By now, perhaps some of you have figured it out. Yes, the tax rebate checks that you received – if you qualified – earlier in 2008 were not free money, as you may have falsely assumed.
They were just early tax refunds. These refunds were for as much as $600 for an individual or $1,200 for married couples filing jointly (plus $300 for each eligible child under age 17). But now your refund is less this rebated amount, or perhaps you even owe now because you received these early monies.
Others may be reading this and asking, “What rebate check?” Well, many didn’t qualify and didn’t receive them. If you did not pay in any taxes, you did not get one. Conversely, if your income in 2007 exceeded certain limits, you may have not gotten one – or a reduced amount from that stated above.
But for all those that did get one, it wasn’t free money after all. Surprise!
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