KIPLINGER TAX CENTER
TRUSTED ADVICE TO HELP YOU LOWER YOUR 2007 TAX BILL
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Don’t expect a blizzard of cash from the multi-billion dollar economic stimulus package President Bush signed into law on February 13. It will take months for the U.S. Treasury to churn out $120 billion in rebate checks. In fact, because the rebates will be based on 2007 tax returns, the first checks won’t go out until several weeks after the April 15 tax filing deadline.
While you wait, our NEW KIPLINGER CALCULATOR will help you savor the coming largesse by showing you just how much stimulus you can expect from Uncle Sam. See how much you’ll receive by clicking here. For a fast explanation, watch our tax rebate video.You know the basics
Most single taxpayers will get a rebate of $600.
Most married couples who file jointly will get $1,200.
Plus, you’ll get an extra $300 for each child under age 17 for whom you claim a child credit on your 2007 return.
Low income seniors and disabled veterans (and their widows) who don’t owe enough income tax to qualify for the full rebate can qualify for checks of $300, or $600 if they filed joint returns.
Get the details that matter
Our calculator cranks in all the nitty-gritty details, including:
The fact that anyone who can be claimed on someone else’s return is banned from receiving a rebate, regardless of how much he or she earned or how much tax he or she paid with a 2007 return.
The phase-out zones that squeeze the value of the rebates as adjusted gross income rises above $75,000 on a single, head of household or married filing separately return, and over $150,000 on a joint return.
You must file to get a rebate
The rebates are actually a prepayment of a tax reduction that will go into effect for 2008. The checks that will begin going into the mail in May will be based on information on 2007 tax returns. (If you have your 2007 refund directly deposited into your bank account, the Treasury is supposed to try to direct deposit your rebate, too.) Folks who file after the April 15 deadline, or who file for an extension to put off their deadline until October 15, will also delay their receipt of the stimulus check.
And, note this: Millions of citizens with incomes too low to have to file a tax return will need to file one anyway to be eligible.
If the Kiplinger Rebate Calculator shows you deserve a $300 or $600 rebate based on Social Security or veterans’ benefits, for example, you’ll need to file a return even if your income level doesn’t demand it. That’s the only way to get your rebate.
Go to the Tax Rebate Calculator
Plus, watch our tax rebate video.
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TOOL: Calculate Your Tax Rebate | ||
POSTED BY: Linda Faber (May 05, 2008 11:16 AM)
My husband owes back child support (shouldn't but laywers said cheaper to pay her instead of paying for a lawyer) and I filed joint with him and I also filed injured spouse. Do I get my portion of the rebate or does little princess get that as well?
POSTED BY: kevin mccormally (May 05, 2008 05:37 PM)
Note to Shelly and Linda, re: child support. If you filed a Form 8379 injured spouse claim to protect part of your tax refund, that form will also protect your share of the rebate. Your husband's share will be captured to pay the back child support but you should get your share.
--kevin mccormally, Kiplinger's
POSTED BY: vanessa (May 07, 2008 03:56 PM)
My son's father owes alot of money in back support, I have revieved his tax return, but he still owes arrears. I was wondering if i will also get the rebate check he will recevie filing as single
