What Is The Tax Rebate Check Schedule

2008 Tax Rebate FAQ

Below are some of the top 2008 Tax Rebate questions answered.

What is the Tax Rebate Check Schedule?

The US Treasury has stated that the tax rebate check schedule that the Internal Revenue Service will follow consists of tax rebates checks being mailed in the beginning of May. They estimate that it will probably take about 10 or 12 weeks for all of the checks to be mailed.

Keep in mind that if you do not file your tax return on time by April 15, 2008 or if you request an extension that you may not get your tax rebate check until sometime in late December.

What are the specific Tax Rebate Dates?

The truth be told, there actually are no official tax rebate dates, except a general schedule of what the IRS will follow. So if you are trying to pin down specific tax rebate dates to try to find out exactly when you should receive your rebate check, then you are going to be very frustrated and disappointed because there is no exact "tax rebate check date." It is widely speculated that the IRS will release a vague tax rebate check schedule that is a little more specific than the current one stated above. Always remember that rebate checks from government agencies rarely are pinned down to specific dates.


Who Is Eligible for Tax Rebate Checks?

The bulk of the tax rebates checks will be mailed to roughly 117 million low and middle income taxpayers. Recent amendments by the Senate now includes a quarter of a million US disabled veterans who receive disability benefits and also over 20 million retirees who are living primarily on Social Security.

Taxpayers who are single and have an AGI (Adjusted Gross Income) less than $75,000 and couples (joint filers) with AGI's less than $150,000 will qualify for the full rebate amounts.

Your Adjusted Gross Income is NOT your income or your annual salary. The Adjusted Gross Income all of your income sources combined, like your salaries, dividends, interest, wages, etc. minus your specific Internal Revenue Service adjustments to that gross income.

Tax Rebate, How Much Will I Get?

Single filer taxpayers with an AGI less than $75,000 will get up to a maximum of a $600 tax rebate check. While couples/joint filing taxpayers with an AGI less than $150,000 will get a tax rebate of up to $1,200, plus they will receive $300 per eligible dependent child. And there is no limit on the number of eligible children.

If you are on Social Security or are a disabled veteran and you owe no taxes but earned at least $3,000 in income from your benefits, you will also be eligible for a tax rebate check of $600 for couples and $300 for individuals.

What About If I Made More Than The Maximum Income Amount?

You can still be eligible for check if you made more than the maximum income, but it will not be the full tax rebate amount for your targeted taxpayer category. The amount will be determined by the 5% deduction for all monies earned over the maximum amounts. For single taxpayers, the maximum is $75,000 and for couples/joint filing taxpayers the maximum amount is $150,000.

So if you are a single filing taxpayer with no eligible dependent children and your Adjusted Gross Income is $80,000, which is $5,000 over the maximum of $75,000, then your tax rebate check will be reduced by $250 and you will get a $350 tax rebate, instead of a $600 one. This happens because you must multiply any amount over the maximum by 5%. So 5% of $5,000 or $5,000 multiplied by 0.05 (0.05) is $250. So you then subtract the $250 from the $600 maximum for your category and you get a tax rebate check for $350.

With this formula, the rebate will phase out for single taxpayers with no eligible dependents and an Adjusted Gross Income of $87,000 or more. This happens because when you reach $12,000 over the maximum, you essentially reduce the check to nothing because 5% of $12,00, or $12,000 multiplied by 0.05 (5%) is $600, which is the maximum amount that the person is eligible to get. the same formula can be used o determine any deductions for the couples.

Are There Tax Rebate Check Requirements?

Tax rebate check requirements for this 2008 tax rebate check (officially called the "2008 Stimulus Payments") are that you must file either a 1040 or a 1040EZ federal tax return for the 2007 tax year. If you do not normally have to file a tax return because you are a disabled veteran or a retiree, you will have to file one this year for the 2007 tax season if you want to be eligible for the 2008 tax rebate check.

That is only the initial tax rebate qualifications that are spelled out by the IRS. We have listed several more in depth breakdowns about tax rebate check eligibility and up to date tax rebate check news throughout this site.

Make sure that you bookmark this site as we will update it as new tax rebate news is released by the government and the Internal Revenue Service.