Collect your Economic Stimulus Rebate Fast
Most Americans who qualify for an economic stimulus rebate will not have to do anything other than file their 2007 individual income tax return to receive their payment this year.
Most people are well aware that the Treasury is planning to send economic stimulus tax rebates to more than 130 million Americans. Although there is no way of knowing when your rebate will arrive in the mail, plans are for the checks to be sent throughout the late spring and summer months.
Generally speaking, you do not need to do anything in order to receive your payment. As long as you file your 2007 tax return as usual, you will be in line to receive your check when the time comes. In other words, the entire process is automated, which saves individuals from completing lengthy applications or directly contacting the Internal Revenue Service. As with similar rebates in the past, not everybody will receive the same amount. There is a maximum payment of $600 for individuals or $1,200 for those who file a joint return; the minimum is $300 or $600 for joint returns. Even if you do not think that you earn enough money, you will still want to keep an eye out for a rebate. If your tax return shows income in excess of $3,000, it is safe to say that you will be receiving $300 at the very least.
Parents who are eligible for this payment will receive an additional $300 for each child, with no cap.
Of course, there are income limits that can change the amount you receive. For individuals earning more than $75,000, five percent of the amount exceeding this threshold will be deducted from the payment. For joint filing, the maximum income is $150,000.Â
As you can see, there are a few stipulations that will determine how much of a payment you receive. With that being said, more than 130 million Americans will receive an additional rebate by the end of summer.Â
For further information on the economic stimulus plan, visit: http://www.irs.com/news/stimulus-rebate-2008.htm
February 18th, 2008 at 9:59 am
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