SubscribeStarting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a economic stimulus payment
Even though the April 15 tax deadline has passed, it is not too late to file for your Economic Stimulus Payment this year. Persons who qualify for the payment must file a 2007 tax return by October 15, 2008.
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Millions of people are eligible but may not know it, or think it is too late to get a payment. These are certain retirees, disabled veterans and low-wage workers who normally don’t file a tax return because their income is too low or nontaxable. This year, they must file to receive their Economic Stimulus Payment.
The IRS will issue Economic Stimulus Payment of up to $600 for individuals ($1,200 for married couples) plus $300 for each eligible child under age 17 starting in early May, based on 2007 tax returns processed by April 15.
Under the Economic Stimulus Act, over $100 billion will be spent by the government to provide over 120 million American households with tax rebate checks. The following discusses detailed information about the rebates and how they pertain to the Economic Stimulus Act of 2008.
Every year millions of Americans anxiously await their yearly tax refunds and every year thousands of checks get sent out through the mail. For some taxpayers, waiting around for a check can be more strenuous than having to pay back Uncle Sam; if so; here is some useful information regarding tax refunds:If you mailed in a complete tax return, your refund check will be issued within six weeks of the date it is received. For electronically filed returns, checks are issued within three weeks after the acknowledgement date.
Refunds from amended returns can take up to 12 weeks to be issued.
How To Spend Your Tax RefundIf you are one of the millions of Americans expecting a tax refund this year, you may be asking yourself, “How do I spend my refund?” Your first impulse may be to spoil yourself by using the refund to buy something you want instead of something you need. By spending your refund wisely instead of carelessly, you can put the money to good use.To make the most out of your refund, consider the following money-smart suggestions
As the United States economy heads toward a recession, the government has responded with the Economic Stimulus Act, a bipartisan economic Stimulus package intended to stimulate the slowing economy by putting money back into the hands of American workers and businesses.Facts on Economic Stimulus Act:Signed into law on February 13, 2008 by President George W. Bush.
Total package worth about $168 billion over two years and will add directly to the U.S. federal deficit.
Over $100 billion in advance payments (rebates) to 120 million American households.
Business incentives adding up to $44 billion in tax relief.
Allows nearly 200,000 home owners refinance their homes.
Assists
File your taxes online with CompleteTax today. No hidden state fees.
Do you meet with a professional tax advisor or CPA for help when filing your tax return? If so, you are making a great financial decision. With that being said, it is very important that you are prepared for your meeting. After all, your tax advisor does not live or work with you everyday of the year. For this reason, they have no way of knowing what you have gotten yourself into as far as your taxes are concerned. The only way for them to effectively lend you assistance is if you are 100 percent prepared and organized.The best way to get prepared is to stay organized throughout the year. If you try to put together all of your tax documents the day that you meet with your advisor, you are sure to miss something. Instead, make sure that you stay organized day in and day out. Sure, it takes a bit of extra time to stay on track throughout the year, but it is something that you must do nonetheless.
Many Americans have already received their economic stimulus check, and millions more are slated to do so in the weeks to come. The question is: how are you going to spend this check? While the government wants you to spend this money “recklessly” you are under no obligation to do so.
According to recent polls and expert opinions, there are several areas in which Americans are considering spending their economic stimulus check:1. Save, save, save. A large number of people who receive a check will take the money and stock it away for a rainy day. With the economy heading for a recession (if it is not already there) fear is on the rise. By saving this money, people can add a bit more security to their financial situation.
Economic Stimulus Payment Calculator
Millions of retirees and disabled veterans qualify for the economic stimulus payment but have not filed to claim it. Statistics indicate about 74 percent in this group are accounted for in the economic stimulus payment currently being sent, leaving about 5.2 million potential recipients remaining.For all taxpayers, the IRS has issued 76.5 million payments worth $63.8 billion based on 2007 tax returns processed so far. The agency expects to issue 124 million payments to Americans by year’s end. Eligible individuals are receiving up to $600 ($1,200 for married couples filing joint returns) plus $300 for eligible children younger than 17.
Jim Swain
28-04-2008 5:04 pm
what would be the amount of the stimulas tax rebate for a live at home 19 year old earning $4500.00 in the year 2007 that has already received a 2007 tax refund in the amount of $ 345.00
ADRIAN COMBE
30-04-2008 8:49 am
Suppose that I receive $1,200 tax rebate under the Economic Stimulus Act of 2008. Is this then treated as income on my 2008 Federal Tax Return? Can it be considered as a gift from my Uncle Sam and thus be tax exempt? THIRD
admin
04-05-2008 6:15 am
To Jim Swain
Use the IRS Economic Stimulus Payment CALCULATOR to find out.
Click on the IRS link below to find out for sure whether or not you qualify for an economic stimulus payment. The site displays a calculator that determines whether or not you qualify for a payment, and if you do, it calculates the amount for you. It’s quick and easy.
As explained by others, if you were claimed as a dependent by your parents, you will not qualify. But, to find out for yourself, just click on the link. After answering the first question, which involves clicking on three buttons, you’ll get your answer. If you are not disqualified after the first question, the calculator will allow you to answer other questions so that you can find out what your payment will be.
And incidentally, if you don’t qualify, your parents don’t get any extra economic stimulus money just becaused they claimed you as a dependent. So, don’t feel tempted to go ask them to give you the money. They didn’t get any extra. For example, you can fill out the calculator’s qualification form as many times as you like, with as many scenarios as you like, and you’ll find out what I’m talking about. For example, if you claim to be a person who is not claimed as a dependent by anyone else (and also received at least $3000 in income) you will receive $600. If you are married and file jointly, you’ll receive $1200 (or $600 for the husband and $600 for the wife). That’s it. There’s nothing extra for the kid or kids that might be claimed as dependents.
But, don’t take my word for it, click on the link and fill out the form. It’s easy to do, and then you’ll know for yourself. That is, you won’t have to take someone else’s word for it. Be sure to have your 2007 income tax forms handy so that you can easily fill in the numbers requested by the calculator.
http://www.irs.gov/app/espc/
admin
04-05-2008 7:41 am
To ADRIAN COMBE
No, this is NOT income and will not be taxed at the Federal level. Although the States are free to tax it if they wish, none have announced an intent to do so that I have heard of and many have scrambled to enact special legislation to ensure that it will not be taxed at the State or Local levels.
It is truly FREE money. Enjoy.
Dave Collins
10-05-2008 8:43 am
I’m a poor actor who made less than $20,000 last year. Why did I only get a check for $300. Doesn’t the government think I need money too?
Eliud R
10-05-2008 9:17 am
That’s what most people are getting. The max is about 600 dollars. THis is really just a ploy to get people to spend money so the economy gets going. But with high oil prices, food costs going up, electricity going up. Most people will just stay home or save that money to pay bills, not to go out and buy at the mall.
Joshua R
10-05-2008 9:20 am
The gov’t is trying to tell you that you are not only a poor actor but a bad one to! No more money for you!
The link below is to the rebate calculator that will help you determine how much you were entitled to. You will need your 2007 Tax forms.
Cutiegir...
10-05-2008 9:23 am
Try doing something else for a living if you ONLY make less than 20,000 a year… a person i know can make that in less than 2 months. You must be bad at being an actor. Seriously. Try something else! or get some acting lessons
David M
10-05-2008 9:25 am
I paid a heck of a lot more in taxes than you and got nothing. At $20,000 in income you paid hardly anything in taxes and got $300 back (probably close to what you paid in taxes). If you want more money, I suggest getting a better job and working harder and look less for handouts.
Steph T
10-05-2008 9:32 am
If you had NO net income tax liability for 2007, you are usually getting a minimum payment of $300 if you are single; and $600 if you are married filing jointly, BUT you had to have income of at least $3,000 in 2007.
Most people with a 2007 net income tax liability will qualify. This includes most people who get tax refunds. Net income tax liability is the amount shown on Form 1040, Line 57 plus the amount on Line 52. For 1040A filers, it is the amount on Line 35 plus the amount on Line 32. For Form 1040EZ filers, it is the amount on Line 10.
Families with children under 17 generally will qualify for an additional payment. Some people with no tax liability also will qualify. This includes Social Security and Railroad Retirement beneficiaries, recipients of certain veterans’ payments, low-income workers with earned income and/or benefits of at least $3,000 and individuals who have combined income of at least $3,000 from any combination of these sources.
Some higher-income taxpayers will not receive a stimulus payment or will receive a reduced payment.
The IRS has a lot of information: IRS. GOV
It includes a calculator to figure your rebate amount
Pat Stroebel
24-05-2008 1:58 pm
For a retired married couple filing jointly, having a income of $16,994.00 and with Federal Income Tax with held was $ 720.00. We also had a total capital gain of $1329.00. Will we be intitled to a stimulus check? If so how much will it be?
Pat+Stroebel
30-05-2008 11:08 pm
I have heard that some retires are not getting a stimulus check. I was told that it depends on when a person started receiving their social security. Also when I quoted our income, that was a combined social security and retirement from General Motors. Does that make a difference ?
John Scott
31-05-2008 8:36 am
You have to have had at least $3000 in qualifying income in 2007. This could be a combination of wages, Social Security (not SSI) benefits, VA benefits, or certain combat zone income. Retirement income is not qualifying, so the person would need to have at least $3000 in SSA benefits.
The other way to qualify is to have at least $8750 in gross income (of all kinds) for a single person and a tax liability.
d
31-05-2008 8:37 am
http://www.irs.gov/app/espc/
Go here and fill this out and you will get a more definite answer. Hope it helps.
wartz
31-05-2008 8:38 am
You have to file a return, even with zero on it, go get free money. No file, no check!