Economic Stimulus Payments or Rebates

First, there are two programs, one is for wage earners and the other for low income/retirees.

The wage earner program

The income is for 2007, and you must file a tax return on time.

 

If you had earnings under $150,000 per couple ($75,000 for individuals) and 

did not get a rebate of all your withholding, then you should receive a check for $1200 per couple ($600 per individual) or the amount kept by the IRS. (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.)

Add $300 per child under 17, nothing for dependents or over 18.

Important that the top limit is earnings and not interest, dividends, or capital gains.

Social Security / Retirement

The income is for 2007, and you must file a tax return.

If you had Social Security or retirement income of $3000 or more, 

you will receive $600 per couple ($300 for individuals).

Add $300 per child under 17, nothing for dependents or over 18.

 

Here is the sample return,

 

http://eastmill.com/Economic/SS Only 1040a example.pdf

 

make sure you write on the top “Stimulus Payment” 

Use the following link for the form that you can type on and print.

 

http://eastmill.com/Economic/f1040a.pdf

Low Income

If your earnings were over $3000 (can include Social Security Benefits)

you also receive $600 per couple ($300 per individual).

Add $300 per child under 17, nothing for dependents or over 18.

 

If you do not need to file because of income, use this example to file-

 

http://eastmill.com/Economic/low income 1040a example.pdf

 

make sure you write on the top “Stimulus Payment” 

 

Use the following link for the form that you can type on and print.

 

http://eastmill.com/Economic/f1040a.pdf

Decedent

Estate should file 1040a, even if filing an estate tax return.

                    If they were alive in 2007, the estate will receive $300

The Bottom Line is if you had income of $3000 or more of wages and/or retirement income in 2007,

and were not claimed as a dependent, you should receive a check, but you must file a return.

 

For details and updates, check the following at IRS.

 

http://www.irs.gov/irs/article/0,,id=177937,00.html

From Maine, mail to - 1040A

Department of the Treasury

Internal Revenue Service Center
Andover, MA 05501 -0015

 

on-line calculator from IRS to see if you will get a check, maybe, send in the forms regardless.

Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15