Why you Might not Receive an Economic Stimulus Check
As you know by now, millions of Americans will be receiving an economic stimulus check from the IRS in the coming months. With that being said, there are several reasons as to why you may not find one of these checks in your mailbox by the end of summer. If you are like most taxpayers, you want to know if you will be receiving this rebate so that you can plan what to do with the money in advance.
Here are several reasons as to why you may not receive a check:
1. Do you have any federal tax debt? If so, you can expect the IRS to take this money out of the rebate that you would have received. For many, this means a considerably smaller check, or in some cases none at all.
2. If you make too much money you may not receive as big a check as you thought. Rebates begin to get smaller for single filers with a gross income in excess of $75,000, and joint filers with a combined income of more than $150,000.
3. On the other end of the spectrum, if you do not earn enough money you may be left out. If your income is less than $3,000 do not expect to receive a check. Luckily, you will be able to count all of your income including social security benefits. This should help many to reach the $3,000 threshold.
If any of these reasons hits home, there is a very good chance that you will not be receiving an economic stimulus check this summer. But remember, the odds are in your favor. More than 100 million taxpayers will be receiving anywhere from $300 to $1,200!
April 3rd, 2008 at 11:13 am
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April 3rd, 2008 at 1:57 pm
Is there a certain order they will be sending these checks out? and if so what is the order?
April 4th, 2008 at 3:31 pm
[…] Chris Bibey wrote an interesting post today on Why you Might not Receive an Economic Stimulus CheckHere’s a quick excerptAs you know by now, millions of Americans will be receiving an economic stimulus check from the IRS in the coming months. With that being said, there are several reasons as to why you may not find one of these checks in your mailbox by … […]