Tell Us: How will you spend your tax rebate?

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.

I am buying gas to help the oil companies and their share holders rake in billions in profit. Someone said millions but it is actually in the billions. We would not want the poor oil company owners to go destitute.

I will use my check to pay bills and get gas. My driving has been VERY LIMITED due to the ungodly price in gas not to mention not using the ac to save on gas in my car. Buy a few things for my 2 year old son and put half of it up to save for my own home I hope to get soon.

by somefood for my home

I will spend the money on gas to get to work! they should have sent out gas vouchers instead.

We are planning on saving what we can but I don't know with these outragious gas prices.

SAVING FOR VACATION FOR NEXT YEAR

I plan to donate it to Dick Cheney. He needs a new shotgun. Or to President Bush to buy a book for his new library.

its the big 52inch LCD all the way here!!!!

Although the stimulus check was a bit of a stupid idea with us having a deficit, I can't complain about having extra money to put into my savings account to earn interest.

Make too much money and don't get one :(

Make too much and don't get one :(

With the economy in the horrific shape it is in it will take more than a drop in the bucket "STIMULUS" check to have any relief or be able to really enjoy it, like a vacation. It would be nice instead of or along with if the oil influenced president that we have would do something about the price of fuel but instead he is looking out for his best interest and continuing to make his bank account fat at the same time.

I donated my $1,200 to Barack Obama's campaign.

Thanks for Check!

Car tune up to save on gas, gas, gas, and did I say gas? I am seriously thinking of taking a lower paying job to have a shorter commute, and pay less in gas!

I will use it to buy gas to go back and forth to work.

well its a toss up between, paying a few bills, using part for groceries,and a 5 day visit with relatives in june get togeither. along with being on fix income. and the govn't back in 80's saying they were going to build two refineries. one on the west coast and another around in the southern states. on top of all this they knew way in advance that this time was coming and may even get worse. and they still play around with lets add a couple more mi. to the gall. and of course china is going to out due us in productivity with in the next l0yrs. as we give everything away. then they talk about the food prices, we had farmers in the past but shut them down to produce less to help the forign countries now we can't take care of our own country buniness! and its late and brain lock has set in again. and the family members thinks i have this conspiracy theory in the head.

I will be spending my rebate on bills because of the increase cost of living. Everything keeps going up except my salary. There should be away the goverment could figure out away to help everyone out with that.

I will first fill up the car with gas, pay a bill, buy pads for outside furniture and buy summer clothes.

I would like to thank President Bush for his assistance. Not all of my fellow Kentuckians are rich like Senator Obama, but we do "love this Country" and would never go to church where a minister preaches racism and hate toward the USA!!! May God Bless American with there type individuals as elected officials.
Sincerly, george W. Parish

How will you spend your tax rebate?