Michelle_Williams's Blog

What could be better than that?  The check is in the mail!  The government's economic stimulus payments are on their way.  Remember you must file a 2007 tax return in order to receive the payment.

Here are some answers to your frequently asked questions: 

Q. I received a check in the mail from the federal government. How can I tell whether it is my stimulus payment?

A. Look for the words, “2008 Economic Stimulus Payment” on the front of the check, below your address.

Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?

A. Your economic stimulus payment will be based on information provided on your 2007 income tax return.

Many, but not all, taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.

Your payment may be less than the maximum for one or more of the following reasons:

• You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
• You are married and your net income tax liability is less than $1,200.
• You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
• You are married filing a joint return and your AGI is more than $150,000.
• You owe back taxes.
• You have non-tax federal debts such as unpaid student loans or child-support obligations.

Around the same time you receive your payment, you will receive a notice from the IRS explaining how your payment was figured. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts.

Q. The notice I received shows that I should have gotten more than the government actually deposited into my bank account. Did something go wrong?

A. It could be that the amount deposited into your bank account was what remained of your stimulus payment after it was offset for money you owed on back taxes or other debts such as a student loan or child support. If this is the case, you’ll receive an additional notice, providing details on the offset.

So when will you receive yours? 

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return. 

People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the dates listed in a schedule the IRS just released.  Click here to find out when you will get your check:

http://www.irs.gov/irs/article/0,,id=180250,00.htm
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People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year.