Economic Stimulus Rebate Check Info

IMPORTANT INFORMATION

The Economic Stimulus Act passed by Congress in January provides one-time economic stimulus rebate checks for individuals and families in 2008.   This will have no impact on any tax refund you would normally receive. You must have $3,000 in 2007 income to qualify.  The stimulus checks phase out beginning at $75,000 for an individual and $150,000 for a couple.  The amount of your stimulus check will depend on your actual income and whether you have children in your family.

TO RECEIVE YOUR REBATE CHECK, YOU MUST FILE A 2007 TAX RETURN – EVEN IF YOU DON’T OWE TAXES AND DON’T NORMALLY FILE A RETURN. 

SENIOR CITIZENS AND PEOPLE WITH DISABILITIES ON SOCIAL SECURITY AND DISABLED VETERANS MUST ALSO FILE TAX RETURNS TO GET THEIR STIMULUS CHECKS.

How Much Will You Receive?  The stimulus checks are targeted at low- and middle-income families who need the money the most – and who are likely to spend it the soonest.  Individuals and couples that make more than the following income caps may receive a check, but the partial rebate phases out quickly.

• If you are an individual with income between $3,000 and $75,000 in 2007, you will receive $300 to $600.

• Couples with incomes more than $3,000 but less than $150,000 in 2007 are eligible for a stimulus check worth between $600 and $1200.  There is an additional $300 for each dependent child age 16 or younger.

• If you received Social Security, veterans and Railroad Retirement benefits equal to at least $3,000 in 2007, you are also eligible for a stimulus check worth between $300 and $600.

Even if you are not required to file a tax return based on your income, you will have to file a 2007 tax return – the IRS Form 1040 or 1040A (short form) – in order to get a stimulus check. 

 Where Can I Get Help Filing a Tax Return?  If you do not normally file a tax return, you may need help in doing so.  Here are some places to get free tax help: 

• The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than $40,000.  You can call 1-800-906-9887 for assistance.

• The IRS Tax Counseling for the Elderly (TCE) Program offers free tax help to taxpayers who are 60 years old or older.  You can call the IRS at 1-800-829-1040 for information on the nearest free tax preparation locations.

• The IRS partners with the military to provide free tax help for military personnel and families through the Armed Forces Tax Council (AFTC).  Volunteers are trained and equipped to address military specific tax issues, such as combat zone tax benefits.  For help through the AFTC program, visit the legal office at the military base closest to you. 

When Will You Receive Your Check?  If you file by the IRS April 15 deadline, you should receive your rebate check between May and early July.  If you file late, your rebate may be delayed.  No one who files after October 15, 2008 will receive a rebate check.

Click here for additional information

Print version of this document