bush economic plan

[dukebound85]

with the new economic plan just signed into law today, what does that mean?

will every taxpayer receive $600?

i ask since i will probably be listed as a dependent on my parents tax form which brings me to another question

1) do you have to be declared independent to receive the $600? if dependent do you not get it?

2) are there any downsides to being declared independent? I ask since i pay for all my expenses (school rent etc) except car insurance and health care as part of agreement i have with my parents (which is nice). last thing i want is to loose health coverage before i get a job that gives me it.....

any insights/thoughts concerning this is more than welcome

 

[iJesus]

I think your family will get $300 dollars for you. I'm not sure. I think the stats are $600 for single, $1200 for a couple, and $300 for each child thereafter. Your parents will be the ones receiving the money if you are dependent on them.

I'm not to sure about question B though since I don't know the upsides/downsides of being dependent. I'm pretty sure it's cool though since you'd have to pay less taxes? If you make a certain amount of money I think they take away your dependency though. I have no idea.

I'm only 16 =)

Oh, and as much as I DON'T approve of the "stimulus" package, there is no way in hell my parents aren't going to NOT accept the money. They said they would put it in savings though.

 

[dukebound85]

hmm all i know is i would like to get it myself.... lol obviously as i need it

 

[Counterfit]

Hmm, I wonder if my parents are going to use some or all of the $1200/1500 (I know I'm dependent, but I don't know if that alone qualifies for the $300) on the Eb tuba my father wants...

 

[rhsgolfer33]

I believe your parents will get a $300 rebate check for claiming you as a dependent, plus the $3400 deduction they already take. In addition, if they make less than $150,000 married filing jointly they should be getting a $1200 rebate check as well.

 

[danidoll521]

1) do you have to be declared independent to receive the $600? if dependent do you not get it?

I was wondering the same thing. According to info on the IRS website, those who are declared as dependents on another's taxes will not be eligible for any refund under the stimulus plan.