Information on Stimulus Payments
From TaxAlmanac
Information on Stimulus Payments
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
The vast majority of Americans who qualify for the payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. The IRS will use information on the tax return to determine eligibility and calculate the amount of the stimulus payments.
For more information on the stimulus payments, including the amounts and eligibility requirements:
- View IR-2008-18, IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate.
- View FS-2008-15, Facts about the 2008 Stimulus Payments.
- Listen to the Feb. 13 media briefing on the economic stimulus checks (click link at bottom).
- Listen to IRS acting Commissioner Linda Stiff summarzing the key points of the economic stimulus payments in English or in Spanish (click link at bottom).
Stimulus Payment Examples
The eligibility for and amount of stimulus payments to taxpayers will vary according to their income and family situations. Here are the various scenarios:
- Married with Children
- Married without Qualifying Children
- Single (Head of Household) with Children
- Single without Qualifying Children
Information for Recipients of Social Security Benefits
The IRS and Treasury will be working closely with the Social Security Administration along with beneficiary organizations to ensure that all eligible individuals know what to do to receive a stimulus payment.
For more information, view FS-2008-16, Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits.
Information for Recipients of Veterans' Benefits
The IRS and Treasury will be working closely with the Department of Veterans Affairs along with beneficiary organizations to ensure that all eligible individuals know what to do to receive a stimulus payment.
For more information, view FS-2008-16, Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits.
Consumer Alert on Rebate Scams
Taxpayers should be aware that there are identity theft scams involving the proposed advance payment checks, known informally as rebates to many Americans. The IRS knows of at least one telephone scam making the rounds which uses the proposed rebates as bait.
