Feb 24

this year? Would a rebate only apply if I owed and paid what rebate was going to be paid out to me?
By this year I mean 2007, a traditional IRA which can be purchased up until the tax filing deadline April 15, 2008!
Without the $10k IRA contribution, my tax burden would have been $1600!
Married filing jointly….obviously


4 comments so far...

  • wartz Said on February 24th, 2010 at 3:32 pm:

    Read the Yahoo News article on rebates at http://biz.yahoo.com/cnnm/080208/020808_rebates_what_you_need_to_know.html?.v=11&.pf=’insurance’

  • Tomk Said on February 24th, 2010 at 3:44 pm:

    No. What you owe or pay doesn’t have anything to do with it.

    If you made $3,000 or more in 2007, you get the rebate. $600 if single, $1,200 if married filing jointly, and $300 for each child you claim.

    There is a cut-off limit to your income. If you are single, the rebate phases out if you made between $75,000 & $87,000. Married filing jointly between $150,000 & $174,000.

  • Judy Said on February 24th, 2010 at 4:32 pm:

    As long as you had adjusted gross income of at least $3000, you would be eligible for the rebate. You wouldn’t get the full $600 and would probably just get $300 if your taxable income is zero.

  • Richard M Said on February 24th, 2010 at 4:47 pm:

    If you had earned income of at least $3000, you would get at least the minimum rebate of $300.

    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.

    Use the calculator below to compute your rebate.

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