IRS Rebate Checks – It Is Really Coming to You
If you want to get something then you have to do something in order to reap the benefits, it’s a general rule that prevails over the world since long. But the most unlikely thing is going to happen; the Federal Government has already decided to give $ 600 (minimum $300) to every eligible US citizen. The main objective of these IRS rebate checks is to tackle the recession hazard looming large over the US economy. The IRS rebate checks will be issued to nearly 117 million US citizens by the Federal Government. These checks would be issued to even those people who have not earned enough money to pay the taxes on it.
For your ready reference we would try to highlight the major features of this act here below:
Under this arrangement most of the US citizens will get an IRS rebate check amounting between $600 and $1,200, some of them would get a check of only $300, but, that will happen only when the individual concerned has earned at least $3,000 in the year 2007 and did not paid any federal income tax on his earning.
The eligibility criterion for getting the check for a maximum amount of $600 per individual or $1,200 per couple, you must have paid federal income taxes in 2007 and earned at least $3,000 during the year. You are also entitled to get an additional amount of $300 per eligible dependent child.
The amount of IRS rebate check start decreasing, when you have as an individual, adjusted gross income of over $75,000 and for couple having an adjusted gross income of over $150,000 for the fiscal year 2007, if you have children then the threshold limit is different but, this limit has yet to be spelt out clearly by the concerned authorities.
The IRS rebate checks will be only issued on the basis of the returns filed in the year 2008 for tax year 2007 by the federal government.
As per the announcement made by the US Government the IRS rebate checks would start flowing in by end of May 2008. If you have not yet filed your federal income tax, then, be in your best interests to file your federal income tax return as soon as possible. If you still take time to file your tax, you will have to wait for your rebate check for a long time.