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FAQ / Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?A. Your economic stimulus payment is based on information provided on your 2007 income tax return. Many but not all taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990. Your payment may be less than the maximum for one or more of the following reasons: * You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52. * You are married and your net income tax liability is less than $1,200. * You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37. * You are married filing a joint return and your AGI is more than $150,000. * You owe back taxes that reduced your payment. * You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment. Around the time you receive your payment, you will also receive a notice from the IRS explaining how your payment was calculated. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts that were offset or deducted from your stimulus payment. |
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