By Staff
The U.S. Government will soon be saying “the check’s in the mail” in the form of an economic stimulus package that will return more of your tax dollars to you this year.
To receive the payment, taxpayers do not have to do any more than file their 2007 tax returns as usual. The IRS will calculate the payments based on information from your tax return and, if you qualify, will send you a payment. This payment can be direct deposit if that’s what you chose for your normal tax return.
Payments will begin in May. They will go to individuals whose 2007 adjusted gross income of less than $75,000 or $150,000 for married couples filing jointly. People exceeding these levels will either get reduced or no payment. Maximum payments will be $600 for eligible individuals and $1,200 for married couples with an additional $300 for qualifying child.
People who have no tax liability but have at least $3,000 in income from earned income, Social Security Benefits or certain other benefits may qualify for a payment but must file a tax return. Individuals who have no tax liability but qualify for a payment will generally receive $300 each.
All filers must have a valid Social Security number to qualify.
The rebate will not affect your 2007 or 2008 regular tax refund and will not have to be paid back. The rebates are not subject to federal taxes.
The payments will not affect your 2007 or 2008 regular tax refund nor will they have to be paid back. They are not subject to federal tax.
The IRS will issue two informational notices about the payments, but taxpayers should be wary of scams such as phone calls or e-mails from IRS imposters soliciting personal information and promising a “rebate” or other type of tax payment. The only form you need to fill out to get a stimulus payment is your 2007 federal tax return.