The IRS will determine who qualifies based on 2007 tax returns, calculate payments, and then issue rebate checks automatically
A great way to stimulate the economic rise of this country is by giving out federal tax rebate checks. All you need to do is pay for your income tax for the year 2007. You basically do not have to do anything to qualify for this rebate, just pay and then the IRS will do the rest.
The U.S. Treasury Department Office of Public Affairs provided examples on its website of how the Economic Growth Act of 2008 will benefit individuals. Basically, an individual can expect to receive a tax rebate check equal to the amount of their 2007 tax liability, with a maximum payment of $600 per person (which translates into $1,200 for married taxpayers). Those earning over $75,000 (or $150,000 for married filing jointly) can expect a reduced payment based on how much their income exceeded those limits. Taxpayers are eligible to receive $300 per child who qualifies for the child tax credit.
• Tax rebate checks will be direct deposited for taxpayers who selected direct deposit on their 2007 tax returns.
• Most individuals just need to file a 2007 tax return to trigger their
• Individuals must have a valid Social Security number to receive a payment. Additionally, dependents must have valid Social Security numbers to be counted in the calculation.
• An Individual Taxpayer Identification Number or any other identifying number is not the same as a Social Security Number and will not qualify taxpayer for the stimulus payment.
• It is the responsibility of the individuals who fall under the exception above to file a 2007 tax return in order to notify the IRS that they are eligible for a payment. These individuals may not normally have to file a return, but need to do so now in order to notify the IRS of their qualifying income.
• Most individuals just need to file a 2007 tax return to trigger their
• Individuals must have a valid Social Security number to receive a payment. Additionally, dependents must have valid Social Security numbers to be counted in the calculation.
• An Individual Taxpayer Identification Number or any other identifying number is not the same as a Social Security Number and will not qualify taxpayer for the stimulus payment.
• It is the responsibility of the individuals who fall under the exception above to file a 2007 tax return in order to notify the IRS that they are eligible for a payment. These individuals may not normally have to file a return, but need to do so now in order to notify the IRS of their qualifying income.
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