Don't Look Now, But Federal Rebates May Not Measure Up to Expectations
|
||||||||||
| Printer Friendly Story View |
Just how much tax rebate are you expecting from the IRS? Check again!
Where's the beef?
That's what some Michigan folks may be asking themselves soon.
According to the Michigan League for Human Services (MLHS), Michigan seniors and lower-income families need to know two things to join in the nation's economic stimulus bounty coming this spring:
1. They need to file a 2007 income tax form, even if they owe no taxes or have refunds coming to them;
2. Rebates have been widely heralded as $600 per person or $1,200 for married couples, plus $300 per child, but the reality is that many with lower incomes will get less than that.
"For many lower-income families, a promised rebate is very welcome news but we worry that many may be anticipating more than the stimulus package will deliver," said Ann Marston, president and CEO of the MLHS.
Households with at least $3,000 in income will qualify for rebates of $300 to $600 for individuals and $600 to $1,200 for couples. But the full rebate amount will be given only to those whose federal income taxes equal or exceed the top rebate amount. For example, a single, childless taxpayer whose federal income tax is $500 would get just $500 rebated.
In addition, families will receive $300 per child 17 and under. For seniors, Social Security will be counted toward the $3,000 in income for rebate purposes.
U.S. Department of Commerce Secretary Carlos Gutierrez told the news media Wednesday that checks up to $600 for qualifying individuals and $1,200 for couples should begin reaching taxpayers late in the second quarter and during the third quarter.
The rebate program is designed to stimulate the economy, said Mr. Gutierrez, commenting: "Monetary policy takes a bit longer, so that should start working in the late third quarter, fourth quarter. So there's a sequence to this and it should enable us to get through the correction."
The League has posted a fact sheet on the economic stimulus package at www.milhs.org. To find information on free tax help, visit www.michiganeic.org or call the 2-1-1 helpline or 1-800-552-1183.
The League is a nonprofit, nonpartisan statewide policy and advocacy group for low-income citizens. It has more than 1,500 individual and organizational members from business, labor, human service professions and faith-based organizations as well as concerned citizens.###
| Printer Friendly Story View |
|
|
Dave Rogers |
|
|
|
Printer-Friendly Story View
0200 Nd: 04-22-2024 d 4 cpr 0
12/31/2020 P3v3-0200-Ad.cfm
SPONSORED LINKS
12/31/2020 drop ads P3v3-0200-Ad.cfm