Federal Stimulus Rebate
March 3, 2008 by garran
Anytime the government is giving away money my ears perk up, and I’m sure yours do as well. As the rebate’s name implies, this monies is an attempt by government to stimulate our struggling economy. Call me unpatriotic but my rebate check is going straight into my ING Direct savings account.
Rather than giving you a bunch of scenarios to figure if you’re eligible for this rebate, click the following link: Tax Rebate Calculator.
The only aspect this online calculator doesn’t take into consideration is your dependency status. If you’re claimed as a dependant on another taxpayer’s tax return you are automatically disqualified from receiving the rebate.
A few requirements which this calculator doesn’t take into consideration are:
- Must have a valid Social Security Number, Individual Taxpayer Identification Number (ITIN) filers do not qualify. If married filing a joint return, both taxpayer and spouse must have a valid SSN or both will be disqualified.
- A taxpayer who’s being claimed by another taxpayer as a dependent does not qualify to receive this rebate.
Other than filing your 2007 Federal income tax returns there is not further executions required by the taxpayer to receive this rebate. Keep in mind, your rebate will come in the form of either a physical check or direct deposit if designated on your 2007 income tax return.
If you qualify for this rebate you can expect your check upon the closure
If you qualify for this rebate you can expect your check/direct deposit sometime after the close of the 2008 filing season (post-April 15, 2008).
Hawaii taxpayers may also qualify for an additional one-time refundable tax credit known as the General income tax credit. This credit is determined by your Hawaii Adjusted Gross Income, click the following link to see if you qualify: Refundable General Income Tax Credit.
[...] President Bush’s Economic Stimulus Rebate was a great incentive to get people to file their income tax returns by their original deadline (April 15th), as this is the ony requirement of the taxpayer to be eligible for the rebate, which will begin to hit your bank accounts or mailboxes in May/June 2008. See this earlier entry for the rebate calculator link. [...]