Will I receive a IRS tax rebate if most of my income is from a private pension?

My 2007 W2 income was $3,700 but the majority of my total income of $65,000 came from private pensions, IRA distributions, interest, dividends and capital gains. I don't receive social security or veterans benefits and my filing status is single, with no children. Should I expect to receive a rebate?

As long as you pay $600 in Federal Income Taxes (and I assume you do with $65K income), then you will receive a $600 rebate.

While the rebate depends on your 2007 income and federal income tax liability, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.

As long as your adjusted gross income, which includes 1099's and w-2's is below $75,000 you can expect a check in the mail after you have filed your 1040. And according to the news accounts, then this will be sometime in May.

Tags

　　Property Investment 　　Profitable Investments 　　Private Investment 　　Private Equity 　　Private Capital 　　Personal Investment 　　Pension Fund 　　Pecunix

Related information

Anybody know anything about capital gains tax?

I don't think it matters that you sold it as private house - I think the CGT relates to the period that it was a B&B - I'm not an expert - try looking here: ...

How to account for selling shares in private company with 'earn-out' payments?

Just divide your original purchase price to have in the current year a cost of .50 cents per share and a cost of .25 cents per share for each of the next two years. That way your cost %'s will...

Scam Or Not ? Private Loan Offering...?

Yes, it is a scam. Things that make no sense are scams. 1) Severn loan firm - not a major bank, no mention of what major bank is backing the loan. 2) Fees of $320.00 that they don't offer...

Among three directors if two always collide and ignore other ,how he canhe safeguard his rights in private lt?

yes he can safeguard his postion... under the Companies Act, the provisons concerning Minority interest will b applicable... The rule of Foss vesus harbottle,,, exceptions thereto .. will be applic...

Among three directors if two always collide and ignore other ,how he canhe safeguard his rights in private ltd

They cannot create new Director without his concurrence, It is also, not possible, to change the pattern of share holding without his concurrence. One thing should be kept in mind. The third Direc...

How does one go about selling stock in a new, private corporation ?

You hand out Private Placement Offering documents to potential investors. At my company, it was a fairly long legal document and it explained that the investment was for a PPO and not a public comp...

Tax Laws on Executing a Private Stock Option?

There are four types of options that you could get: 1. Qualified stock options 2. Nonqualified stock options 3. Warrants 4. OTC or Exchange traded options. The first two are granted to...

Is a closely held private corporation (C) required to pay salary to its officers?

Any employees of the corporation will have to be paid at least minimum wage. The IRS takes a dim view of a President(you, since you are only employee) of a company making minimum wage. Pay yo...