2008 tax rebates economic stimulus checks

2008 tax rebates economic stimulus checks: The tax rebates created by the law will be paid to individual U.S. taxpayers during 2008. Most taxpayers below the income limit will receive a rebate of at least $300 per person ($600 for married couples filing jointly). Eligible taxpayers will receive, along with their individual payment, $300 per dependent child under the age of 17. The payment will be equal to the payer's net income tax liability, but will not exceed $600 (for a single person) or $1200 (married couple filing jointly). Net liability can be found in these locations:

Form 1040: line 57 plus line 52

Form 1040A: line 35 plus line 32

Form 1040EZ: line 10

Those with no net tax liability will still be eligible to receive a rebate, provided they meet minimum qualifying income of $3,000 per year. Rebates will be phased out for taxpayers with adjusted gross incomes greater than $75,000 ($150,000 for couples filing jointly) in 2007. For taxpayers with incomes greater than $75,000, rebates will be reduced at a rate of

5% of the income above this limit. Individuals who are claimed as dependents by another taxpayer are not eligible for the rebates.

The $3,000 of qualifying income includes earned income (e.g., wages, self-employment income, Social Security), however Supplemental Security Income does not count as qualifying income for the stimulus payment. Also, low-income workers are required to file a return to receive the payment, even if they would not be required to file for income tax purposes.

Some Informative sites For you Regarding 2008 tax rebates:

http://www.govtrack.us/congress/billtext.xpd?bill=h110-5140

http://www.irs.gov/newsroom/article/0,,id=179181,00.html 

http://www.govtrack.us/congress/billtext.xpd?bill=h110-5140 

http://usgovinfo.about.com/od/incometaxandtheirs/a/irsonrebate.htm 

http://turbotax.intuit.com/support/kb/tax-content/tax-tips/5462.html 

http://www.irs.gov/newsroom/article/0,,id=179181,00.html 

http://www.military.com/news/article/itin-ineligible-for-special-rebate.html

http://www.stripes.com/article.asp?section=104&article=61043&archive=true

http://www.armytimes.com/news/2008/04/army_rebate_041408w/ 

http://www.irs.gov/newsroom/article/0,,id=179181,00.html 

http://www.irs.gov/irs/article/0,,id=180250,00.html 

http://news.yahoo.com/s/ap/20080426/ap_on_go_pr_wh/bush_economy