The Recovery Rebates and Economic Stimulus for the American People Act (February 13, 2008) is the federal “rebate” program highlighted in the media recently.
Who will receive rebate checks?
1. Americans who paid income taxes in 2007 will receive at least $300 for an individual, with married couples receiving at least $600, plus an additional $300 per dependent child under age 17. The rebate total is reduced by $50 for every $1,000 above the income limits of $75,000 for individuals and $150,000 for married couples.
2. Americans who earned at least $3,000 in 2007 will receive $300 if single or $600 if a married couple even if they did not have a tax liability.
What needs to be done to get a rebate check?
File a 2007 tax return.
When will the rebate checks be issued?
The IRS will start mailing out rebate checks in May.