Need some extra money for that a downpayment on a new home or household repairs?
Starting this May, the IRS will be sending the economic stimulus rebate checks to households who file their 2007 tax returns. In order to determine if you are eligible for this rebate the only requirement is to file your 2007 return and the IRS will take care of the rest of the paperwork. Some individuals and families who file early and electronically will receive their rebates as early as May and the final rebate checks for those who file later will be sent out until December 2008.
In most cases the maximum amount of the rebate check will be $600 for individuals and $1,200 for taxpayers who file a joint return. Eligible taxpayers who qualify for a rebate check will receive an additional $300 for each child who qualifies for the child tax credit. Per the IRS website, qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. Depending on your source of income, some of these people may not be normally required to file a tax return because they do not meet the filing requirement. Please remember that this year if they want to qualify for the rebate, the IRS emphasizes they must file a 2007 return in order to receive a rebate check.
Rebate checks to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly. For more information on your specific eligibility for this rebate please click here.
