2008 IRS Tax Rebate Checks: What You Should Know
2008 IRS Tax Rebate Checks: What You Should Know
Congress has passed a $170 billion economic stimulus package which is highlighted by the 2008 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.
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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.
2008 IRS Tax Rebate Checks: What Should You Know?
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