im 17, i work at target, since july of 2007, and worked at McDonalds through April 2007. and i paid Federal income taxes in both jobs, so if the proposal is passed, will i get $600?If i paid federal income taxes through my jobs in 2007, do i get the $600 tax rebate?
If you are claimed as a dependent, your parents will be eligible for the additional $300 rebate for you as a dependent child.
You would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350.
If you had over $3000 in income, you would qualify for the $300 minimum.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.
Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
Nothing has passed Congress yet, so all details are subject to change. Check out the referenced sites below for more info.
That would depend on what the proposal is that ends up being passed. Since that isn't finalized, there's no way to say whether or not you'll get anything.If i paid federal income taxes through my jobs in 2007, do i get the $600 tax rebate?
You most likely are claimed as a dependent on your parent's income tax. In that case you would probably not get the rebate. The specifics aren't out because the proposal has not passed yet.
The other qualifier is that you need to have at least $3,000 in earned income to qualify.
http://www.king5.com/business/stories/NW鈥?/a>
Read all about it.If i paid federal income taxes through my jobs in 2007, do i get the $600 tax rebate?
They're still working on the proposal, and it might not happen at all. It sounds like, if you earned at least $3,000 last year, you should get the "rebate." But getting that money now will probably affect how much you get back (or have to pay) next year.
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