Who Gets the Rebate Checks and How Much Will They Get

By now a lot of people should know about the rebate check the government is sending to people. The rebate checks are part of the Economic Stimulus Act of 2008 that are used to boost the American economy. The government hopes this measure will either prevent a recession or make one relatively brief. The purpose of the rebate checks is to give $120 billion to individuals so they can spend it.

The big question is who is qualify to get the check and how much will they get?

Social Security Recipients

Requirement: Individuals who receive Social Security and those who receive veterans benefits often do not need to file tax returns. However, for you to get the rebate check you must file a tax return if you receive at least $3000 from a combination of social security benefits, railroad retirement benefits, certain veterans’ benefits and any earned income.

How Much Will You Get:

Seniors who meets the requirement listed above should report these benefits on Line 20a on Form 1040 or Line 14a of Form 1040A.

Beyond that, filled out only the name, address and Social Security number, according to a sample return provided by the IRS. The words “Stimulus Payment” should be written at the top of the form they file.

Seniors does not need to do anything else to receive the rebatte if they have already filed and mailed the tax return showing they have meet the qualifying amount of $3000. IRS will automatically send you the rebate checks.


Tax Payers
Requirement for Individual: Must make more then $3000 but less then $75,000 to qualify. This cap will be raise by $6000 per child.

How Much Will Individual Get: $600

Requirements for Marry Couples Who file jointly: Must make more then $3000 but less then $174,000 to qualify. This cap will be raise by $6000 per child.

How Much Will Couple Get: $1200

Singles with income of more than $75,000 and couples with more than $150,000 get only partial rebates, if any.

People who make less then $3000, illegal immigrants and anyone who does not file a tax return are not qualify to get the rebates.

Remember Social Security Recipients and all taxpayers MUST file a tax return in order for you to get the rebate!

The link below might be of interest to you:
Tax Deductions and Ways to Low Your Tax and Increase Your Tax Return

March 8, 2008 | Filed Under Tax | 1 Comment 

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