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What's a Rebate Check?

What Exactly Is a Rebate Check?

A lot of questions have been trickling in about the rebate check since President Bush finalized the bill for the economic stimulus package on Wednesday. The most common questions have to do with whether or not you qualify to receive one and what exactly a rebate check is. To find out what the rebate check is all about just

Your rebate is a one-time tax cut that you don't have to pay back and is considered an advance on the taxes you'll owe in 2008. Contrary to the perplexing explanation that I've been reading everywhere, you don't need to be an accountant to understand the rebate check. One point that can be especially confusing is there are three years are involved (2007-2009), but here's the gist of what you need to know.

If you file your taxes for 2007 and qualify for a rebate check, the rebate amount will appear on your 2008 tax return as tax credit. You won't get any less of a refund than you normally would for your 2008 tax return (which you'll file in 2009). If you didn't qualify for the rebate based on your 2007 return but your situation in 2008 changes so that you do qualify, the government will send you a rebate check next year.

Download the fact sheet that the Treasury created to see how much money you'll be receiving.

Source

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freegracefrom freegracefrom 7 years
I'll take the check. I had to pay a buttload of taxes this year. Sigh. HATE TAXES. GRR!
ames3560 ames3560 7 years
So - does this mean I get more on TOP off my normal rebate?
gdtwriter gdtwriter 7 years
I will take the check. After attending graduate school, the extra cash will come in handy to pay off debts and maybe treat myself to a new gadget.
politica politica 7 years
It doesn't matter if you're a dependent, if you had income and filed taxes, and paid into social security, you will get a refund. Your parents will also get an increase for a dependent. I graduated from college last year and was claimed as a dependent on the 2007 taxes, but I've been filing myself for 7 years and my accountant assures me I'll get my own rebate, in addition to what my parents will get for claiming me.
Linda-McP Linda-McP 7 years
Thanks, Savvy. This is very helpful information.
DreaAST DreaAST 7 years
I can't wait to get our check!!!!
ennabeatriz ennabeatriz 7 years
What does AGI mean? Additional Gross Income? Also, since I made just a bit under $35,000, does that mean that I am only going to be getting $325 or do they do the math for what I actually made?
wags0007 wags0007 7 years
if you a dependent on your parents you do not get anything. it doesnt matter if you file your own return. your parents will get more because they claim you
Smart-Living Smart-Living 7 years
Hi there, Try the fact sheet link again — it should work now. So sorry! Savvy
Smart-Living Smart-Living 7 years
Hi there,Try the fact sheet link again — it should work now. So sorry!Savvy
ISUjules ISUjules 7 years
Help! The link didn't work. :(
ISUjules ISUjules 7 years
Help! The link didn't work. :(
SkinnyMarie SkinnyMarie 7 years
good information to know. Thanks
cubadog cubadog 7 years
I will take any cash. Oregon has what is called a kicker and they sent them out just befor Christmas this year and it was great!
carak carak 7 years
that fact sheet link doesn't work, Savvy! i'm bummed that this is just an advance on next year's tax return. that kinda stinks.
carak carak 7 years
that fact sheet link doesn't work, Savvy!i'm bummed that this is just an advance on next year's tax return. that kinda stinks.
lindholmka lindholmka 7 years
What happens if my parents still claim me as a dependent because I'm still a full time student BUT I filed my own tax return for 2007 and made over 10,000?
emalove emalove 7 years
Thanks, Savvy...this whole rebate check thing is a little confusing, but you've definitely helped me to understand better!
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