wonkavision
Joined: 19 Feb 2007
Location: Seoul
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 Posted: Sun Nov 02, 2008 7:35 pm Post subject: one more question about the damn US Rebate |
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just a warning: complete idiot when it comes to taxes here. speak slowly.
I taught at a hagwon in Korea from February 2006-2007.
I filed a tax return in July (thru olt.com), and forgot about it, assuming that I would eventually get a check, because I read all the relevant threads on this forum and it seemed that most if not all American ESL teachers on this board who applied received one. (I left Korea in March 2008)
I just checked up on it, and it says:
**You are not eligible for Economic Stimulus Payment for your 2007 Tax return due to following reasons Your earned income is less than $3000.
Now, I am pretty sure I somehow managed to screw up the Foreign Earned Income part. Right? Because my Korean income should have made over $3000. BUT I've looked it over, and I can't figure it out.
on Form 2555, my Foreign Earned Income comes out to about $23,000. but then it says to subtract this from my income on Form 1040, resulting in a negative total income. I can't see any mistakes in how I've filled this out...and yet judging from the reports on Dave's I should be eligible. What number am I not punching in that should make my income a positive net figure?
Garrrr this stuff makes me feel like such a freaking moron. At this point I don't really care about the money I just want to know what I did wrong.
Is it possibly because I'm only 24? somebody mentioned you have to be 25 but that doesn't sound right...
Also, would there be any good in filing an amended return?
found this on the irs website, could I claim to have previously unreported qualifying income?:
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Q. Will filing an amended return affect my stimulus payment?
A. In most cases, an amended return will not affect the stimulus payment. While amended returns will be processed to correct the income, deductions and income tax as appropriate, the economic stimulus payment amount will not be adjusted based on an amended return. The reason for this is that the reconciliation provision within the Stimulus Act gives taxpayers an opportunity to claim and receive any underpayment amount as a Recovery Rebate Credit when they file their 2008 return next year.
In very limited circumstances, amended returns that are filed solely to include previously unreported qualifying income may result in the issuance of a stimulus payment that was not issued based upon a taxpayer's original return. However, these circumstances are generally limited to low-income individuals and recipients of Social Security, some railroad retirement or certain veteran's benefits who filed their original returns prior to the IRS issuing guidance for their situation.
An amended return can result in a delayed stimulus payment if the amended return is received before the stimulus payment is issued. In this situation the stimulus payment will be issued, if applicable, once the amended return has been processed. Due to the high volume of amended returns received, please allow 12-16 weeks for the IRS to process your amended return before making any inquiries about your return and stimulus payment. |
and this is gives me hope too:
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4) I heard that the IRS has finished sending the stimulus payments. Is it too late to for me to claim mine?
A. If you missed the Oct. 15 deadline for filing an income tax return for a economic stimulus payment, don't worry. You can receive a payment in 2009 by filing an income tax return when the filing season opens in January. The IRS will have more information shortly. |
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