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Will I get a rebate check? And, more important, when?
Most taxpayers will get rebates ... and the first checks will go out in May.
Whether your get a rebate depends on your income and your tax bill for 2007. On February 7, Congress passed the Economic Stimulus Act, which will provide rebate checks to more than 130 million Americans. President Bush is expected to sign the bill February 13, and people who file their 2007 tax returns on time should start receiving their rebates -- either in the mail or through direct deposit -- beginning in May.
Most single filers will receive a $600 rebate; most married couples will get $1,200. Married or single parents will get an extra $300 for every dependent under age 17. (Children who are claimed as dependents on their parents' returns won't get a rebate, even if they work, file a return and pay taxes.)
The rebate amount starts to phase out for single filers whose adjusted gross income is more than $75,000, or more than $150,000 for married couples filing jointly.
For people who earn more than that, the rebate is reduced by $50 for every $1,000 above the income limit. So the credit would phase out entirely at $87,000 for a single filer without children; or $174,000 for joint filers without children. The upper limits of the phase-out zones rise with the number of children you have.
In general, the rebate amount can't be more than your "net tax liability," which is your tax bill before subtracting refundable credits and child credits. If you have no net tax liability, though, you can still qualify for a rebate of $300 for single filers or $600 for joint filers if you have at least $3,000 in income from a job or self employment, or from Social Security or veterans' disability benefits.
The rebate is based on the information in your 2007 tax return, so you won't get the rebate until after you file your 2007 return. If you file an extension, your rebate could be delayed by several months.
Also beware of e-mails or phone calls from people claiming to be from the IRS and asking you to provide your Social Security number, credit-card number or bank account information to get the rebate. This is a scam: The IRS will not contact you by e-mail or phone about the rebate.
For more information about the real rules, visit the IRS Web site, which will have more-detailed updates after the President signs the law. Also see the U.S. Treasury Department's Fact Sheet for examples of how much people will receive under various income and tax scenarios.
POSTED BY: Eric (May 01, 2008 01:21 PM)
Gas prices are still lower here than many places in the world. I personally really don't understand the point of a rebate that is too little too late.
POSTED BY: susan (May 10, 2008 01:40 PM)
I filed my taxes early (beginning of Feb.) and was in the guidelines needed to receive a stimulas check on May 9th, and guess what? Not there! I was hoping to be able to buy gas this week!
POSTED BY: Rob (May 14, 2008 03:13 PM)
...Yes , the price of gasoline has been high in Europe for quite some time now, but not everyone drives or owns a car there, and they have better medical and working and living conditions. If all those things are going to better here , then Hell yes I,ll pay for high gas. However there are no signs that anything is going to change here....
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