How to figure your tax rebate
The IRS tells people to file a 2007 tax return, and the agency will let you know the size of your rebate.
Can’t wait? Of course, you can’t. But you don’t have to.
Some online calculators are up and running to figure your rebate based on your income, filing status and a few other numbers. Try calculators at Consumerism Commentary, Kiplingers or Your Money Page.
Rebates range from $300 to $600 for singles and $600 to $1,200 for married joint filers. Parents with children under age 17 can receive an extra $300 per child.
Rebates begin to disappear once adjusted gross income exceeds $75,000 for singles and $150,000 for married couples.
Calculators, for instance, show that a couple with $156,000 in income and a $10,000 tax liability will receive a $900 rebate. If their income was $173,000 instead, their rebate would be $50.
A married couple with two kids and adjusted gross income of $80,000 will receive $1,800. Or, a single person with $4,500 in Social Security benefits will get a $300 rebate.
Once you get started, it’s hard to stop plugging in all sorts of scenarios.
