Mar 4, 2008

Q & A: Rebate and Dependent Children

QUESTION: In the event that you are over 18 years old and your parents still claim you on their tax return, I've read that they will not benefit from the tax rebate because you have to be 17 or younger to be a qualifying child. Does being over 18 years old and filing taxes in 2007 qualify for the tax rebate even if your parents claim you?

ANSWER: Under the rules of the stimulus rebate plan, only children who are under 17 years of age at December 31, 2007 qualify the parents for an additional $300 rebate. No additional rebate is available for any children over 16 years old.
To answer your second question, even if you can be claimed on your parents tax return for 2007, if you are over 16 years old and have at least $3,000 of earned income for 2007 you are eligible for a $300 rebate. The key point is that you must file a 2007 return to verify your eligibility for the rebate.

1 responses:

Ronald June 3, 2008 at 2:46 PM  

The IRS website states that an individual that can be claimed as a dependent does NOT qualify for a rebate. Did I read that wrong?

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