Gov Taxes
Posted: Thu Mar 06, 2008 9:21 pm
Does anyone know about who is all eligible for the $600 check the gov will be sending us next month? What qualifications do you have to have. Just curious, wouldnt mind an extra $600.
Tax Rebate: The Basics
Rebate checks should now be on their way in May, as the government attempts to jump start the economy and minimize the impact of a recession this year. How much you receieve depends on your Gross Adjusted Income for 2007, as stated on the 1040 form you'll send the IRS this spring.
* Most individual taxpayers will receive a $600 check, Couples will receive $1,200, with another $300 per child.
* Individuals who don't earn enough to file Federal Taxes, but who earn at least $3,000 a year, will receive a smaller check of $300.
* You will receive a smaller check if you earn more than $75,000, or $150,000 as a couple filing jointly.
* The cutoff is $85,000 a year for individuals, $174,000 for couples: Beyond that, you no longer qualify for any check.
* Again, the good news for lower income consumers who pay no Federal Income Tax, and Seniors on Social Security, : they will still be able to receive a check.
The IRS will begin mailing out checks in early May, based on the last digits of your Social Security number (as they did in 2001). All checks should be distributed by August.
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