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The Famous Fed Tax Rebate!

I hope you're filing your fed taxes this year. You will not get a rebate unless you file taxes and have a social security number.

Most people will get $600 back up to $75,000 income for individuals. Married couples $1200 up to $150,000 income. Of course, this is based on your tax liability. If what you owe total is below $600, you get less than $600, down to the minimum of $300.

The IRS put out a statement today also:

Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the stimulus payment program

The second notice will confirm the recipients' eligibility, the payment amount and the approximate time table for the payment. Taxpayers will need to save this notice to assist them when they prepare their 2008 tax return next year.

Anyone who moves after they have filed their 2007 tax return should notify the IRS by filing Form 8822, Change of Address, and also notify the Post Office.

Payments will start in early May but rebates will stretch into June. If you get your fed tax refund deposited directly to your checking account, your rebate will be sent to you the same way.

All this is suppose to stimulate the economy, but the current economic wisdom is that most people will use the money to pay late or outstanding bills.