I just need some clarification as to the stimulus plan, so here are my details -
I was laid off last year(2007).
My wife and I filed jointly for 2007.
My Gross Adjusted Income was about $9000.
$3000 was Earned Income(Jobs), while the rest was Unemployment.
Totally, we paid $651 in federal taxes.
We have one child that was claimed as a dependent on our 2007 return(Age 2).
Where I need clarification -
I'm unsure as to whether it is a flat rate or if we'll only be eligible to get what we paid in(In this case, $651).
I'm also somewhat curious if our federal pay-in will be separated due to the Unemployment or, as I've heard, they're going solely by the Gross Adjusted Income number.
I know we'll be given the extra $300 for the child able to be claimed in 2007, but my wife is pregnant and the child will be able to be claimed for 2008. Will that child be counted in as well, or will that be taken care of during the actual filing of the 2008 taxes(at the beginning of 2009)?