stimulus refund

[bstaxes]

Client has sch c profit not much just started the business but it is more than $3000. Sch f has a loss of more than $3000 and wipes out the profit from sch c. Will the tp get the stimulus refund? I am thinking yes but something inside me says no. AGI is less than $3000 and still need truck expenses which might cause and AGI to go negative. Am I brain dead or what? This program seems to be causing more questions and problems. Thanks for you input.

[Cathy]

Here's the link to the IRS stimulus payment calculator:

http://www.irs.gov/app/espc/

[kcjenkins]

No, if their AGI is zero, and they had no SS etc, even if not taxable, no stimulus payment. By the way, did you see the funny message at the end of the IRS calculator that Cathy posted? I entered zero wages, zero total income, and this is what it told me......

"According to law, the economic stimulus payment amount that married couples filing jointly would otherwise be entitled to receive is reduced by 5% of the amount that their Tax Year 2007 Adjusted Gross Income exceeds $150,000. You would have been eligible for an economic stimulus payment of $0, but your AGI exceeds $150,000 by enough to reduce that amount to zero."

Mind you, that was with an AGI of zero. I never knew that zero exceeds 150,000, did you?

[Bart]

No, if their AGI is zero, and they had no SS etc, even if not taxable, no stimulus payment. By the way, did you see the funny message at the end of the IRS calculator that Cathy posted? I entered zero wages, zero total income, and this is what it told me......

"According to law, the economic stimulus payment amount that married couples filing jointly would otherwise be entitled to receive is reduced by 5% of the amount that their Tax Year 2007 Adjusted Gross Income exceeds $150,000. You would have been eligible for an economic stimulus payment of $0, but your AGI exceeds $150,000 by enough to reduce that amount to zero."

Mind you, that was with an AGI of zero. I never knew that zero exceeds 150,000, did you?

Sounds like the way IRS does math to me.

[bstaxes]

I did not go that far when I tried it because with a little bit of income it calculated $300. I tried it again with single and zero wages. Result - AGI is exceeds $75000........ I guess you can't even trust the IRS calculators to be right.

[Jack from Ohio]

I am still telling clients to wait for the letter, and do NOT spend the money till it is in their hands or checking account. Then if it is not what they think it should be...

1-800-829-1040

I did NOT create this disaster, and refuse to be caught up in it's webs of lunacy...