Tax Season 2007 - Stimulus Package
Posted: March 4, 2008 |
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What does the Stimulus Package mean to me?
 Congress has passed and the President has signed legislation to send payments to citizens to help stimulate the economy. The checks will go out from the Treasury starting in May and continues through the late spring and summer.
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 What to I have to do to receive a payment?
Your eligibility depends primarily on your income and the number of your dependents. Singles with an income of less than $75,000 will receive $600; married couples with combined incomes of $150,000 will see their checks max at $1,200. Parents will receive an additional $300 for each qualifying child. If you qualify for the payment, you don’t have to do anything other than file a 2007 individual income tax return. The information on your tax return determines your eligibility and amount of the stimulus payment.
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How will I receive my payment?
 You will receive two notices from the IRS. The first general notice will explain the stimulus payment program and the second notice will confirm your eligibility, the payment amount and the approximate time table for the payment. You will need to save this notice to assist you when you prepare your 2008 tax return next year.
Stimulus payments will be direct deposited if you selected that option when filing your 2007 tax return. If you have already filed with direct deposit, you do not need to do anything else to receive the stimulus payment. If you haven't filed your 2007 returns yet, direct deposit is the fastest way to get both regular refunds and stimulus payments.
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Consumer alert on rebate scams
 You should be aware that there are identity theft scams - involving the proposed advance payment checks, known informally as rebates. The IRS knows of at least one telephone scam making the rounds which uses the stimulus program as bait. If you receive such a call or email, do not respond. The IRS will never ask for personal and financial information via e-mail.
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For additional information
The IRS Web site -
is the best source for additional information and answers to questions regarding the stimulus payments. The site will soon have an online tool which will allow you to calculate the amount of your advance payment and to check on the status of your specific payment.
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