IRS Guidelines for getting Tax Rebate: FAQ about Tax Rebate: Finance Trading Times

IRS Guidelines for getting Tax Rebate: FAQ about Tax Rebate

Recently, the US government has declared a new program offering Tax Refund or Tax Rebate to the extent of $1800 for a family of 4 – 2 adults and 2 kids below 17. However, the norms are set for the eligibility and the order in which one can get the tax rebate.

The moral of the story is “First Come, First Serve” or the “The sooner you file your tax returns, the sooner you get your rebate check”.

It is still a question whether the tax rebate offered by the Bush administration will give the required jumpstart the economy. However, filing your 2007 tax return is a prerequisite to receive your tax rebate check.

As per IRS, the tax rebate checks will be mailed beginning in May. People who have already filed their 2007 tax returns and reported at least $3,000 in qualifying income don't need to do anything else. The IRS will assess their rebate eligibility and send a check to those who qualify. Qualifying income for the purposes of the rebate includes wages and salaries, Social Security benefits and certain veterans' and retired railroad workers benefits.

The IRS will also send 2 notices, first to explain to taxpayers the stimulus payment program and second one to confirm the amount of your rebate. The second notice can be expected 7 to 10 days before you receive your payment if you would like to have the tax rebate check sent by mail. If you opt for electronic direct deposit on your 2007 tax return, the second notice may arrive simultaneously with your payment. As with refunds, direct depositing your rebate is the fastest way to get your payment, reducing the time it takes by at least a week.
Some people who may be eligible for tax rebate still may not receive a check, either in full or part. Because, if there are any outstanding back taxes or you have other non-tax federal liabilities such as past-due child support or federal student loans, the IRS will apply at least part of your rebate to those liabilities. Table of Contents
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