JohnH Posted February 28, 2008 Report Share Posted February 28, 2008 Someone posted on another forum that Drake now has a rebate calculator built into their software. It prints out a sheet as a part of the client letter advising the client of the estimated rebate they will be receiving. Nice foresight - certainly not necessary but a good client services feature. Any bets on when ATX will have this capability? :( Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 28, 2008 Report Share Posted February 28, 2008 Someone posted on another forum that Drake now has a rebate calculator built into their software. It prints out a sheet as a part of the client letter advising the client of the estimated rebate they will be receiving. Nice foresight - certainly not necessary but a good client services feature. Any bets on when ATX will have this capability? I consider it un-necessary as it will open a HUGE can of worms when the IRS sends a letter to them that may disagree with the calculations. I am telling all clients to WAIT till they get the letter from the IRS because all the discussing and debating will NOT change what the IRS decides. Then the ball is in the IRS court and clients cannot acuse me (never happens, right?) of giving them bad information. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 28, 2008 Report Share Posted February 28, 2008 >>Drake now has a rebate calculator built into their software.<< Lacerte's notice is nicely provisional. "The Economic Stimulus Act of 2008 includes a provision for the government to issue tax rebate checks. Based on data included in this 2007 tax return, the estimated rebate amount is ________." It is not part of the letter, but a separate statement in the compliance analysis that the preparer can discard. Quote Link to comment Share on other sites More sharing options...
MN2V Posted February 28, 2008 Report Share Posted February 28, 2008 I sent an e-mail to tech support asking if ATX would be coming out with the calculations. I got a speedy reply that they had NONE planned and didn't expect to provide any....Silly me to expect more... Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 28, 2008 Report Share Posted February 28, 2008 But at least for that question, you got a prompt reply that was to the point! ;) Quote Link to comment Share on other sites More sharing options...
Randall Posted February 28, 2008 Report Share Posted February 28, 2008 Overkill. Quote Link to comment Share on other sites More sharing options...
SCL Posted March 1, 2008 Report Share Posted March 1, 2008 Overkill. ditto my calculator - open to correction. 1) 0 tax liability, but 3000 in qual income = 300 single (x 2 if joint) & needs a return filed. 2) tax liability between 300-600 (single) or 600-1200 (joint), rebate = tax liability. 3) tax liability over 600 (single) or 1200 (joint), rebate = 600 or 1200. 4) throw in 300 for kids if it applies (you figure it out). Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 1, 2008 Author Report Share Posted March 1, 2008 Dont forget to adust downward for income over $75K / $150K, where applicable. Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 1, 2008 Report Share Posted March 1, 2008 Also, kids means, kids that qualify for the child tax credit or additional child tax credit. So a couple that makes only $6000 and 3 kids under 17 would get only $600. Am I correct? Quote Link to comment Share on other sites More sharing options...
taxperson Posted March 1, 2008 Report Share Posted March 1, 2008 Is Lacerte guessing at the phase-out "brackets" or rates or whatever when income is over $75,000? Has the IRS released anything like that? All I've seen is that the amount will be adjusted, not how it's going to be calculcated. And I know if ATX released that, 1/4 of the customers would like it, 1/4 would never notice, another 1/4 would call customer support to gripe about it printing in the wrong text font and the rest would complain that it's a waste of paper and time would have been better spent on other issues. Put me in the 4th set. On the other hand, if I were paying Lacerte prices I would "expect more". Over $2,000 for just the Fed 1040, $395 for EACH state, $1,000 for unlimited efile and $1,200 for each business tax package. Go to Lacerte if they're so wonderful. It's your nickel(s). http://www.lacertesoftware.com/products/pricing/index.aspx Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted March 1, 2008 Report Share Posted March 1, 2008 Also, kids means, kids that qualify for the child tax credit or additional child tax credit. So a couple that makes only $6000 and 3 kids under 17 would get only $600. Am I correct? you're not correct if I understand things right. the couple would get $600 for itself plus $300 per child under 17 for a total of $1500. Willing to be corrected, but that is how I have been figuring it. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 1, 2008 Author Report Share Posted March 1, 2008 The phaseout is a straight percentage - 5% of the excess over $75K/$150K. It's explained under the general info on the Stimulus Rebate on the IRS web site Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 1, 2008 Report Share Posted March 1, 2008 you're not correct if I understand things right. the couple would get $600 for itself plus $300 per child under 17 for a total of $1500. Willing to be corrected, but that is how I have been figuring it. I think you are right because no one has mentioned the 11K floor when calculating the credit for the children. So any dependent kid related by blood under 17 will get $300. Thanks for your reply. Quote Link to comment Share on other sites More sharing options...
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