2008 STIMULUS PACKAGE
Who Qualifies? Anybody who files a 2007 federal income tax return and has at least $3000 of qualifying income and has a valid Social Security Number.
What is qualifying income? Wages, Salaries, Tips, Self-employment, Social Security benefits, certain Railroad Retirement benefits, veterans’ disability, pension and survivors’ benefits from the Department of Veterans Affairs, and certain other veterans’ benefits, Non-taxable combat pay.
• Income that does not qualify: Interest, Dividends, Capital Gains income, Non Veterans or
Non-Social Security pension income (such as from IRA’s), and Supplemental Social Security
Income.
Recently updated: Social Security Disability will be considered as qualifying income for the rebate.
When will I receive my rebate? Rebates will begin to be issued in May and will continue to be issued through December 2008 for those people who file late returns. You MUST file by October 15th in order to receive a payment.
Can my rebate be direct deposited? Rebates will be sent the same way your 2007 tax refund was sent. If you chose direct deposit on your original 2007 return, then your rebate will also be direct deposited. If you did not, then you will receive a check.
Will my rebate affect my 2008 tax refund? As of February 28th, 2008, the IRS has posted that the 2008 rebate will not be taxable to you in any way and will not lower any rebate coming to you.
How much am I eligible to receive? Low-income individuals who do not normally have a tax liability or do not normally file a return, but who have at least $3000 in qualifying income can receive up to $300 or $600 if married filing jointly. Other individuals will receive a rebate in the amount of their 2007 tax liability, not to exceed $600 or $1200 for married filing jointly. Parents may also be eligible for an additional $300 per child if that child qualified for the child tax credit on their 2007 tax return and has a valid social security number. Individuals with an adjusted gross income of $75,000 or $150,000 for married filing jointly will have a reduction in their rebate of 5% of the amount of their adjusted gross income that is over that $75,000 or $150,000.
Is the rebate taxable? No the rebate will not be taxable income to you on your 2008 tax return.
Will the rebate affect my eligibility for other federal benefits such as temporary assistance, food stamps or Social Security? Will it count as income for purposes of my Social Security? No, the rebate does not affect federal benefits.
If I don’t qualify for a rebate based on my 2007 return, but my situation will change in 2008, will I still qualify for any sort of special benefit? Possibly. The 2008 tax forms will include a worksheet to help those who did not receive a rebate determine if they can receive any benefit with their 2008 return.
03/20/08 THE IRS JUST RELEASED THEIR REBATE PAYMENT SCHEDULE FOR ANYONE WHO FILES A 2007 TAX RETURN BY 04/15/07. PAYMENTS ARE BEING SENT OUT ACCORDING TO THE LAST TWO DIGITS OF THE PRIMARY TAXPAYER'S SOCIAL SECURITY NUMBER.
DIRECT DEPOSIT
| Last Two SSN Digits: | Payment Will Be Transmitted: |
| 00 through 20 | May 2nd |
| 21 through 75 | May 9th |
| 76 through 99 | May 16th |
PAPER CHECK
| Last two SSN Digits: | Payments Willed Be Mailed By: |
| 00 through09 | May 16th |
| 10 through 18 | May 23rd |
| 19 through 25 | May 30th |
| 26 through 38 | June 6th |
| 39 through 51 | June 13th |
| 52 through 63 | June 20th |
| 64 through 75 | June 27th |
| 76 through 87 | July 4th |
| 88 through 99 | July 11th |
For any other questions you may have regarding the 2008 Stimulus Package (commonly known as a Tax Rebate) consult your Tax Professional or go to Http://www.irs.gov .