I Have Two Question Mortgage Interest And The Rebate Check?
I have decided against itemizing because I get a better deduction with the standard deduction So….If I have to file a schedule B rather than a schedule A for my mortgage interest how can I do that. Im using tax slayer will they just convert it to what it needs to be?
And the rebate checks, Do I have to do anything for that or just sit and wait?
Category: property abroad
[...] web development director wrote an interesting post today onI Have Two Question <b>Mortgage Interest</b> And The Rebate Check <b>…</b>Here’s a quick excerpt [...]
Just sit and wait for your rebate check.
If you are qualified for a rebate, the IRS will send it to you automatically.
Under the terms of the compromise Congressional bill, married couples filing jointly would be eligible to receive a rebate of up to $1200 if they paid that much in Federal Income Tax. If you only paid $750 in taxes (less than the $1200 rebate limit), you only get back $750. If you had earned income of at least $3000, you would get at least the minimum rebate of $300. If you qualify for a rebate, you would get an additional $300 for each dependent child.
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.