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February 29, 2008

Who gets tax rebates?

We might be able to write a book on all the questions over the tax rebates.

With the help of IRS spokesman Jim Dupree, here are more answers to your questions:

Q. Do government retirees on the Civil Service Retirement System and Federal Employee Retirement System plans receive rebates as other W-2 wage earners?

A. In general, CSRS and FERS annuity payments are considered taxable income. These retirees will be eligible to receive a payment if they had at least $3,000 of qualifying income in 2007.

Q. My son is 18 year-old college student. He works but makes too little to file a return. We claim him as a dependent on our tax return. Can he get a rebate by filing a return?

A. No, anyone who is claimed as a dependent on someone else’s tax return is ineligible for the rebate.

Q. If you file estimated quarterly taxes, will the rebate be applied to upcoming taxes or will you get a rebate check?

A. The economic stimulus payment amount to which the person is entitled will be issued in full, unless the taxpayer has an outstanding (past-due) federal income tax liability, or, if previously referred to the Treasury Financial Management Service Treasury Offset Program, past-due child or spousal support, past-due student loan obligations, other federal agency non-tax debts, or state income tax obligations.

Posted by Eileen Ambrose at 4:57 PM | | Comments (2)
Categories: Tax rebates
        

Comments

If you are currently on a payment plan for your federal taxes and are not past-due will you receive a tax rebate or will that be offset against the amount on the payment plan?

I am recieving Social Security diisability benefits and am not sure if I will get a rebate and if I do how much. I filed a 1040EZ. Do I need to refile a 1040A?

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