Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.
In addition, parents will also receive $300 rebates per dependent child; there is no cap on the number of children eligible.
An example: A couple with one child and $100,000 in AGI will get a rebate of $1,500 ($1,200 + $300). If they have two children, they will get $1,800 ($1,200 + $600)...
Do I have to pay the rebate back?
No. And here's why.
Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.
It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.
Best advice: invest the money.
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