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Your Rebate Check Is In the Mail…Almost
Are high gas prices, new spring fashions, and summer wedding commitments draining your bank accounts? Well, help may be on the way in the form of an IRS rebate check.
You’re eligible to receive funds if you have a valid Social Security number, can’t be claimed as a dependent on someone else’s tax form, and have a tax liability or income of at least $3,000 (you’re also required to file a tax return, which was due earlier this month). The benefits begin to phase out for individuals with adjusted gross incomes over $75,000 and married couples who file a joint return with adjusted gross incomes over $150,000.
Visit the IRS’ rebate calculator to see how much you’ll get, if anything, from the U.S. government this year. Then, check out the payment schedule to find out when the check will arrive. The government will deposit the check right into your bank account if you signed up for direct deposit when you filed your taxes. Otherwise, you’ll be mailed a paper check.
Wondering what you should do with the newfound funds? Well, paying off debt is always a good idea. So is saving and investing. Wall Street Journal columnist, Terri Cullen, recently quipped that her family members probably won’t follow her advice but she still offered a few suggestions on how to use the rebate wisely.
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