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Tax Tips IPS Features |
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-To get a payment, most taxpayers need do nothing but file their 2007 tax return as usual. -The IRS will calculate the payments based on information from your 2007 tax return and, if you qualify, send you a payment. -Most filers who chose direct deposit on their 2007 tax returns will have their stimulus payments delivered the same way. -Payments will begin in May and will go to more than 130 million taxpayers. -Individuals whose 2007 adjusted gross income exceeded $75,000 ($150,000 for married couples filing jointly) may get a reduced payment or no payment at all. -The payments will be a maximum of $600 for eligible individuals, $1,200 for married couples filing jointly. Add $300 for each qualifying child. -People who have no tax liability but have at least $3,000 income for 2007 from earned income, Social Security benefits, certain Railroad Retirement or certain veterans’ benefits may qualify for a payment but MUST file a 2007 tax return to get one. -Individuals who have no tax liability but qualify for a payment will each get $300 – but only if they file a 2007 tax return. -The payments will not affect your 2007 or 2008 regular tax refund nor will they have to be paid back. They are not subject to federal tax. -Taxpayers must have valid Social Security numbers to qualify for a payment. -The IRS will issue two informational notices about the payments, but taxpayers should be wary of scams such as phone calls or e-mails from IRS imposters soliciting personal information and promising a “rebate” or other type of tax payment. The ONLY form you need to fill out to get a stimulus payment is your 2007 federal tax return. -Check www.irs.gov for details and updates.
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