Mar 19, 2008 11:15 pm US/Central
Reality Check: Tax Rebate Checks
(WCCO)
Most
of us will see tax rebate checks this summer.
When
it comes to dealing with the government, this is about as
easy as it gets. Most taxpayers
don't have to do anything and the
money appears.
It's
TRUE. If you've got a valid social
security number, at least $3,000 in income and you file a 2007 income tax
return, you are eligible.
IN
FACT, 130 million households are getting the rebate money. Depending on your income, you can get up to
$600 for single filers and $1,200 for married couples.
Parents
get an additional $300 for every child, but there's a lot of false information
floating around.
Here
are a couple of important factoids you NEED TO KNOW.
If
you don't normally file an income tax return, you MUST do so this year to get a
rebate. That includes retirees, disabled
veterans and low wage workers.
You
must file a tax return to get the money.
On
the Internet, there's a lot of FALSE information about the rebate. It is NOT an advance on next year's tax
refund. It will NOT be deducted from
what you are owed when you file your tax returns next year and you DON'T have
to report it as income.
All
you have to do is figure out how to spend it.
That's
Reality Check.
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