In an earlier post I discussed the possibility of tax payers receiving a surprise tax rebate check designed to spur and stimulate economic growth. Well, those are now a reality! Full story here.
Individuals will be getting $600, married couples $1200, plus and additional $300 for each child you claim. So for our family we will be getting $2100. We won't get $300 for Camryn because she was born in 2008 and it is based on the last year's tax return. (At least that's what I understand).
So, now that the checks are a reality, albeit 5 months from now, make a committment to spend or save it wisely. Everyone had some great ideas on how to use the money in the last post- many will be paying down debt and some will be saving for vacations or emergencies.
Thursday, January 24, 2008
Tax Checks Coming to Your Mailbox in June 2008-A Done Deal!
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10 frugal-minded friends say:
One article I read said that WORKING couples will get $1200, which made me think we would get less because I'm a SAHM. Of course we have four kids, so that will make up for it...:-) Dis you read that it was all couples?
I read it as those couples who filed taxes. Hummm.....
Yes, all married couples who paid taxes will get the $1200. The confusion comes in with the income guidelines. Married couples who filed jointly and made an adjusted gross income of less than $150,000 will get the full $1200. So, even though you are a SAHM you are considered a working couple because you filed together and had income more than $3000. So Jeana you can look forward to $2400!
I usually get money back in taxes each year. Would this tax rebate check be on top of what I'm already going to get? That would be sweet!!!
Jeni,
This is in addition to any 2007 tax refunds you will get. It may however lessen the amount of your expected 2008 refund next year. I've not gotten all the details on how it will effect how we file next year.
Angie
From what I understand of the article, it says "up to ... $1200". Am I reading it right? What are the stipulations for receiving the full rebate amount?
Hi. This isn't a "done deal" yet. It still has to pass the Senate.
If you have a payment plan for paying taxes due for previous years, you won't actually get a check--they will apply it to what you owe. But, I am still glad that they do that because it will wipe out my obligation for 2004 and 2005. Yay! no more monthly payment for that!
You are right. It does have to pass in the Senate but given the urgency and support by leaders of both parties it should pass very easily. Some Senators believe there should be some other benefits for food stamps and unemployment but it will most likely pass in the next week or so unchanged. The press and both sides are pushing and publicizing it so any Senator that votes against it will be against the majority and in an election year that wouldn't be prudent.
On the question of up to $1200. It depends on your adjusted gross income. After 150,000 per couple the rebate amount is reduced by 10% for every 1000 over 150,000 you make and stops at 174,000.
That is great! I think it is a great idea. I can't wait for my check!
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