Calculate your tax rebate

On Feb. 7, Congress passed an emergency plan that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush has indicated he would sign the measure.

The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments - boosts for an economy battered by a housing downturn and credit crunch.

Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.

The plan offers a rebate of $600 for individuals and $1,200 for couples — discounted if you paid less than that in tax in 2007, down to a minimum of $300 per taxpayer. The rebate is increased by $300 per child.

For individuals earning more than $75,000 and couples earning more than $150,000, the rebate is discounted and eventually phased out. If you earned less than $3,000, you'll get nothing.

Note: This calculator offers only an estimate, based on our interpretation of the proposal.

Did you pay at least $600 in income tax last year ($1,200 for a couple)? YesNo
Single or married filing jointly? SingleMarried filing jointly
How many children do you claim on your return?
What was your adjusted gross income in 2007?