If I told you that $1 equals $300, you’d rightly tell me that I need to take remedial math. However, there is an instance where that’s the case.
The IRS issued Revenue Procedure 2008-21 yesterday. This Revenue Procedure allows an individual to add $1 as Adjusted Gross Income when that individual would normally have $0.
Why would you do that? So that you can electronically file and get the tax rebate (stimulus) payment this Spring of $300. Joe Kristan has more.