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How Will the Rebates Effect the US Economy?Do Tax Cuts Lead to Budget Deficits?How Would the Fair Tax Impact the Economy?During a Recession, Is My Money Safer Under a Mattress? About the 2008 IRS Tax Rebate ChecksMar 18 2008 Who Gets What and When?Starting May 2, some 130 million U.S. families and individuals will be getting tax rebate checks from the Internal Revenue Service (IRS). Here you will find answers to many of those questions, as well as resources from the IRS to help you understand the tax rebate.
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When Will the Checks be Mailed? Persons who fail to file their 2007 tax returns by April 15, 2008 and request a filing extension may not receive rebate checks until as late as December.
Who Will Get Tax Rebated Checks? Single tax filers with adjusted gross incomes (AGI) less than $75,000 and couples filing jointly with AGIs less that $150,000 will qualify for full rebates. Remember that your AGI is not your annual salary or income. Your AGI is your taxable income from all sources including wages, salaries, tips, interest, dividends, etc. minus IRS-allowed adjustments to income.
How Much Will You Get? Persons who owe no income taxes, but earned at least $3,000 in income from Social Security and veterans disability will get rebate checks of $300 for individuals and $600 for couples.
What if You Made More than the Maximum Income? For example: A single filer with no children and an adjusted gross income of $80,000, or $5,000 over the AGI cap, will see their rebate check reduced by $250 (5% of $5,000), and will get a check for $350, instead of $600. At some income point above the AGI income caps, the rebate checks will phase out completely. For example: A single filer with no kids and an adjusted gross income of $87,000, or $12,000 over the AGI cap, will not get a rebate check because it would be reduced by the full $600 (5% of $12,000).
What Do You Have to Do to Get a Check? Persons who do not normally not file tax returns, like retirees and disabled veterans, will have to file a 2007 tax return in order to get a rebate check.
About SSI the Tax Rebates The law authorizing the rebate checks (H.R. 5140) specifically limits qualifying income from Social Security benefits to "any amount received by the taxpayer by reason of entitlement to - (A) a monthly benefit under title II of the Social Security Act, or (B) a tier 1 railroad retirement benefit." SSI is authorized under Title XVI of the Social Security Act, not Title II. Supplemental Security Income (SSI) is funded by general tax revenues, not Social Security taxes. It is designed to help aged, blind, and disabled people, who have little or no income by providing cash to meet basic needs for food, clothing, and shelter.
For More Information Call the IRS How Will the Rebates Effect the US Economy?Do Tax Cuts Lead to Budget Deficits?How Would the Fair Tax Impact the Economy?During a Recession, Is My Money Safer Under a Mattress? |
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