Rebates Your Way in mid-May

Rebates Your Way in mid-May
Associated Press | January 27, 2008

WASHINGTON - Most taxpayers could expect a rebate of up to $600 starting in mid-May under the economic aid plan set to go through Congress within weeks.

Couples could get twice as much, with even more for most families with children. All that, however, depends on smooth sailing at the Internal Revenue Service, and the agency already is up to its eyeballs in filings and refunds.

The Treasury Department says that despite the strains of tax filing season, the IRS will be able to begin delivering the payments within 60 days after President Bush signs the plan into law, and complete the process in approximately 10 weeks, possibly sooner. The payments would come separately from regular tax refunds.

"The IRS has already begun trying to prepare for this," said Andrew DeSouza, a Treasury spokesman. "They'll be ready to go."

But figuring out if you qualify - and for how much - can be complicated, thanks to confusing rules designed to get the money to middle-income workers and ensure it also benefits low-income people who are most likely to spend the cash.


Rest of article at: http://www.military.com/NewsContent/0,13319,160840,00.html

People who do not make enough to pay taxes but had at least $3,000 in earned income would get $300. Those earning less than that would be disqualified, as would the wealthiest. Older people living solely off Social Security checks would not get the rebate.

Betcha anything those checks will bounce!