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The taxpayer must file a 2007 tax return to be eligible for the rebate.
The rebate amount is determined using the following information from that return. |
This is one of over 300 modules found in TaxTools 2008.
Click here to learn more. |
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Are you an "eligible" individual?1
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Income Requirement
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Filing status
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Net income tax liability (may limit rebate)2
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Do you have at least $3,000 of "Qualifying" income?3
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OR |
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Do you meet the "Gross income" filing requirements for your filing status?4
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→ This question only - Form 1040 Filing
Requirements - Chart A
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Number of qualifying children5
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Filing Status
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Age at End of 2007
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Gross
Income*
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Single
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under 65
65 or over
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8,750
10,050
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Married filing jointly
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under 65 (both spouses)
65 or over (one spouse)
65 or over (both spouses)
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17,500
18,550
19,600
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Married filing separately
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any age
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3,400
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Head of household
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under 65
65 or over
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11,250
12,550
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Qualifying widow(er)
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under 65
65 or over
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14,100
15,150
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* Gross income means all income you received in the form of money, goods, property,
and services that is not exempt from tax, including any income from sources outside
the United States (even if you can exclude part of all of it). Do not include social
security benefits unless you are married filing a separate return and you lived
with your spouse at any time in 2007.
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Adjusted Gross Income(AGI)(for phase-out) |
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Amount of rebate |
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- An "eligible" taxpayer must possess a valid social security number and CANNOT
be claimed as a dependent on another return and CANNOT be a nonresident alien, or
an estate or a trust.
- The net tax liability is regular tax plus AMT reduced by non-refundable credits
except the child tax credit. The net tax liability may limit the taxpayer's rebate.
- Qualifying income includes earned income (as defined by the earned income
credit, but adding elective combat pay), social security benefits, or veteran's
benefits.
- The "Gross income" filing requirements are specified in the chart from the
Form 1040 instructions, (Do You Have to File?). See the definition of "Gross income".
- Enter the number of dependents that qualify for the Child Tax Credit. These
children also qualify for rebate purposes. The rebate for each child is $300 (subject
to high-income phase-out).
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