| Everyone is getting all kinds of information from the | | | | they will only need to file the federal return in most |
| media. Here are the facts as I am aware of them. | | | | cases. A state return is not necessary. |
| The latest information is available at the IRS website. | | | | The rebate check is an advance payment against a |
| Rebate checks will be mailed/or direct deposited (I've | | | | credit which will be calculated on your 2008 tax |
| seen both answers) starting in May, 2008 and | | | | return. In most instances, the net impact on your |
| continuing through the summer months. Direct | | | | 2008 return will be zero. However, when the actual |
| deposit would occur if you provided information to | | | | calculation is done, it may result in you getting |
| direct deposit information when filing your 2007 | | | | additional rebate against your 2008 tax or possibly |
| return. Checks or direct deposit will be remitted | | | | even a reduction in the amount you should have |
| based on the order of 2007 tax return filings meaning | | | | received - thus causing you to owe some of the |
| you be receiving your check based on your 2007 | | | | rebate check when filing your 2008 return. There is |
| return in the order 2007 returns are processed. This | | | | an income based phase out of the credit. If your |
| does not mean that money will run out if you don't | | | | income should increase for 2008, you may get the |
| file. It just means the sooner you file, the sooner you | | | | rebate check based on 2007 return information and |
| will be in the queue to receive your check. | | | | be disqualified when the computation is made on your |
| Senior citizens who would normally NOT file a return | | | | 2008 return. |
| will need to do so in 2007 in order to qualify for the | | | | Rebate checks will vary in amount. Most people will |
| rebate. There has been some confusion over this but | | | | receive amounts per the following table. A |
| the IRS and most CPAs agree, this needs to be | | | | computation can be made - once again estimated on |
| properly communicated to senior citizens. The last | | | | your 2007 tax return information. Several calculators |
| version of the law included senior citizens. Earlier | | | | are available and can estimate the amount you should |
| versions of the law did not include them and thus | | | | expect. |
| caused much of the confusion. Keep in mind that | | | | |