Rebate checks

[HALEY]

Who gets a rebate? Most people who pay taxes or earn at least $3,000, including through Social Security or veterans' disability benefits. Singles making more than $75,000 and couples with income topping $150,000, however, will get smaller checks, up to the top limits for any rebate: incomes of $87,000 for individuals and $174,000 for couples.

To get any rebate, you must file a 2007 tax return and have a valid Social Security number. If you already filed your 2007 return, the IRS says you don't need to do anything extra.

Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples, with an additional $300 for each child.

People earning too little to pay taxes but at least $3,000 - including elderly people whose only income is from Social Security and veterans who live on disability payments - will get $300 if single, or $600 if a couple.

The IRS will send out rebates - by mail or by direct deposit into your bank account - through the late spring and the summer. The rebates come in addition to any regular tax refund.

To pay for the rebates - which are estimated to cost about $117 billion over the next two years - the government will have to borrow more money, enlarging the budget deficit.

[judy]

Mine will probably just go to pay off a bill or two. That will be nice.

[Ponyup]

Mine will go towards my tattoo removal, along with the bonus check I just received for $1500, yippee. From what i know that should take care of my little tattoo problem. My husband can do what he wants with his & his bonus check. Has of right now he wants to put MP3 hookups in both vehicles, get a remote starter for the truck & add a few other accessories to our new truck. So his plans sound more exciting then mine, but what you gonna do.

[Tink]

Haley, what I think Janet meant is that the rebate check is really only an advance on next years tax refund. All they're doing is giving it out early in hopes of jump starting the economy a bit. So while we will get it in June... we will get that much less next year on our refund... so it's not the huge "gift" some thing it is.

I believe it when I see it and Spend it when I have it!!!!!!!!!!!!!!!

[Janet]

Originally Posted by Tink

Haley, what I think Janet meant is that the rebate check is really only an advance on next years tax refund. All they're doing is giving it out early in hopes of jump starting the economy a bit. So while we will get it in June... we will get that much less next year on our refund... so it's not the huge "gift" some thing it is.

Thanks Tink! That's exactly what I meant. The gov't is never going to give you anything for nothing. I may need that money more next year than I do this year so I'll just put it in the savings. I hate the way they want to screw with our lives.

[judy]

Originally Posted by Janet

Thanks Tink! That's exactly what I meant. The gov't is never going to give you anything for nothing. I may need that money more next year than I do this year so I'll just put it in the savings. I hate the way they want to screw with our lives.

So this money is part of our 2008 refunds? I suppose if you owe, you have to give this money back too?

That sucks!!!

I'm still going to end up paying off something. At least I'll save on interest.

[Ponyup]

Originally Posted by judy

So this money is part of our 2008 refunds? I suppose if you owe, you have to give this money back too?

That sucks!!!

I'm still going to end up paying off something. At least I'll save on interest.

My husband says not. Something about they usually give a tax break every year & next year we won't get one, we're getting the money we would've saved on the tax break next year right now. I don't really understand it, but you definitely won't have to pay any extra next year because of this check, I did get that at least.

[Tink]

Right ponyup!
IF you don't have that much coming next year you still don't have to pay this rebate back. However if you have more than this amount coming back, they will deduct this off from it.