How to get your Economic Stimulus Payment or Tax Rebate

With May approaching, the Economic Stimulus Package is on the minds of many Americans, especially in the wake of continually skyrocketing gas prices and increased grocery bills. Well, many of you may be somewhat confused about what you need to do to receive your check, how much it will be, and when you can expect it. This article will give you information on how to determine the amount and date of your stimulus check.

Instructions

Difficulty: Easy

Things You’ll Need:

• Copy of your 2007 Tax Return
• Computer
• Pen and Paper

1. The first thing you will need to do to determine if you qualify for a portion of the Economic Stimulus Package is to file your 2007 tax return. If you have done that, then you need not do anymore. However, you will receive your rebate sooner if you have given the IRS your checking or savings account number for direct deposit.
2. The amount you will receive depends on a couple of different factors. Here is the general breakdown:
   
   Almost everyone, except a small portion of very high earners, will receive a rebate check.
   
   Individuals will receive up to $600 and couples up to $1200.
   
   If you have children under the age of 17 you should receive a $300 rebate for each child, up to three children.
   
   If you have a tax liability of at least $3000.00 you will likely be eligible for a rebate.
   
   For an easy way to calculate the expected amount of your stimulus rebate check, visit this calculator at the IRS website:
   http://www.irs.gov/app/espc/
3. The Economic Stimulus Rebates will begin being sent out in May. Actually, I work at a financial institution and I already have seen many rebates dated to be direct deposited on the 29th of April. You may want to check with your bank on whether there is a direct deposit scheduled for around that time.
   
   Here is the break down of when they are sending out checks, depending on the last two digits of your social security number and whether you had direct deposit listed on your 2007 tax return.
   
   If you have your direct deposit Information listed with the IRS:
   
   00 - 20: May 2
   21 - 75: May 9
   76 - 99: May 16
   
   If the IRS does not have your direct deposit info, paper checks will be mailed:
   
   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
4. According to the IRS website, "The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds."
5. Anyone, who thinks they may qualify for an economic stimulus check, even if you normally don't file taxes, should definitely visit the Economic Stimulus Payment Calculator. Even though the Federal Government encourages everyone to complete their taxes by April 15, you have until October 15 to file and still be eligible for an economic stimulus rebate payment, as long as you filed for an extension to file your taxes.