IRS Rebate checks are really on the way!

In an effort to boost the U.S. economy, Congress passed the 152 billion-dollar Economic Stimulus Act of 2008 on February 7, 2008. The legislation will provide tax rebate checks to about 130 million households, starting sometime in May.

* Single individuals may be entitled to receive a one-time tax rebate of up to $600; joint filers may qualify for up to $1,200.

* The rebate amount begins to phase out for higher-income taxpayers, beginning at $75,000 of adjusted gross income for single filers and $150,000 for joint filers (based on 2007 tax returns).

* The rebate is limited to the net income tax liability. People who don’t pay income taxes may qualify for $300 rebates if they had at least $3,000 of earned income or tax liability of at least $1 in 2007. Social security income and federal payments to disabled veterans and their widows count as earned income for rebate purposes.

* Those who qualify for the basic rebates are also eligible for an additional $300 for each dependent child under age 17.

* Rebates will be subject to offsets for items like past-due child support and debts owed to the federal government.

The check is literally "in the mail".