Velarde Family Reunion

2008 Tax Rebate

Caculate If You Will Get This Refund. http://www.irs.gov/app/espc/

How Will the Rebates Work?

The rebates are based on your income, how many children you have and whether you receive Social Security or disabled veterans' benefits.

·                         Most individual taxpayers will get $600 and most married couples will receive $1,200.

·                         Lower-income earners who make at least $3,000 but pay no taxes will get at least $300 per person or $600 per couple.

·                         Social Security recipients and disabled veterans, even if they pay no income taxes, will receive at least $300 each, or $600 for couples.

·                         In addition to the tax rebates above, households will receive $300 per child under age 17.

·                         Higher-income earners would be excluded, with tax rebates reduced by $50 for every $1,000 of adjusted gross income above $75,000 for single taxpayers and $150,000 for couples. The rebates phase out completely at $87,000 in adjusted gross income for single taxpayers and $174,000 for couples.

To receive the rebate, you must file a 2007 tax return—even if you normally aren't required to file based on low income or your status as a Social Security recipient or disabled veteran.

When Will I Get My Tax Rebate?

You could get your rebate by mail as early as May or June. The IRS will begin sending the tax rebates in May to eligible people who filed their 2007 taxes by April 15, 2008.
To get your rebate as early as possible, file your taxes now.