The Stimulus Tax Rebate

Now that we know for sure the tax rebate is coming, there are a few questions on everyone’s mind.

What do you have to do to make sure you get the rebate? Absolutely nothing. To be eligible for payment just file your 2007 tax return and the IRS will take care of everything else. The IRS will use your 2007 tax return to determine your eligibility and to calculate the amount of your rebate. Those who are eligible will start receiving their rebates starting in early May. If you already filed your tax return with direct deposit, your rebate will also be direct deposit. Rebates will be given out until December 31, 2008 .

What if my income is only social security? If you have qualifying income of $3000 you will receive a rebate of at least $300. Qualifying income issocial  security, certain railroad retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. Even if normally you do not fill out a tax return and your income falls into this category, you need to file taxes in order to receive a rebate. This is especially true for those who receive social security and veteran’s benefits.

So basically to make sure you get a refund you need to file a 2007 tax return.

For more information: facts about the 2008 Stimulus Payments  instructions for low income and Recipients of Social Security

Related posts:

1. Our senior citizens and the tax rebate
2. Some not too common questions about the Stimulus Payment Rebate