Your Guide to the 2007 Income Tax Rebate
The IRS will start mailing out the 2007 income tax rebate checks in May 2008 to taxpayers who have filed their 2007 tax returns by April 15.
This lens is a complete guide to answer all of your questions about the tax rebate, such as:
* Who qualifies for the rebate check?
* How much will my tax rebate check be?
* When will tax rebate checks be issued?
And much more. Enjoy!
Tax Rebates Are On The Way!
The IRS started sending out rebates electronically today - four days ahead of schedule! If you chose to receive your 2007 tax refund via direct deposit, you could receive your economic stimulus rebate as early as today (4/28).
What You'll Find in this Lens...
- Tax Rebates Are On The Way!
- Where's My Rebate Check!?!
- Rebates Scheduled to Start on May 2nd
- You Have to File Your Taxes to Get Your Rebate Check
- What Are Your Plans for Your Rebate Check?
- Tips on How to Make the Most Out of Your Rebate Check
- Who Qualifies For the Rebate Check?
- Recommended Reading
- How Much Will My Tax Rebate Check Be?
- When Will Rebate Checks Be Issued?
- What Do I Have to Do to Get My Rebate Check?
- How Will the Rebate Affect My 2008 Tax Return
- Tax Rebate on YouTube
- Other Issues
- Rebate Scam Alert
- Rebate Scam Alert on YouTube
- More Great Tax Lenses
- Post any additional questions you have about the rebate check...
- Tax Tips for Online Business Owners
- Ebiz Tax Tips
- Tax Rebate Check News
Where's My Rebate Check!?!
The IRS started sending rebates out on Monday April 28. If you haven't gotten yours yet, or you're just wanting to check to see when you can expect to receive it, the IRS has added a "Where's My Rebate" feature to their website.This is an interactive feature that allows you to enter your personal information (Social Security number, filing status, and number of exemptions on your 2007 tax return) to find out the status of your rebate.
You can also review the payment schedule and visit the Economic Stimulus Payments Information Center for more information about the rebate check.
Click here to check the status of your rebate now!
Rebates Scheduled to Start on May 2nd
Okay... you know the IRS will start sending out checks for the economic stimulus package in May. But when will you get YOUR rebate check?
The first rebate checks will be mailed out starting on May 2, and will be based on the final two digits of your Social Security number, as well as when you file and whether you elected to receive any refund by direct deposit or snail mail.
The IRS says most people will get their checks by July 11, but if you want to know exactly when to expect your rebate, here are the details:
If you file your 2007 tax return by April 15, and request direct deposit for your refund, then you can expect your rebate according to the following schedule...
SSNs ending in 00-20, deposited by May 2
SSNs ending in 21-85, deposited by May 9
SSNs ending in 76-99, deposited by May 16
Notice that taxpayers who requested direct deposit on their 2007 tax return will receive their rebate by direct deposit as well.
If you file your 2007 tax return by April 15, and request a paper check for your refund, or if you owe a balance due on your tax return, then you can expect your rebate according to the following schedule...
SSNs ending in 00-09, mailed by May 16
SSNs ending in 10-18, mailed by May 23
SSNs ending in 19-25, mailed by May 30
SSNs ending in 26-38, mailed by June 6
SSNs ending in 39-51, mailed by June 13
SSNs ending in 52-63, mailed by June 20
SSNs ending in 64-75, mailed by June 27
SSNs ending in 76-87, mailed by July 4
SSNs ending in 88-89, mailed by July 11
If you file jointly with your spouse, then use the Social Security number of the first spouse listed on the tax return to determine when you will receive your rebate.
One last note: you must file by April 15 to receive your rebate according to the above schedule. You must file by October 15 to receive the rebate this year, but if you wait to file, you could wait as long as December to receive your rebate.
You Have to File Your Taxes to Get Your Rebate Check
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.
Click here to continue reading...
What Are Your Plans for Your Rebate Check?
Tips on How to Make the Most Out of Your Rebate Check
And you've probably heard that the purpose of this tax rebate is to get you to start spending to stimulate the economy.
But... maybe you've got some bills to pay, or want to save that money instead.
You're not alone. Early polls show that most people will pay down debt or save the money rather than spend their rebate check.
Here are some suggestions from financial planners on how to use your rebate check:
* Fund your Roth IRA
* Pay down high interest credit card debt
* Open a college savings account for your children
* Take care of home repairs
* Draft wills or take care of other tasks that you've put off because you didn't have the funds to pay the lawyers fees
* Split the rebate between multiple goals - use some to pay off debt, and some to spend
So... how will you spend your rebate check?
For more tax tips, please visit the Ebiz Tax Tips blog.
Who Qualifies For the Rebate Check?
Qualifying income includes wages, self employment income, Social Security benefits, railroad retirement benefits, veteran's disability compensation, or pension or survivor benefits from the Department of Veteran Affairs. Supplemental Security Income (SSI) will not qualify as earned income.
Dependents and people who could be claimed as a dependent by another taxpayer do not qualify for the rebate check. Non-resident aliens and anyone without a Social Security number also do not qualify for the rebate.
Individuals who have less than $3,000 of qualifying income and who do not pay tax will not be eligible for the rebate check.
Income from interest, dividends, capital gains or IRA withdrawals do not qualify as earned income for purposes of qualifying for the rebate check.
Recommended Reading
J.K. Lasser's Your Income Tax 2008: For Preparing Your 2007 Tax Return (J.K. Lasser)
Amazon Price: $12.21 (as of 07/25/2008)
Taxes 2008 For Dummies
Amazon Price: $11.55 (as of 07/25/2008)
J.K. Lasser's 1001 Deductions and Tax Breaks 2008: Your Complete Guide to Everything Deductible (J.K. Lasser)
Amazon Price: $10.77 (as of 07/25/2008)
How Much Will My Tax Rebate Check Be?
A qualifying child is any child under age 17 who is related to you by blood, marriage, or adoption, and who can be claimed as your dependent (may also include foster children). For purposes of the rebate, a child who meets the criteria for the Child Tax Credit and who has a Social Security Number will also meet the qualifying child criteria, allowing the parents to receive an additional $300 rebate (for each qualifying child).
The amount you receive is phased out based on your income, so high income taxpayers may receive a reduced rebate, or even no rebate.
When Will Rebate Checks Be Issued?
The IRS will be mailing out statements to taxpayers. You should receive two statements before you actually receive your rebate check. The first statement is to notify you about the rebate and provide general information. The second notice will notify you if you are eligible for the rebate, how much you can expect to receive, and when you should expect to receive it. The second notice will need to be saved for use when preparing your 2008 tax return.
If you requested direct deposit on your 2007 tax return, your rebate will also be deposited directly into your bank account. If you requested a paper check be mailed to you, or if you had a balance due on your 2007 tax return, then your rebate will be mailed to you.
What Do I Have to Do to Get My Rebate Check?
If you are filing a tax return just for the rebate check, make sure you show your nontaxable income on the appropriate lines (non-taxable Social Security benefits go on line 20a, non-taxable pension benefits go on line 16a), so the IRS knows that you have qualifying income for purposes of calculating the rebate amount.
Reminder: you must file by April 15 in order to receive your rebate check in May. Taxpayers who fail to file by April 15 may have to wait until December to receive their rebate checks.
How Will the Rebate Affect My 2008 Tax Return
However, for taxpayers who qualify for a larger rebate based on their 2008 income than their 2007 income, they will be able to claim a tax credit for the additional amount on their 2008 tax return. On the flip side, if any taxpayers received a larger rebate than they should have (if the rebate were calculated on their 2008 income), they will not have to pay it back.
Tax Rebate on YouTube
The New Tax Rebates: What's In It For You And The Economy?
Executive Tax Director Breaks Down What President Bush's Economic Stimulus Package Means for Taxpayers An estimated 130 million taxpayers are eligible to receive their share of $168 million in economic stimulus payments beginning in May. But, questions remain about how much people will get, when they'll get it, and how the infusion of cash affects taxpayers' bottom lines this year and in 2009. Some taxpayers aren't even sure if they qualify for a stimulus payment, and if they do, how they should go about getting it. Amy McAnarney can address all of the questions about the economic stimulus package, including: who is eligible, how much money can they expect to get, when will the money be distributed, and -- the question that confuses most people -- how the economic stimulus package affects taxpayers' 2007 and 2008 tax returns and refunds? Talent/Guest: Amy McAnarney/Executive Director, H & R Block Tax Institute Amy McAnarney is the executive director of the Tax Institute at H&R Block. McAnarney is a CPA with more than 18 years in public accounting and executive finance positions. Produced for H & R Block





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Other Issues
about the tax rebate check
If you move in 2008, you will need to file a Change of Address (Form 8822) with the IRS to make sure they still get their rebate check.
You must have a valid Social Security Number (SSN) to qualify for the rebate. An Individual Taxpayer Identification Number (ITIN) does not qualify. In addition, if you file married filing jointly, both spouses must have a valid SSN. If only one spouse has a SSN, then neither spouse qualifies for the rebate.
Rebate Scam Alert
If someone claiming to be the IRS calls or emails you asking for a Social Security Number, a bank account or a credit card account number, do not give it to them. The IRS will not be calling or emailing taxpayers, so any phone calls or emails you receive are a scam.
Rebate Scam Alert on YouTube
Watch out for tax rebate scams...
Federal tax rebate scam
Massachusetts elders are being warned about a new scam that targets the rebates they will receive from the federal government as part of their income tax filings. Atty. Gen. Martha Coakley said Thursday that some long-used telephone scams have spread to the Internet, and while they may be more complicated, "they are essentially the same old ploy. "They engage the elder in conversation, either on the phone or on-line, and ask for their personal information such as bank account or Social Security numbers." Coakley spoke at a State House meeting on elder abuse and exploitation. "We are seeing this already with the new federal rebates -- already people are being called and told 'Give us your Social Security number and we'll send you the checks early,' " she said. Callers may pretend to be from the Internal Revenue Service or a bank. People should hang up, or terminate the on-line exchange, said Edward J. Flynn Jr., executive director of South Shore Elder Services in Braintree. The home care agency has received calls from seniors who have gotten the fraudulent calls. "Nobody, no reputable organization does anything like that," Flynn said.





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Post any additional questions you have about the rebate check...
When will I get my rebate check
Posted July 18, 2008
rd1064@aol.com we need to send a second one,the 1st one he3lped me the second will do way more good for me and others. THERES 10 P/C MORE PEOPLE OUT OF WORK NOW AND GAS IS UP 1 BUCK SINCE THE LAST CHECK,THIS ONE SHOULD BE 1000 PER PERSON,GIVE ME AND MY WIFE 2000 AND WE COULD PAY OFF 1/3 OF OUR BILLS AND THEN BE ABLE TO PAY THE REST IN 9 MONTHS,EVERYONE MAKES OUT WELL,PLUS PAYING CREDIT CARDS WILL OPEN SOME CREDIT FOR THE HOLIDAYS,THUS HELPING THE STORES
Posted July 03, 2008
| Matthew_Ferry
Great lens..thanks for the information I got here.. =) Posted July 02, 2008 |
| Nick_Sutton
Nice len. Keep it up! Nick Sutton Fulham :-) Posted May 27, 2008 |
I PAID THE BALANCE OF MY BACK CHILD SUPPORT OWED IN 2007,BUT I STARTED TO OWE MORE SUPPORT IN 2008, WILL I STILL GET THE STIMULAS CHECK
Posted May 25, 2008
|
strive4impact
We just made a post about this on IdentityTheftSecrets on the scam side. Nice to see someone doing something on the positive side of the issue. Posted May 15, 2008 |
Posted May 13, 2008
Posted May 13, 2008
If I had a remaining balance left to pay that my initial refund didn't cover, will it be deducted from this rebate check?
Posted May 12, 2008
|
beachbum_gabby
tax rebate lens? this is what I really like to hear. 5* Posted May 12, 2008 |
Ebiz Tax Tips
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