What You Should Know About the 2008 IRS Tax Rebate Checks
Anyone who does not file a 2007 tax return by April 15, 2008 and request a filing extension may not receive their rebate check until December 2008. To get the rebate check you need to file either a 1040 or 1040-EZ tax return.
The US Treasury Department will start mailing out rebate checks in early May of this year and has been estimated it will take approximately 10 weeks for all checks to be mailed out.
Tax rebate checks will be mailed out to approximately 117 million middle and low income taxpayers. About 20 million retirees living on Social Security will also receive checks.
Single taxpayers with a adjusted gross income of less than $75,000 and couples with less than $150,000, will qualify for a full tax rebate. Please note that your AIG is your taxable income for all sources of income like wages, tips, interest, dividends, etc. minus your allowed adjustments to your income. At some point above the maximum AIG the rebate checks will phase out completely.
So how much do taxpayers get? Single filers can receive a rebate up to $600 and couples can receive as much as $1200 plus $300 per child. There is no maximum on the number of eligible children you have.
Anyone who has Supplemental Security Income (SSI) will not qualify for any tax rebate at all. SSI is funded by general tax revenues and not Social Security taxes. SSI is only used to help aged, blind and disabled people to meet basic needs like food, clothing and shelter.
Since everybody's tax situation is not the same, final qualifications for the rebate checks and how much you will receive, will be decided by the IRS and is based on each individual's 2007 tax return. Any specific questions regarding the rebate checks should be directed to the IRS.
One more thing that everyone needs to be aware of and that there are now scam artist posing as IRS officials and calling up people asking them for their personal finical information so that they can Direct Deposit the rebate money for them into their bank account.
As a result of people receiving phone calls or emails claiming that they can get their rebate money quicker they are giving out their personal bank information.
Beware of those emails and phishing that have links on them requesting you to click on and provide them with you bank information. Never click on any email link and give out any personal financial information.
Published by John Messina
I'm a freelance writer and have been producing web content for various writing sites. I also run a Technology News internet portal that has the latest breaking news in gadgets, consumer electronics, gamin... View profile
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14 Comments
Post a CommentI did not get my rebate check because some one else cashed it without my permission. how do I fnd out about that.
Check out this link from IRS.gov website: http://irs.gov/newsroom/article/0,,id=203191,00.html?portlet=6. This should answer your question.
when do you recieve the rebate checks if you did file for 2007 and what if you did'nt get your last rebate correct would the IRS correct for 2008 filing
Will you still get a rebate check if you owed??
The reason people who made under $3K last year don't get the rebate check is because those people would not stimulate the economy... instead, they would use the money to pay for essentials, like shelter, food, and school.
I was $43 short for the rebate because I was a student, and I am married, with 2 kids. If I had worked an extra half day, I would have received a $1800 stimulus. Thanks for nothing...
i owed the gov when i did my taxes so i paid with my checking account .will they mail my rebait or direct deposit
I recieve SSI and social security do i quality for the rebate?
This answer is for Renee. First of all, the Tax Rebate check is not for low income families. The checks are sent out to all eligible U.S. citizen tax payers in order to boost the U.S. economy. It is an incentive to use the money to make purchases within the U.S. so that businesses can make sales and earn profits, i.e., boost the economy. It has nothing to do with whether or not you are a low income earner. The eligibility criteria for whether or not you will receive a check is based on your 2007 income tax return. Get that "it's supposed to be for low income families" mentality out of your head. If you think that way it only proves that you are stupid.
#1 if you got an emerald card from h&r block then yor check will be mailed, Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
What if you didn't get your check direct deposit or mailed to your house, you picked your check from H&R Block or used the debit card. How will you determined to send the check?