My question is, is this 150K in Adjusted Gross Income or W-2/1099 reporting? Is it based on what you earned in 2006 as reported on your taxes filed in 2007?”
Yes it is AGI.
If they do it the same way they did it last time (2001 I think it was), yes they’ll send out checks based on how you filed in 2006. Then on your 2008 return, you would make any adjustments. It is really a tax credit for 2008. They want to send out checks to give people that psychological feeling that they are getting free money.
