2008 Woodie Awards
Federal tax stimulus rebate may exclude dependent students
Chase Becicka
Issue date: 4/3/08 Section: News
Some Kirkwood Community College students will be receiving a small bonus in May if they filed taxes this year. The federal economic stimulus rebate will be sent out to more than 130 million households across the nation and dollar amounts will vary slightly.
The amount of money available for each individual is $600 and married couples may receive up to $1,200. They may also receive an additional $300 for each dependent who filed a tax return and made at least $3,000 during 2007.
According to congress the purpose of the economic stimulus rebate is to help Americans jumpstart the economy with a large return for many Americans. Because the rebate money for a dependent goes to the individual who claimed them as a dependent some traditional-aged Kirkwood students could have their money mailed to their parents in May.
"[Students] should have received a notice in the mail telling them about the stimulus package rebate," said Peggy DeJong, accounting program coordinator
Riad Cheetany, Liberal Arts major, who made enough money to qualify for the rebate will not receive a rebate check because he was claimed as a dependent by his parents.
"I'm thinking that my parents will give it to me," said Cheetany. When asked what he would do with the extra money Cheetany replied, "I will probably put it in savings for awhile."
There are also some limits on the rebate. Individuals who make $75,000 or more and couples who make $150,000 or more are not eligible for the rebate.
While most Kirkwood students don't have to worry about making too much money the dependent factor comes in again. Most Kirkwood students are over the age of 17 so they will lose the chance at a rebate check if filed as a dependent.
Students who are too old but a dependent won't see a rebate check coming to them or their parents. However for students with young children this rebate will offer some financial relief from the struggling economy.
The rebate will not be considered taxable for federal or Iowa income tax purposes and will not affect the return of any student who qualifies for one.
If students refile and become eligible for the stimulus package they will receive a rebate check at a later date. Also the Internal Revenue Service warns citizens against e-mail and phone identity theft schemes biased around the stimulus package.
For more information on the stimulus package Kirkwood students are encouraged to listen to one of the public service announcements that are being aired on the radio and television or visit www.irs.gov.
The amount of money available for each individual is $600 and married couples may receive up to $1,200. They may also receive an additional $300 for each dependent who filed a tax return and made at least $3,000 during 2007.
According to congress the purpose of the economic stimulus rebate is to help Americans jumpstart the economy with a large return for many Americans. Because the rebate money for a dependent goes to the individual who claimed them as a dependent some traditional-aged Kirkwood students could have their money mailed to their parents in May.
"[Students] should have received a notice in the mail telling them about the stimulus package rebate," said Peggy DeJong, accounting program coordinator
Riad Cheetany, Liberal Arts major, who made enough money to qualify for the rebate will not receive a rebate check because he was claimed as a dependent by his parents.
"I'm thinking that my parents will give it to me," said Cheetany. When asked what he would do with the extra money Cheetany replied, "I will probably put it in savings for awhile."
There are also some limits on the rebate. Individuals who make $75,000 or more and couples who make $150,000 or more are not eligible for the rebate.
While most Kirkwood students don't have to worry about making too much money the dependent factor comes in again. Most Kirkwood students are over the age of 17 so they will lose the chance at a rebate check if filed as a dependent.
Students who are too old but a dependent won't see a rebate check coming to them or their parents. However for students with young children this rebate will offer some financial relief from the struggling economy.
The rebate will not be considered taxable for federal or Iowa income tax purposes and will not affect the return of any student who qualifies for one.
If students refile and become eligible for the stimulus package they will receive a rebate check at a later date. Also the Internal Revenue Service warns citizens against e-mail and phone identity theft schemes biased around the stimulus package.
For more information on the stimulus package Kirkwood students are encouraged to listen to one of the public service announcements that are being aired on the radio and television or visit www.irs.gov.
Viewing Comments 1 - 1 of 1
Stephen
posted 4/29/08 @ 1:16 AM CST
Excellent. I paid 15,000 in taxes last year including medicare, etc. (Assume 30%), you get the point. Since I am filed as dependent I am automatically opted out of the tax rebate? Where is the sense in that? But, atleast we have the kids who don't pay tax, their parents get an extra $300. (Continued…)
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