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How do I get it?

File a 2007 tax return. Even if you are not required to file, to receive your rebate the Federal Government requires you to file a return. Be awarre that scammers have been claiming to speed up or increase your rebate by impersonating IRS employees collecting information to process your rebate. If you qualify, all you need to do to receive the rebate is file a 2007 return.

How do I qualify? How much do I get?

All taxpayers with a valid social security number and who are not being claimed as dependents are elgible for a rebate.

• If you have a tax liability for 2007 (you didn't get all of your withholding back), the rebate will be the smaller of your tax liability or $600 ($1,200 for married taxpayers filing jointly).
• If you have $3,000 or more in qualifying income, the rebate will be a minimum payment of $300 ($600 for married couples filing jointly). Qualifying income includes:
  • Wages, net self-employment income, and non-taxable combat pay
  • Social Security (except SSI), Railroad Retirement reported on form 1099-RRB, and Veterans’ disability compensation, pensions, or survivors benefits.
• An additional $300 is available for each qualifying child under 17.
• Your rebate will be reduced if your adjusted gross income (total income less any adjustments like traditional IRA contributions) is more than $75,000 ($150,000 for married taxpayers filing jointly). I hope this is an issue for each of you!

Will you have to pay it back? Is it taxable?

No and No.

However, if your rebate was reduced this year, you may be able to claim an additional rebate on your return next year. Keep the letter that you receive with your rebate. Even though the rebate is not taxable, you may need the information in the letter next year.

I hope this brief overview of how the rebate works was helpful to you. More information is available at www.irs.gov or you could contact us. The IRS has established a hotline at 1-888-227-7669.