Additional Tax Refund Credit?
Is this really true or only a rumor that the Fed. Gvt. is giving additional tax break?
- Richard MLv 71 decade agoFavorite Answer
The House has passed a tax rebate bill currently stalled in the Senate, but some form of tax rebate will almost certainly pass.
Under the terms of the House bill, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. Similarly, married taxpayers filing jointly are eligible for rebates up to $1200. If you had earned income of at least $3000, you would get at least the minimum rebate of $300. If you qualify for a rebate, you would get an additional $300 for each dependent child.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
Nothing has passed Congress yet, so all details are subject to change. Estimates for the rebate checks range from May to July.
Check out the referenced site below for an automated estimate of your rebate.Source(s): http://www.kansas.com/290/story/291821.html