How do I determine my tax rebate check amount?
Under the terms of the tax rebate bill passed by the House, the amount of the proposed rebate depends on how much Federal Income Tax you paid on your 2007 return. If you are married filing jointly, you would be eligible to receive a rebate of up to $1200 if you paid that much in Federal Income Tax. If you only paid $750 in taxes (less than the $1200 rebate limit), you only get back $750. Since you had over $3000 in earned income, you would qualify for at least the $300 minimum rebate. While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers. It’s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income. Click on
