Those eligible to receive a tax rebate must have a valid Social Security number and must have earned at least $3,000in 2007 which includes earned income, Social Security, Railroad Retirement and veteran’s benefits [SSI does not count ]. In order to receive a rebate, you have to file a 2007 federal tax return even if you are not normally required to-and around 20 million seniors and low-income workers aren’t-you must file one this year if you want to receive a rebate. The IRS will be using the information on your 2007 tax return to determine your eligibility and calculate the amount of your rebate. So, no tax return, means no rebate.
Taxpayers whose income is $75,000 or greater for single filers and $150,000 for married couples filing jointly will see their rebates reduced by $50 dollars for every $1,000 above the $75,000 and $150,000 income limits. Some taxpayers with children will receive an additional $300 per child. Rebate checks will range from $300 to $600 dollars for individuals and $600 to $1200 for joint filers.
Individuals will receive a minimum of $300 if they paid $0 to $300 in federal income taxes in 2007.
Individuals who paid over $600 in taxes will receive a maximum rebate of $600.
All of these numbers double for married couples filing jointly.
If you have questions about the tax rebate payments visit the IRS web site [www.irs.gov] where you will find the most up-to-date and accurate information.
Sources:
Jim Miller, Bradenton Herald, Page 18E
IRS, www.irs.org
