Will the upcoming tax rebates that are part of the economic stimulus package be based on your 2007 income?
March 25, 2009
Tanker asked:
Is the tax rebate a rebate of your already paid 2007 taxes, or more like a pre-refund of of your 2008 taxes that you might pay?
Is the tax rebate a rebate of your already paid 2007 taxes, or more like a pre-refund of of your 2008 taxes that you might pay?
3 Responses to “Will the upcoming tax rebates that are part of the economic stimulus package be based on your 2007 income?”
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March 28th, 2009 at 5:20 am
Good question
March 28th, 2009 at 5:37 pm
I was wondering the same thing,,, would it be possible that they rebate your 2006 taxes, based off your W-2’s or tax return??
March 31st, 2009 at 11:02 am
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It’s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.