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| Version | User | Scope of changes |
|---|---|---|
| Mar 24 2008, 7:15 AM EDT (current) | onlinetax | |
| Mar 20 2008, 8:22 AM EDT | onlinetax |
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| IRS Tax Rebate - File Taxes Now Get IRS Stimulus | ||
| Get Your IRS Tax Rebate File your 2007 Tax Return and get your IRS Rebate Check.  |  | |
| Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. But there are more details to know about. Find out more here and visit this page regularly for the latest updates. Basic Eligibility Q. What do I need to do to get an economic stimulus payment? A. All you need to do is file a federal income tax return for 2007. Even if you are not otherwise required to file a tax return, you must file a 2007 return in order to receive a payment this year. Although some filers, such as high-income filers, will not qualify for a stimulus payment, most will. In most cases, you will fill out your return, reporting all your income, deductions and credits as you normally would. But even if you are not required to file, you must file a 2007 return to get a stimulus payment this year. Low-income workers, Social Security beneficiaries, certain railroad retirees and those who receive certain benefits from the Department of Veterans Affairs who normally do not file may receive a stimulus payment if they do. The IRS will provide special filing instructions for those who do not otherwise have a filing requirement. The instructions will explain which lines on the tax return the filers need to complete. You do not need to calculate the amount of the stimulus payment. If you qualify, the IRS will automatically figure it and send it to you. The IRS will also send you a notice showing the amount of your payment. You do not need to call the IRS or fill out any other special forms. Q. How do I find out if I am eligible? A. Most people with a 2007 net income tax liability will qualify. This includes most people who get tax refunds. Net income tax liability is the amount shown on Form 1040, Line 57 plus the amount on Line 52. For 1040A filers, it is the amount on Line 35 plus the amount on Line 32. For Form 1040EZ filers, it is the amount on Line 10. Families with children under 17 generally will qualify for an additional payment. Some people with no tax liability also will qualify. This includes Social Security and Railroad Retirement beneficiaries, recipients of certain veterans payments, low-income workers with earned income and/or benefits of at least $3,000 and individuals who have combined income of at least $3,000 from any combination of these sources. Some higher-income taxpayers will not receive a stimulus payment or will receive a reduced payment. Q. If I'm filing a tax return this year just to get a stimulus payment, by when do I have to file? A. The IRS encourages everyone to file by the normal April 15 tax deadline: The sooner you file the sooner you can receive your stimulus payment. But if you have obtained a valid six-month extension to file or if you are filing to establish your eligibility for the stimulus payment, filing by Oct. 15 means the IRS can process your return and issue a stimulus payment before the end of the year. Q. My child just turned 17 in December 2007. Do I still get the extra child payment? A. Not in this case. Eligible taxpayers who qualify for a payment may receive an additional $300 for each qualifying child. But to qualify, a child must be under age 17 as of Dec. 31, 2007. In other words, if a child was 16 or younger at the end of 2007 and meets the other eligibility requirements, then the child will qualify for the $300 stimulus payment. Q: I know some people will not get a stimulus payment. How do I know if I am one of them? A: You will not get a stimulus payment in 2008, if any of the following apply to you: You do not 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 elses return. For example, this would include a child or student who can be claimed on a parents 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. Source : irs.gov | ||
