You Have to File Your Taxes Before You Can Get Your Rebate
February 18, 2008 · Print This Article
By now you’ve most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy.
But what you may not know is that you have to file your 2007 tax return before you can get your rebate check.
This was not good news to me, because I’m one of those people who waits until October to file (hey, I don’t get paid to file my tax return, and paying clients come first!).
It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh…).
Okay, back to the rebate… If you haven’t heard the details yet, here they are:
The IRS is expecting to start mailing out checks in May.
Single filers with AGI below $75,000 will get rebates of as much as
$600. Couples with AGI below $150,000 will receive rebates of up to
$1,200. If you are above these income limits, you may still get a
rebate, but it will be phased out 5% for every dollar you are above the
limit.
In addition, parents will also receive $300 rebates per child under 17;
there is no cap on the number of qualifying children eligible.
An example: A couple with one child and $100,000 in AGI will get a
rebate of $1,500 ($1,200 + $300). If they have two children, they will
get $1,800 ($1,200 + $600).
Tax filers who do not owe income taxes because of various credits and
deductions but have at least $3,000 in income – which can include
Social Security – will get $300 rebates per person or $600 per couple.
So, what do you have to do to get your rebate check?
You must file a federal tax return for 2007. If you are not normally
required to file a return, you will need to file to receive your rebate
check.
If you file your tax return before April 15, you can expect to receive
your check in May. If you file for an extension, then you may not get
your check until the end of the year.
Subscribe to EbizTaxTips.com
Attn: Online Business Owners! Do you want to learn how to minimize your online business taxes?
My free report '5 Tax Saving Tips for Ebiz Owners' includes tips to help you get all the deductions and credits you're entitled to, so you don't overpay Uncle Sam!
I haven’t filed my 2007 return yet. I am working on it, and almost done. Will I still get a rebate? I meet all the income criteria.