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I was reading an article about the rebates that are going to be sent out later this year. The article said that the Senate added seniors and some disabled veterans to the refund list (in addition to the regular taxpayer). I was wondering if anyone knew which disabled veterans will be included in the rebates. The article stated that around 250,000 disabled veterans would get $300.00 (but did not list which disabled veterans etc.) I hope everyone is doing well in the new year and thank you for all of your support.
Posts: 82 | From: Illinois | Registered: Jul 2005
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(excerpt) "The legislation would deliver rebates $600 for individuals, $1,200 for couples to most taxpayers, plus an additional $300 per child. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that or too little to owe taxes getting smaller checks.
People who paid no income taxes but earned at least $3,000 including through Social Security or veterans' disability benefits would get a $300 rebate."
-------------------- HONOR OUR VETERANS WITH BETTER CARE AND BENEFITS Posts: 3484 | Registered: Jul 2005
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Beginning this spring, more than 130 million people will get rebate checks from the government in amounts from $300 to $1,200. Most households will get another $300 for each child under the economy relief bill passed by Congress. All must file an income tax return for 2007 to qualify.
Here are some questions and answers about who will get checks and for how much:
Q. Who gets a rebate?
A. Anyone who pays taxes or earns at least $3,000, including through Social Security or veterans' disability benefits. Singles with income of more than $75,000 and couples with more than $150,000 get only partial rebates.
Q. Who does not get a rebate?
A. People who earn less than $3,000, illegal immigrants, anyone who does not file a tax return, singles with incomes exceeding $87,000 and couples with incomes exceeding $174,000. The caps rise by $6,000 per child.
Q. What do you have to do to get the rebate?
A. Eligible people must file a 2007 tax return with a Social Security number for each person listed.
Q. How much is the rebate?
A. Single taxpayers get a rebate of at least $300, with couples receiving at least $600. The rebate will be equal to the taxes they paid, up to $600 for singles and $1,200 for couples, plus an additional $300 per child. That amount will be reduced by $50 for every $1,000 above the income limits of $75,000 for singles and $150,000 for couples.
People who earn too little to pay taxes but at least $3,000, including elderly people whose only income is from Social Security and veterans who live on disability payments, will get $300 if single or $600 if a couple.
Q. How are the rebates calculated?
A. Rebates are calculated on the basis of taxpayers' 2007 adjusted gross income, which includes salaries and wages, interest, dividends, capital gains, taxable pensions, royalties and farm or rental income. It does not count contributions to individual retirement accounts, 401(k) retirement plans, tax-free health savings accounts or student loan interest payments.
Rebates for low-income people who don't pay taxes, including the elderly and disabled veterans, will be a flat $300 if single and $600 for couples.
Q. When will the rebates arrive?
A. The Treasury Department says the IRS will begin sending out rebates in May.
Q. Will the rebates be deducted from taxpayers' regular tax refunds?
A. No, the rebates are on top of any tax refund.
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. Reference: http://www.law.cornell.edu/uscode/17/107.shtml
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-------------------- HONOR OUR VETERANS WITH BETTER CARE AND BENEFITS Posts: 3484 | Registered: Jul 2005
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