Need to found out about the income taxes everyone is getting in May?

Income Taxes that the President was talking about

Public Comments

1. single $600 Married $1200 check will be in the mail in...... May?
2. Who Will Get Tax Rebated Checks? Tax rebate checks will be mailed to about 117 million middle- and low-income taxpayers. Thanks to amendments made to the bill in the Senate, some 20 million retirees living on Social Security and 250,000 U.S. veterans receiving disability benefits will also get checks. Single tax filers with adjusted gross incomes (AGI) less than $75,000 and couples filing jointly with AGIs less that $150,000 will qualify for full rebates. Remember that your AGI is not your annual salary or income. Your AGI is your taxable income from all sources including wages, salaries, tips, interest, dividends, etc. minus IRS-allowed adjustments to income. How Much Will You Get? Qualifying single filers (AGI less than $75,000) will get rebates of up to $600. Qualifying couples (AGI less than $150,000) will get rebates of up to $1,200, plus $300 per dependent child, with no maximum on the number of eligible children. Persons who owe no income taxes, but earned at least $3,000 in income from Social Security and veterans disability will get rebate checks of $300 for individuals and $600 for couples. What Do You Have to Do to Get a Check? To get a rebate check, you must file a tax return; either a form 1040 or 1040-EZ federal tax return for tax year 2007. Persons who do not normally not file tax returns, like retirees and disabled veterans, will have to file a 2007 tax return in order to get a rebate check
3. If you are eligible to receive a rebate, it will come to you automatically if you file your 2007 Federal Income Tax return. The tax rebate is based on your 2007 earnings and Federal Income Tax liability. You would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. If you had earned income or social security of at least $3000, you would get at least the minimum rebate of $300. Similarly, couples filing jointly can receive up to $1200. If you qualify for a rebate, you will receive $300 for each dependent child under 17. Use the Kiplinger rebate tax calculator (link below) to compute your rebate.