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In The News
Recently the Congress and President Bush approved the Economic Stimulus Rebate Payments to be sent out by The Department of the U. S. Treasury to eligible taxpayers starting in May, 2008. Below, find out how to qualify to receive the 2008 Economic Stimulus Rebate check.
Who is eligible to receive the Economic Stimulus Rebate payments?
To receive the rebate payment you must file a 2007 federal tax return and have at least $3,000 in “qualifying income."
What is “qualifying income?"
“Qualifying income” consists of salaries, wages, self-employment income, Social Security benefits, Railroad Retirement benefits, Veteran’s Disability benefits, Department of Veteran’s Affairs pensions, and survivor’s benefits.
Is there a maximum household income allowance to receive the Economic Stimulus Rebate payment?
Yes, if your total household income is more than $75,000 (or $150,000 if married and filing jointly), then your eligibility for the rebate will phase out incrementally.
How much of a rebate check can I expect to receive?
Eligible recipients can expect to receive a rebate equal to the amount of tax on their 2007 tax return with a minimum of $300, and a maximum of $600 ($1,200 if married and filing jointly).
What if I do not normally file taxes?
Taxpayers who don’t normally file a federal tax return because they no longer have to pay taxes must file a federal return for 2007 in order to receive the Economic Stimulus Rebate Payment. All returns must be filed in 2008, and not necessarily by April 15.
Where can I get free assistance to file my 2007 taxes in order to receive the rebate payment?
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