Personal Financial Tip # 16 - IRS rebate

Normally, I would put information on the upcoming tax rebate on the tax tip page.

However, in the news there has been a reporting of fraud in conjunction with rebate so I would like to address this here.

First, to be eligible for the rebate, you must file a 2007 tax return. The information place on that return will be the information used for the rebate. You do not need to send any additional information to the IRS.

No one from the IRS will contact you or request information from you in an email or phone call.

Second, if you direct deposit an IRS refund check, the rebate check will also be direct deposited. If your refund check was mailed, your rebate check will be mailed.

Third, you are not required to file a return if you owe no taxes. However, you are required to file a return in order to qualify for the rebate.

From the IRS website.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible taxpayers will receive between $300 to $600 if single or $600 to $1,200 if married filing jointly. Millions of retires, disabled veterans and low-wage earners who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

But there are more details to know about. Find out more here and visit this page regularly for the latest updates.

So the bottom line is to file a return and the IRS will take care of the rest. Give no personal information to anyone requesting it.