Federal Tax Rebate Check - 2007 Federal Tax Rebate Check
Get 2007 Federal tax rebate check online file your taxes now. Get IRS Stimulus get federal tax rebate checks file taxes fast.
Other Helpful Questions Regarding Federal Income Tax Rebate
Q. If I live in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam or the Commonwealth of the Northern Mariana Islands, will I get a stimulus payment?
A. In many cases, the answer is yes. But special rules in the law apply to these five U.S. territories (possessions). In general, the tax authorities in each possession will make stimulus payments to eligible residents. The law provides guidelines under which the Treasury Department will make payments to each possession for this purpose. People in these areas with questions about the economic stimulus payments should contact their local tax authority.
Q. I have not yet filed my 2007 tax return. Can I still qualify for a stimulus payment in 2008?
A. Yes, but you must file a 2007 tax return. The IRS encourages you to file a return even if your income is low or much of your income is tax-free. File your return, if possible, by the regular April 15 deadline. If you file after April 15, with or without a tax-filing extension, your payment will be delayed. If you qualify for a payment, you can insure that you get it by filing your return by Oct. 15, 2008.
Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?
A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]
Q. My spouse and I have divorced and the stimulus payment check is made out to both of us. Can I cash it?
A. If the check is made payable to both of you, then both must endorse the check. Even if you and your spouse are now divorced, both must sign the check. By law, each spouse is considered to receive half of the payment in cases where a joint 2007 return was filed.
If the filers chose to have their tax refund direct deposited, the stimulus payment will be direct deposited into the same account that received the tax refund.
Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?
A. Yes. For this purpose, the stimulus payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support. If this occurs, you will receive a letter explaining how the stimulus payment was applied.
Q. Why is IRS sending out two notices on the stimulus payments?
A. The first notice will be general in nature, informing the recipient the IRS is preparing to disburse payments beginning in May. The second notice will be more specific, informing the recipient how much to expect in the payment and when it should arrive. [New 2/27/08]
A. In many cases, the answer is yes. But special rules in the law apply to these five U.S. territories (possessions). In general, the tax authorities in each possession will make stimulus payments to eligible residents. The law provides guidelines under which the Treasury Department will make payments to each possession for this purpose. People in these areas with questions about the economic stimulus payments should contact their local tax authority.
Q. I have not yet filed my 2007 tax return. Can I still qualify for a stimulus payment in 2008?
A. Yes, but you must file a 2007 tax return. The IRS encourages you to file a return even if your income is low or much of your income is tax-free. File your return, if possible, by the regular April 15 deadline. If you file after April 15, with or without a tax-filing extension, your payment will be delayed. If you qualify for a payment, you can insure that you get it by filing your return by Oct. 15, 2008.
Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?
A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]
Q. My spouse and I have divorced and the stimulus payment check is made out to both of us. Can I cash it?
A. If the check is made payable to both of you, then both must endorse the check. Even if you and your spouse are now divorced, both must sign the check. By law, each spouse is considered to receive half of the payment in cases where a joint 2007 return was filed.
If the filers chose to have their tax refund direct deposited, the stimulus payment will be direct deposited into the same account that received the tax refund.
Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?
A. Yes. For this purpose, the stimulus payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support. If this occurs, you will receive a letter explaining how the stimulus payment was applied.
Q. Why is IRS sending out two notices on the stimulus payments?
A. The first notice will be general in nature, informing the recipient the IRS is preparing to disburse payments beginning in May. The second notice will be more specific, informing the recipient how much to expect in the payment and when it should arrive. [New 2/27/08]
Labels: 2007 federal tax rebates FAQs, other questions regarding federal tax rebate
