Will the tax rebate check be based on my 2007 tax return or an earlier tax return?
Posted on April 13, 2009 by admin
shasta asked:
I read an email which states that the IRS is cutting rebate checks based on the 2000 tax return. Now, I am confused this doesn’t sound correct. This will mean that I will have to share the tax rebate with my ex-husband. This can also cause confusion with incorrect mailing addresses. Can someone clarify this?
I read an email which states that the IRS is cutting rebate checks based on the 2000 tax return. Now, I am confused this doesn’t sound correct. This will mean that I will have to share the tax rebate with my ex-husband. This can also cause confusion with incorrect mailing addresses. Can someone clarify this?
It will be based on your 2007 tax return….The email you read was one some one brought back to life…As the last time there was a tax rebate it was in 2001 and the 2000 tax return was used to base it on.
The funds are rebate on the taxes you will pay next year, they are a rebate on your 2008 tax return. Rather than give it to you next year, they are giving it to you now. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year.
the article below explains.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
The email you got is wrong – it’s based on your 2007 return.