Domestic Diversions

Quick facts on the Economic Stimulus Package

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.


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6 thoughts on “Quick facts on the Economic Stimulus Package

  1. Nancy

    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

  2. Lakshmi C. Mishra

    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

  3. Anonymous

    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?

  4. donna

    my husband and i filed jointly which ss will they use to send out rebate check?

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