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March 27, 2008 ( PowerHomeBiz
) - New York, NY --- Filing
your 2007 tax return is more than a ticket to a refund; it is the only way
to get the rebate check that can put up to $1200, or more, in your pocket.
Filing on time has never been more worth it. This year, filing for an
extension can delay your rebate check until December.
(news continued below)
What Do You Have to Do to Get a Check?
– To get a rebate check, you must file a tax return; either a form 1040,
1040A or 1040-EZ federal tax return for tax year 2007.
– Persons who do not normally file tax returns, like retirees, will have
to file a 2007 tax return in order to get a rebate check.
When Will the Checks be Mailed?
– The IRS will begin mailing the rebate checks starting on May 2. The
Treasury estimates that it should take about 10 weeks for all the checks to
be mailed.
– Persons who fail to file their 2007 tax returns by April 15, 2008 and
request a filing extension may not receive rebate checks until as late as
December.
Who Will Get Tax Rebate Checks? How Much Will You Get?
– Single tax filers with adjusted gross income (AGI) less than $75,000
and couples filing jointly with AGIs less that $150,000 will qualify for
full rebates.
– Qualifying single filers (AGI less than $75,000) will get rebates of up
to $600. Qualifying couples (AGI less than $150,000) will get rebates of up
to $1,200, plus $300 per dependent child, with no maximum on the number of
eligible children.
– Persons who owe no income taxes, but earned at least $3,000 in wages,
Social Security benefits or veterans disability benefits will get rebate
checks of $300 for individuals and $600 for couples.
What if You Made More than the Maximum Income?
You will still get a check, but it will be reduced by 5-percent of the
amount you earned above the AGI income caps of $75,000 for single filers and
$150,000 for couples. At some income point above the AGI income caps, the
rebate checks will phase out completely.
– For Singles, the phaseout levels begin at $75k and end at $87k, at a
reduction of 5% per $1,000 over the lower limit. If you earn above $87k,
you’re over and thus get nothing.
– For couples, the phaseout levels begin at $150k and end at $174, at a
reduction of 5% per $1,000 over the lower limit. If you earned above $174k,
you’re over and also get nothing.
Some people won’t get a stimulus payment. How do you know if you’re one
of them?
You won’t get a stimulus payment in 2008, if any of the following apply
to you:
– Your net income tax liability is zero and your qualifying income is
less than $3,000. To determine your qualifying income, add together your
wages, net self-employment income, nontaxable combat pay, Social Security
benefits, certain Railroad Retirement benefits and certain veterans’
payments.
– You can be claimed as a dependent on someone else’s return. For
example, this would include a child or student who can be claimed on a
parent’s return.
– You do not have a valid Social Security Number.
– You are a nonresident alien.
For more on what can work for you, against you, and how to do better this
year, go to our new subscriber-based web service at
www.jklasser.com .
For further information about JKLasser.com and to receive a complimentary
subscription, request a review copy of J.K. Lasser’s Your Income Tax 2008,
or to schedule an interview with J.K. Lasser spokesperson, JKLasser.com
Contributing Editor Barbara Weltman, Esq., please contact:
Nancy Colson
Managing Director
The Alternative: Media Placement Specialists
212-246-1580/ ncolson@nyc.rr.com
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