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Letter From John Olver: Get Your RebateBy Rep. John W. Olver - April 14, 2008
 | | Rep. John W.Olver |
New Economic Stimulus Tax Rebates
With April 15 fast approaching, I wanted to remind you that in order to receive the new economic stimulus tax rebate, an individual must file a 2007 tax return. Individuals who do not normally file a tax return (including seniors and disabled veterans) should file the simple 1040A form in order to receive their rebates.
On Feb. 7, 2008, Congress passed the Economic Stimulus Act of 2008. It was signed into law by President Bush on Feb. 13, 2008. This law will provide lower-income and middle-income working families, and certain seniors and disabled veterans, with a tax rebate.
Taxpayers with one dollar of income tax or $3,000 of qualifying income will be guaranteed a minimum rebate check of $300 ($600 for a joint return). Taxpayers earning up to $75,000 will generally receive a rebate check of $600 ($1,200 for a joint return). Taxpayers earning more than this level of income will received a phased out rebate. In addition, a taxpayer is eligible for an additional $300 for each qualifying child.
"Qualifying income" generally is the sum of an individual's earned income, Social Security benefits, and payments to disabled veterans or their survivors.
The IRS has announced that people who use direct deposit will be among the first to receive the tax rebate starting May 2. Paper checks will be put in the mail starting May 16. Tax rebates will be issued according to the last two digits of the main filer's Social Security number. A schedule of payments dates based on Social Security numbers can be found in IRS Notice 2008-44, available at www.irs.gov.
The IRS has an economic stimulus calculator on its Web site for taxpayers to use to calculate the amount of their stimulus check. Taxpayers will need to have the information from their 2007 income tax returns available.
These rebates are designed to give a much needed boost to our economy. Please contact my local offices if you have any questions about the Economic Stimulus Act or the tax rebates.
Sincerely,
U.S. Rep. John W. Olver
1st Massachusetts District |
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