2008 Economic Stimulus Payments - Fast Facts - WSFA.com Montgomery Alabama news.

2008 Economic Stimulus Payments - Fast Facts

-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 - via direct deposit if that is what you chose for your normal tax refund.

-Payments will begin in May.

-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 generally 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 generally 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.

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