have been under the impression that for married-filing-joint the phase out (for the stimulus plan checks) begins at $150,000 of adjusted gross income (2007 Form 1040, line 37). Recently I saw the income limit expressed as "earned income plus social security"). Those can be different numbers. Can someone clarify? -HW "Skip" Weldon Columbia, SC -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Dave Dodson on March 22, 2008, 2:33 pm On Mar 22, 8:23 am, "HW "Skip" Weldon" > I have been under the impression that for married-filing-joint the > phase out (for the stimulus plan checks) begins at $150,000 of > adjusted gross income (2007 Form 1040, line 37). > > Recently I saw the income limit expressed as "earned income plus > social security"). > > Those can be different numbers.  Can someone clarify? The "Economic Stimulus Payment Notice" I received from the IRS says, "Qualifying Income is earned income, Social Security benefits, and certain veterans' payments." Qualifying Income is used to determine the payment to people with no Net Income Tax Liability. It goes on to say that "The stimulus payments are reduced for taxpayers with adjusted gross income (AGI) of more than $75,000 (more than $150,000 if married filing jointly). So it appears that your first statement is correct. Dave -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Elle on March 22, 2008, 3:56 pm >I have been under the impression that for >married-filing-joint the > phase out (for the stimulus plan checks) begins at > $150,000 of > adjusted gross income (2007 Form 1040, line 37). > > Recently I saw the income limit expressed as "earned > income plus > social security"). I suspect the sentence above is one of those poorly done soundbites from a media source, maybe before Congress and the IRS nailed down exactly how income would qualify. As you probably know, none, some, or all of SSI may count towards AGI, depending, so this throws a wrench into calculation of the stimulus payment. The IRS "Economic Stimulus Payment" calculator linked at http://www.irs.gov/newsroom/article/0,,id=177937,00.html#Calculator is very helpful. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted plan for higher income tax rates October 22, 2008, 11:13 am Stimulus as solution? November 14, 2008, 9:01 am Is the stimulus package a tax refund, or temporary lowering of the tax bracket? January 25, 2008, 10:13 am Which is a better place for income? April 9, 2007, 4:53 pm What to do with disposable income... May 13, 2007, 6:31 am How To Manage Low Income? May 15, 2007, 8:17 am Dodge and Cox Income June 10, 2008, 5:11 am Slight OT: Chinese income tax. January 29, 2007, 12:54 pm Re: need advice on increasing income April 23, 2007, 9:14 am Re: need advice on increasing income May 9, 2007, 5:00 am