What is the Rebate?
The Rebate is a refundable rebate credit for eligible individuals. The rebate credit will be sent to eligible taxpayers beginning in May and will be based on their 2007 tax return.
How much will I receive?
Most taxpayers will get the maximum amount of $600 ($1,200 for those who file a joint return). The minimum payment is $300 ($600 for those who file a joint return). There is an additional $300 for each child on the tax return that has a Social Security number and is a qualifying child for the Child Tax Credit.
The payment is limited to a maximum of $600 ($1,200 if filing a joint return) or the total tax liability on the return, whichever is less. The payment is subject to maximum income limits and will be reduced by 5% of the amount of income in excess of $75,000 ($150,000 if filing a joint return).
If your income is less than $3,000 and you have other qualifying stimulus income, you will receive the minimum payment of $300 ($600 if you are filing jointly).
If your qualifying income is below $3,000 you are not eligible for the Rebate Payment.
How do I get my rebate?
Most taxpayers don't need to do anything other than file their 2007 tax return. The IRS will determine individual eligibility and the amount of your rebate check based on your 2007 tax return. Your payment will be issued to you by the IRS in the same manner your refund check was issued. If you would like to receive your check by direct deposit, you can request this on your tax return.
When will I get my rebate?
The IRS will begin processing rebates on May 2. The date you receive your payment depends on the following:
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When your 2007 return was received and processed by the IRS
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The last two digits of the Primary Taxpayer's SSN
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Whether or not the payment is direct deposited or mailed.
The IRS has released the following payment schedule for returns received and processed by April 15, 2008:
Direct Deposit Payments
Last 2 digits of SSN 00-20 May 2
21-75 May 9
76-99 May 16
Paper Check
Last 2 digits of SSN 00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
If you file your tax return after April 15th the IRS will continue to make weekly payments through the end of December. To ensure you receive your stimulus payment this year, you must file a tax return by October 15, 2008.
What if I file an extension and file my return after April 15th?
If you file your return after April 15, 2008, you should receive your rebate check about two weeks after you receive your refund check.
What is the last date that I can file my 2007 return and still receive my rebate check?
Taxpayers should file a tax return by October 15, 2008 to ensure they will receive their rebate check.
How do I know if I am eligible?
To receive a rebate individuals must:
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Have qualifying income of greater than $3000
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Have a Social Security Number
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Not qualify as a dependent of another taxpayer
What income does not qualify?
There are many types of income that do not qualify for the Rebate Payment, including:
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Supplemental Security Income (SSI)
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Lottery or gambling winnings
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Investment income
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Normal retirement distributions (non-veteran or non-social security in nature)
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Unemployment
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What if I don't have to file a tax return?
You must file a tax return to qualify for and receive your Rebate check, if you are not required to file a tax return because your income is below the minimum filing requirements or your only income is from a VA disability or Social Security, you should file a return to report your payments and eligibility.
The IRS has emphasized that individuals with no filing requirements will not get a tax bill. The tax return is being used to qualify for and issue the Rebate Payments.
What effect will the rebate have on my 2008 tax return?
If you received the allowed rebate in your 2008 rebate check, there will be no affect to your 2008 tax return.
If you received more rebate than the allowed rebate when filing your 2008 tax return, there will be no affect.
