Tuesday, March 18, 2008
Economic Stimulus Payments
We've been getting a lot of questions about the economic stimulus payments that taxpayers will be receiving in May. Here's some basic information from the Economic Stimulus Payments Information Center. "Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment."