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MORE ANSWERS ON FEDS TAX REBATE - Low Income People Must File |
| (02/28/2008) |
| The most important thing to remember about the government's tax rebate - taxpayers who don't normally file a return must do so. This is a fact many lower income seniors must acknowledge. The economic stimulus package that President Bush signed into law means that around 130 million Americans will be eligible to receive a tax rebate check beginning in May. Those eligible to receive Uncle Sam's tax rebate must have a valid Social Security number and have earned at least $3,000 in 2007 - which includes earned income, Social Security, Railroad Retirement and veteran's benefits (SSI does not count). In order to receive the rebate, you have to file a 2007 federal tax return. Even if you aren't normally required to file an income tax return - and around 20 million seniors and low-income workers aren't - you must file one this year. The reason for the mandatory filing is because the IRS will be using the information on your 2007 tax return to determine your eligibility and to calculate the amount of your payment. So no tax return means no rebate! Rebate checks will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Some taxpayers with children will receive an additional $300 per child. Individuals will receive a minimum of $300 if they paid $0 to $300 in federal income taxes in 2007. Individuals who paid between $300 and $600 dollars will receive a rebate equal to the amount of taxes they paid. Individuals who paid over $600 in taxes, will receive a maximum rebate of $600. Note: All of these numbers double for married couples. If you have other questions about the tax rebate payments visit the IRS Web site - www.irs.gov
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