Your Stimulus Rebate

Posted by: Tue, Mar 4, 2008
Posted in category Current Events, Government

By now everyone has heard about the stimulus rebate that “some” taxpayers may be receiving in late spring. We found it hard to find information on who would actually receive it and how much would it be. Reading article after article they were only stating general information such as, if your tax liability was large enough and your income was within certain limits you will receive $300 – $1200. Stimulus RebateWe did read an article today that the IRS was going to send out two letters this month explaining the rebate. Going directly to the IRS site, they have a very informative section explaining everything to do with the rebate.

We found it so frustrating that the main stream media wasn’t much help we thought we would write this post about the expected rebate.

Who will get the rebate?

  • Anyone who files federal taxes by April 15, 2007 and has an earned income over $3000 and under $75,000 (individual) or $150,000 (couple).
  • Low income citizens receiving Social Security or certain Veteran benefits need to file a 1040A to be eligible. Click here for more information.

Who will not get the rebate?

  • You don’t file a 2007 tax return.
  • Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
  • You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
  • You do not have a valid Social Security Number.
  • You are a nonresident alien.
  • You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

Estimate your rebate:

Check your Adjusted Gross Income Line 38 on 1040, Line 22 on 1040A

If your single and your AGI is less than $75,000 continue, if not click here

If you filed joint and your AGI is under $150,000 continue, if not click here

Find your tax liability Line 57 on 1040, line 37 1040A

* special note to parents the IRS is using the tax liability BEFORE the child tax credit is used to offset your liability, so use line 46 on 1040, line 28 1040A if you received child tax credit.

Your rebate will be the amount of your tax liability up to $600 if single and up to $1200 for couples plus $300 per qualifying child.

* a qualifying child would be one you could claim on the child tax credit (under 17)

Quick Examples:

  • Married couple with two children, AGI is $35,000, federal income tax liability before child tax credit is $1,070.
    Rebate is $1,070
    Qualifying child credit is $600
    TOTAL is $1,670
  • Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.
    Individual rebate is $395
    Qualifying child credit is $600
    TOTAL is $995

How will you receive your rebate?

  • If your federal tax return was direct deposited, your rebate will be direct deposited in the same account. (The Government finally has a brain)
  • If your account was closed, you did not provide one, you owed a tax liability your check will be mailed. Although BIG HINT they say if you owe taxes this year fill out the direct deposit information on your return and your rebate will be in your bank account.
  • If you owe a past tax liability your rebate will be applied to that. (They always get their money)
  • If you received a RAL (Rapid Refund loan) from company like H&R block your check will also be mailed. (The IRS has the financial institutions bank information not yours)

The Rebate will not be taxable income next year. Beware of scams out there requesting any information in order to receive this rebate. Remember all you have to do to be eligible is to file your 2007 Federal Taxes!

For more detailed information please visit http://www.irs.gov

Update:

IRS Economic Stimulys Payment Calculator 

Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15

Direct Deposit Payments
If the last two digits of your Social Security number are: Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20 May 2
21 – 75 May 9
76 – 99 May 16
Paper Check
If the last two digits of your Social Security number are: Your check should be in the mail by:
00 – 09 May 16
10 – 18 May 23
19 – 25 May 30
26 – 38 June 6
39 – 51 June 13
52 – 63 June 20
64 – 75 June 27
76 – 87 July 4
88 – 99 July 11

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10 Responses to “Your Stimulus Rebate”

  1. louise says:

    May. 29, 2008

    I am tottaly confused. My brothers girlfriend got her stimulus check 1 1/2 ago, but she wasn’t suppose to receive her check untill june 20th. Her last two digets of social is 61. Could you tell me why she got hers so soon? She didn’t have direct deposit either, she got a paper check.

  2. Chad & Stacey says:

    May. 29, 2008

    Louise,

    The best way to find out about your stimulus check is to visit the IRS website.

    Where’s My Stimulus Payment

    You will need the primary SS number, filing status, and the number of exemptions. This will tell you if your payment has been processed. You can also call 1-800-829-0582 M-F 7am – 10pm EST to talk with a IRS Customer Service Representative.

    I hope this helps. The IRS said they had a uniform way of dispersing check, but there where a TON of glitches. Just keep following up with the IRS.

  3. louise says:

    May. 29, 2008

    I know about the web site, and the IRS number.Just wanted to know has anyone else received there stimulus rebate before there schedule time. I just don’t know how the’re going about with the ss number. Like I stated earlier she wasn’t suppose to get her check untill 20th of June, but got it on May the 16. Could anyone tell me why?

  4. Chad & Stacey says:

    May. 29, 2008

    I really don’t know why she received it already except the IRS stated mailing paper checks on May 9th a week earlier than expected. I also know of someone that had a SS number ending in the 30s and they received their direct deposit before a person with an 02 number.

    Remember it is the IRS, a government run agency, it’s not surprising they screwed up. They forgot to give millions of people the child tax credit in their stimulus and they deposited checks into the wrong bank accounts!

  5. Debbie says:

    Jun. 23, 2008

    My ss # ends on 86. How are they going to send a check on 7/4 will they mail it prior to that date?

  6. Chad & Stacey says:

    Jun. 24, 2008

    Debbie,

    The IRS will start mailing checks for your ss# group on June 30th and will continue to July 4th.

    You can visit Where’s My Stimulus Payment a week before your payment is scheduled to check the status. You will need the following information to do this: the primary ss#, filing status, and number of exemptions claimed.

    I hope this helps you.

  7. Joseph says:

    Jun. 28, 2008

    My last two digits of my ss is 37 and I have not recieved my check yet. Is it possible they messed up or should I wait a little longer to call and see whats up?

  8. Chad & Stacey says:

    Jun. 30, 2008

    Joseph,

    You should have received your check already, with your ending numbers checks were mailed at the latest June 6th. I would visit Where’s My Stimulus Payment to check the status. You will need the following information to do this: the primary ss#, filing status, and number of exemptions claimed. You can also call the IRS at 1-800-829-0582 M-F 7am – 10pm EST to talk with a IRS Customer Service Representative.

    They did mess up a lot of checks, so make sure you follow up. I hope this helped you.

  9. Diana says:

    Jul. 8, 2008

    I called IRS at 1-800-829-0582 M-F 7am – 10pm EST and they ask for an extension number. Does anybody know what the extension number is?

  10. Chad & Stacey says:

    Jul. 8, 2008

    Diana,

    Use extension number 726 when you call, you might be transferred, but that should get you to a real operator.

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