Do I have to do anything to get a check?
Yes! In order to qualify for a tax rebate check, you need to file a 2007 federal income tax return.
Will every taxpayer receive a stimulus rebate check?
No! Only those taxpayers who earned at least $3,000 (as reported on their federal tax returns) or had any kind of tax burden for 2007 will receive a rebate. If you reported less than $3,000 in income or had not tax liability whatsoever, you will not qualify for the 2008 tax rebate.
How do I know how much money to expect?
Check your federal 2007 tax return form 1040 line 57 (1040EZ line 10/1040A line 35). If you entered $600 or more for individual filers or $1,200 for married ones, then this is the amount of money you may expect to receive. If you entered less, then you will receive less.
What about my little tax deductions (kids)?
If you claim a dependant child on your tax return who is younger than 17, you qualify. If you claimed an older student who is still dependant, you are out of luck.
I qualify! Where is my 2008 tax rebate check?
Seeing that the official tax filing deadline is 04-15-08 for the 2007 taxes, it will most likely take a month to process the federal tax returns. Thus, do not expect your IRS windfall to show up at your doorstep any time before 05-15-08 at the earliest. In addition to the foregoing, if you are late with your 2007 tax return, your rebate will not even be considered until the return is received and processed.
By the way, if you have a refund coming and you are choosing to have the IRS direct deposit your refund, they will also direct deposit your 2008 tax rebate into the bank account you indicate on your federal tax return!
Not so fast! Do I have to pay this back next year?
You do not have to repay the 2008 tax rebate but there will be a line added to the 2008 federal tax forms that will permit you to enter the amount of the rebate your receive in 2008. In other words, when you prepare your 2008 tax returns in 2009, the rebate you received in 2008 will be subtracted. In many ways, this rebate check is not free money from the government, but instead it is an advance on your next tax refund.
Sources:
Published by Sylvia Cochran - Featured Contributor in Automotive, Politics, Travel and Lifestyle
Sylvia Cochran works out of sunny Southern California and has been freelance writing -- full-time -- since 2005. SEO-optimized Internet copy includes news analysis, political Op/Ed and parenting as well as a... View profile
- The 2008 Economic Stimulus Package This article looks at the 2008 Stimulus package that was worked out between the President and Congress that includes $1.5 billion in tax rebates to over 100 million families.
- 2008 Tax Rebate Plan In an attempt to cure recession woes, the Bush administration announced the approval of his tax rebate plan. Is this a political maneuver employed to gain votes and will it really cure our suffering economy?
- 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.
- Senate Accepts President Bush's Tax Rebate Plan 2008 Tax Rebate Plan
-
Tax Rebate Check Update: The 2008 Economic Stimulus Package
So, the rebate checks are official. But, how do they work?
- 2008 Economic Stimulus Package Tax Rebate
- Stimulus Package Including Tax Rebate Checks: Too Little Too Late?
- Tax Rebate Checks Not Worth the Cost
- Tax Season Survival Guide: Getting the Most from the IRS
- Liberal New York Times Writer Fails in His Opinion of the Bush 2008 Stimulus Plan
- Belrad Universe: February 25, 2008 - Transcript
- Economic Stimulus: How Do You Plan to Spend Your Tax Rebate?
|
|
- This rebate check is not free money from the government, but an advance on your next tax refund
- In order to qualify for a tax rebate check, you need to file a 2007 federal income tax return
- Only taxpayers who earned at least $3000 or had any kind of tax burden for 2007 will receive rebates
112 Comments
Post a Commentwhere is my home rebate check for sinior I am owner of my house is still waiting for my check, I do not what happen this is my home rebate check 2008
i filed my taxes last yea but i dident get the stimilus check all my fiends got one but i neve head fom the irs ,
my name is kimberly wallace i have a 6 year old kids that i have to take care of on my own my babyfather is no help irs said i was going to get my rebate on the 6th of june it is now july292008 i was looking for it in the mail
i had moved a while ago and i dont think i did an address change, i need my check??? Where or how do i get in contact with some to get it.
I am still waiting on my check. It was supposed to be sent out My 9th, then that changed. I have received no letter even though I paid over $3,000 in taxes last year. I have no idea where my check is and I am startgin to get really pi$$ed off waiting for it. What is going on?
I recieved the letter telling me how much i was gona get but thats it. I went direct deposit but my checking account recently closed so if it came it was probably sent back. Who do i contact and will i ever get it in the mail? I so desperately need that money to catch up on bills! The last time they issued out money from the income tax i missed it also. Am i the only one that didn't get one? Does it have anything to do with not paying state taxes? Send me a reason why i didn't recieve one pleas!!!!!!!!!!!!!!!!!!!!!
I received and letter last wk stateing that i would receive my check by 7-5-2008 this is 7-7-2008 ad still no check today maybe thr irs nees to learn their days of te week
i know what you mean...july 4th??? and you know mail dont run again until Monday the 7th
I feel your pain I got a rapid refund through SBBT and now mine won't be mailed out till July 4 Hey wait a minute the mail doesn't run on July 4 crap.
Im 18years old I filed my taxes separately from my parents. I made over about 7k last year and it was said that if you made 3k you will get a rebate back.It was also said that I will get my return in the mail by friday june 20th.It is now the 25th and still no sign of my check.Where is it at?Will I be getting one or what?Im concerned!