Tax Rebate: How Much Will You Get?

Hey folks, here's a pretty good breakdown of who will get what when the tax rebate checks are distributed this May. Found this on www.msnbc.com

• An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.

• A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.

• A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.

• A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.

• A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by 50 percent for this family. A $900 rebate.

• A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.

• An individual with adjusted gross income of $23,000 and no dependents: Would get a rebate of $600.

• A couple with adjusted gross income of $160,000 and two children: Would get a rebate of $1,300.

• A couple with adjusted gross income of $184,000 and two children: Would get a $100 rebate.