I understand theres an income phaseout for the rebate. How will that work?
The rebate will phase out for single taxpayers with adjusted gross income of more than $75,000 and married couples with AGI over $150,000. The phaseout will be 5% of the amount that exceeds the income threshold. If, for example, you’re married with no children and have AGI of $160,000, the phaseout would shrink your $1,200 rebate to $700. Q: I’m a single parent, and I file as head of household. Am I eligible for the $300 rebate for dependent children? A: Yes, as long as your children qualify as dependents, and they were 16 or under on Dec. 31. Say, for example, you’re a single parent with two children and had $60,000 in adjusted gross income in 2007. Assuming that your federal tax liability before the child tax credit exceeded $600, you would receive $600 for yourself and $300 for each child, for a total of $1,200. Q: I moved since filing my 2007 tax return. How will I get my rebate? A: File Form 8822 with the IRS and a change-of-address notice with the U.S. Postal Service. Otherwise,
