Have You Received your tax Rebates

[Krikit 1,163]

How do you know if you're getting one or not?

[~krakatoa~ 27]

How do you know if you're getting one or not?

from the IRS website

"Updated April 17, 2008

You've heard about it. Now find out how to get yours.

What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Are you eligible? The vast majority of people who file a 2007 income tax return qualify, and many who don't regularly file a tax return may qualify as well. You're eligible if you have a valid Social Security Number (SSN), can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000. Qualifying income includes any combination of earned income and certain benefits from Social Security, Veterans Affairs or Railroad Retirement. Additional information is below, and a full legal description is available in Revenue Procedure 2008-21.

Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment — if only one has a valid SSN, neither can receive the payment.

Can you use an ITIN instead of an SSN? Taxpayers with an Individual Taxpayer Identification Number (ITIN) instead of an SSN are not eligible to receive a stimulus payment. Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment — if only one has a valid SSN, neither can receive the payment.

Not eligible at the current time? If you're not eligible this year but you become eligible next year, you can claim the economic stimulus payment next year on your 2008 tax return.

How do you get it? Just file a a federal tax return for 2007, even if you normally don't have to because your income usually doesn't meet the filing threshhold. You can't get it if you don't file.

How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. We have various examples for you check out.

The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.

Can you estimate your payment? The IRS has created an online calculator that will allow you to answer a few questions and get a quick estimate of your payment amount.

How will you receive the payment? Be sure to choose direct deposit when you file your tax return, even if you aren't due a regular tax refund on your tax return. That way, the stimulus payment will go right to your bank account. Otherwise, we'll mail you a check.

When will you get your payment? Starting May 2, payments will be electronically transmitted to direct deposit accounts. Paper checks will be mailed starting May 16. The payments are based on the last two-digits of the mail filer's Social Security number. The IRS has issued a schedule for payments as direct deposits or paper checks."

Edited April 28, 2008 by krakatoa

[Krikit 1,163]

Can you estimate your payment? The IRS has created an online calculator that will allow you to answer a few questions and get a quick estimate of your payment amount.

Holy smokes. You have to answer a 10 minute online questionnaire and need your tax forms in order to complete it. Typical government bureaucracy. Guess I'll wait to see if a check comes in or not.

Thanks for the info, Krakatoa.

[Marilyn. 340]

Can you estimate your payment? The IRS has created an online calculator that will allow you to answer a few questions and get a quick estimate of your payment amount.

Holy smokes. You have to answer a 10 minute online questionnaire and need your tax forms in order to complete it. Typical government bureaucracy. Guess I'll wait to see if a check comes in or not.

Thanks for the info, Krakatoa.

we got a notice about a month ago about the rebate.. it was just a general notice... did you get one?

[Krikit 1,163]

we got a notice about a month ago about the rebate.. it was just a general notice... did you get one?

Not that I'm aware of. But, then, it would have been addressed to my husband, would it not? I will ask him.

[Sister Fracas 5]

Can you estimate your payment? The IRS has created an online calculator that will allow you to answer a few questions and get a quick estimate of your payment amount.

Holy smokes. You have to answer a 10 minute online questionnaire and need your tax forms in order to complete it. Typical government bureaucracy. Guess I'll wait to see if a check comes in or not.

Thanks for the info, Krakatoa.

we got a notice about a month ago about the rebate.. it was just a general notice... did you get one?

yeah, just a general reminder that you had to file to be able to get one. That kind of thing... it didn't have any estimated amount on it.

[eau_xplain 2]

Yup, we got that general reminder too. Don't know yet how we're going to spend the money but hubby intends to use it so that we can help achieve the purpose for which the "rebate" was formulated.

[Marilyn. 340]

we are not getting us until July and the money is going towards bills...

[SnowyTater 0]

I don't get one because my mommy claimed me as a dependent!!!!

[shadtov 0]

Turbo tax told me how much we would get when I e-filed.

Ours will go to the credit card--we're getting close to cc freedom.

[Sinergy 3]

i cant wait to get mine, got some bills to get rid of

my last 2 numbers are 02, so i should see it real soon....as i direct deposited.

cant wait!!

[Marilyn. 340]

i have no idea why my hubby doesn't do the direct deposit thing

[brnidokiegurl 0]

My boss just checked hers is in the bank and ends in 07

[Sinergy 3]

could it be also when you filed? nothing for me yet

Edited April 28, 2008 by Sinergy

[Sister Fracas 5]

I've not seen anything anywhere that said filing date would matter... just had to be by 4/15