My question was is everyone gonna be receiving the extra tax credit that there gonna give in may.?

does it depend on how much i made this past year or it doesnt matter how much income i made , i wanna know cause alot of people say different things like only if your income was 60 thousand or more and some people say if your income was 3 thousand and over .

My question was is everyone gonna be receiving the extra tax credit that there gonna give in may.?
The tax rebate is based on your 2007 earnings and Federal Income Tax liability.





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 earned income or social security of at least $3000, you would get at least the minimum rebate of $300. Similarly, couples filing jointly can receive up to $1200. If you qualify for a rebate, you will receive $300 for each dependent child under 17.





Use the Kiplinger rebate tax calculator (link below) to compute your rebate.
Reply:The tax rebate is based on your net income tax liability on your tax return for 2007. Your rebate will be your net tax liablity up to 600 but no less than 300.





If you did not have a net tax liablity but had 3,000 of qualified earned income you will receive 300





If you qualify for either of the two above you will also receive 300 for each dependent under the age of 17 on your 2007 return.





Net income tax liability is the amount shown on Form 1040, Line 57 plus the amount on Line 52. For 1040A filers, it is the amount on Line 35 plus the amount on Line 32. For Form 1040EZ filers, it is the amount on Line 10.
Reply:Sounds like everyone you have listened to was wrong:





Don’t expect a blizzard of cash from the multi-billion dollar economic stimulus package President Bush signed into law on February 13. It will take months for the U.S. Treasury to churn out $120 billion in rebate checks. In fact, because the rebates will be based on 2007 tax returns, the first checks won’t go out until several weeks after the April 15 tax filing deadline.





While you wait, our NEW KIPLINGER CALCULATOR will help you savor the coming largesse by showing you just how much stimulus you can expect from Uncle Sam. See how much you’ll receive by clicking here. For a fast explanation, watch our tax rebate video.





You know the basics


Most single taxpayers will get a rebate of $600.





Most married couples who file jointly will get $1,200.





Plus, you’ll get an extra $300 for each child under age 17 for whom you claim a child credit on your 2007 return.





Low income seniors and disabled veterans (and their widows) who don’t owe enough income tax to qualify for the full rebate can qualify for checks of $300, or $600 if they filed joint returns.





Get the details that matter


Our calculator cranks in all the nitty-gritty details, including:





The fact that anyone who can be claimed on someone else’s return is banned from receiving a rebate, regardless of how much he or she earned or how much tax he or she paid with a 2007 return.





The phase-out zones that squeeze the value of the rebates as adjusted gross income rises above $75,000 on a single, head of household or married filing separately return, and over $150,000 on a joint return.





You must file to get a rebate


The rebates are actually a prepayment of a tax reduction that will go into effect for 2008. The checks that will begin going into the mail in May will be based on information on 2007 tax returns. (If you have your 2007 refund directly deposited into your bank account, the Treasury is supposed to try to direct deposit your rebate, too.) Folks who file after the April 15 deadline, or who file for an extension to put off their deadline until October 15, will also delay their receipt of the stimulus check.





And, note this: Millions of citizens with incomes too low to have to file a tax return will need to file one anyway to be eligible.





If the Kiplinger Rebate Calculator shows you deserve a $300 or $600 rebate based on Social Security or veterans’ benefits, for example, you’ll need to file a return even if your income level doesn’t demand it. That’s the only way to get your rebate.