Tax Rebate Calculator
TAX LAW CHANGES
What the New Tax Rebate Means For You
On February 7, 2008, Congress approved an economic stimulus plan returning money to taxpayers. Most will receive $600 for individuals and $1,200 for couples filing joint returns, with an additional payment for families of $300 per child.
People who paid no income taxes but earned at least $3,000, including Social Security, railroad retirement and disabled veterans' benefits, will receive a $300 stimulus payment as well, but they must file a 2007 tax return.
Payments are reduced by five percent for each $1,000 of Adjusted Gross Income (AGI) over $75,000 for individuals and over $150,000 for joint returns. For taxpayers without children, the maximum payment is fully phased out at $87,000 and at $174,000 for joint returns.
In short, nearly 130 million Americans will begin receiving stimulus payments or direct deposits as early as May, with nearly all payments delivered by the end of summer.
For important information about the stimulus payments and how it affects you, qualifications, delivery of payments and more, stay tuned to Digits, H&R Block's online community. The Frequently Asked Questions include answers to questions such as how this will affect tax filing, whether or not those who are not required to file taxes can qualify, as well as when and how the rebate will be distributed. You may also find it helpful to read about this issue in the daily blogs from the tax professionals at H&R Block - we encourage you to join the conversation!