2001-08-21 17:54:32+00 by Dan Lyke 2 comments
Would one of you Mac IE users try replying with a multi-line multi-paragraph message to this entry? It'd probably be better if you weren't logged in when you tried to post it so you had to go through the login procedure. Thanks.
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#Comment made: 2002-02-21 05:32:33+00 by: aiworks [edit history]
Why is IRS giving out these special payments? We are administering the new tax law recently signed by President Bush, which provides for these advance payment checks to be sent to taxpayers.
What do I need to do to get this advance payment? You don't have to do a thing. The payments are automatic. You will receive a letter telling you if you are eligible, how much to expect, and when you will receive the check.
Who gets the advance payment and who doesn't qualify for one? In general, if you paid taxes for 2000, you may be eligible for this advance payment of the 2001 credit. If you did not pay any income tax for 2000, you are not eligible for the advance payment. Your 2000 return will show if you did not pay income tax. If line 51 on Form 1040 is zero, there was no income tax and you will not receive an advance payment check. Form 1040A filers should look at line 33; 1040EZ filers, line 10. If you could be claimed as a dependent on another person's 2000 return, you are also ineligible for an advance payment. Look at Box 6a on Form 1040 or 1040A. If you used Form 1040EZ, look at which box you checked on line 5. If you left Box 6a blank, or you checked "yes" on Form 1040EZ's line 5, you will not get an advance payment.
If I'm eligible, how much is my advance payment? The amount of your payment is based on the taxable income shown on your 2000 return. The amount is 5% of your taxable income, up to a maximum of $300 for a single taxpayer, $500 for head of household and $600 for a married couple filing jointly. The payment may be further limited by the fact that it cannot exceed your tax liability after nonrefundable credits. If you did not have a tax liability for 2000 but do have one for 2001, you may be able to claim the tax credit on your 2001
I posted this from a machine running MacOS 9.1 and IE 5.
#Comment made: 2002-02-21 05:32:33+00 by: Dan Lyke
Yeehaw! Thanks, that kinda looks like what I expect! (Except that I had to double-take and say "wait, I thought we'd chalked those posting under the wrong entry errors up to user goofs"...).