Quick facts on the Economic Stimulus Package
Written on February 14, 2008 by David C. Sarnacki
The Recovery Rebates and Economic Stimulus for the American People Act (February 13, 2008) is the federal “rebate” program highlighted in the media recently.
Who will receive rebate checks?
1. Americans who paid income taxes in 2007 will receive at least $300 for an individual, with married couples receiving at least $600, plus an additional $300 per dependent child under age 17. The rebate total is reduced by $50 for every $1,000 above the income limits of $75,000 for individuals and $150,000 for married couples.
2. Americans who earned at least $3,000 in 2007 will receive $300 if single or $600 if a married couple even if they did not have a tax liability.
What needs to be done to get a rebate check?
File a 2007 tax return.
When will the rebate checks be issued?
The IRS will start mailing out rebate checks in May.
Posted in Finances/Tax
March 31st, 2008 at 4:08 pm
The income from the “economic stimulas” package will be taxed as income on you 2008 federal return.
Will the full amount then be deducted from your 2009 Income Tax return?
Please help me find the answer and the true facts behind this issue.
Thank you
April 27th, 2008 at 11:54 pm
Please tell me when is the law will make the limit of conventional loan to expend to $700,000 K under the law. I have jumbo loan of $470,000 and is not qualified for conventional loan of 6%. Loan of this size is now have an interest rate of 9% which will be impossible for me to pay next year and may have to file bankcuruptcy
Lakshmi
April 29th, 2008 at 2:54 pm
When filing jointly what social security number will be used to send the stimulus check. ONe spouse has a ss number that ends in 04 and the other 85. When will it be scheduled to go out?