From what I understand. The rebate is inluie of 2001 taxes that you owe. For instance come april 15,2002 instead of owing say $1500 a single filer would only owe $1200. Therefore instead of waiting 1 year for this savings to show up to the average taxpayer the government is going to send out a check for $300 in july and august. Therefore if you are single and paid no taxes for the the year 2000 you would not get a refund. If you were single and only owed $200 in taxes last year then your rebate would only be $200 that is what is meant by upto $300. Thus, the tax changes affects your tax libilty if you had no tax libility for 2000 you would not get a rebate. If youhad upto $300 tax libility last year you would get the amount of tax libility you had. More then $300 tax libility you would get a max of $300 if you are single, $500 for heads of households and $600 for married. Hope this helps....
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat