New Tax Rebates (income, taxes, vehicle)

[precator]

My wife and I have a combined income of 154k, will I not get any benefits at all? Also, 35k of that income was 1099 without any deductions applied, I can deduct about 10k for business expenses.. Will that put me under If I can take deductions of that figure. I am trying to figure out if I will be getting anything..

[tahiti]

my understanding is there is a phase out limit, from $150-$173999.

also, to answer your question, it's your AGI they look at, but you need to add back any 401K/403b/IRA contributions.

so, for instance, say your AGI is $145K. you put $13K in 401K over the year - $145+13 = $158K.

here's a decent article: You could get your tax rebate by May - Tax Tactics - MSNBC.com

one thing I'm not sure of is the tax year you need to look at - 2006 or 2007 (in other words, 2007 are the taxes we're filing by 4/15/08).

[wileynj]

Originally Posted by precator

My wife and I have a combined income of 154k, will I not get any benefits at all? Also, 35k of that income was 1099 without any deductions applied, I can deduct about 10k for business expenses.. Will that put me under If I can take deductions of that figure. I am trying to figure out if I will be getting anything..

Did you purchased a new vehicle for work? Preferrably a new SUV : ))