The Tax rebate

Question: I have heard that this new rebate check that was just passed by Congress and now the White House is nothing more than an advance on our 2008 tax return. Is that true? Graham

Answer: I just pulled this comment from Graham. We’ve got several similar questions.The tax rebate is the same as a 2008 tax cut. But you get the money this year (most likely late Spring/early summer) after filing your 2007 tax return.

How much of a rebate you get–if any–will be based on your 2007 return. For instance, singles with no children and earn over $87,000 in gross income don’t get a rebate. The same holds for childless couples with over $174,000 in income.