LA Business Daily
Adjusted Gross Income for Economic Stimulus Act of 2008?
I have read/seen/heard different things regarding the Adjusted Gross Income Limits for this year's Economic Stimulus package. Does anyone know what the income limit is for married filing jointly with 1 child? And how do they get that AGI? Is it the W-2 figure for our 2007 1040? Can anyone tell me what line it is on the 1040? Thank you!
Public Comments
- If your earned income for 2007 is over $3000 you are eligible. The box 1 amount on your W-2 is earned income. If you are eligible you'd get at least $300 each for you and your spouse, plus $300 for your child if he/she is your dependent and under age 17. If you had net tax liability of over $600 for 2007, you'd get more.
- Line 37 of your 1040.
- If you are asking about the phaseout provision, your rebate will be reduced by 5 percent of the amount of income in excess of $150,000 for those with a Married Filing Jointly filing status.
