Economic Stimulus Payments Info CenterQUESTIONS & ANSWERS
Did you…
- Earn at least $3,000 from wages or self-employment last year?
- Receive Social Security benefits or certain veterans benefits from the Department of Veterans Affairs last year?
Even if you are not otherwise required to file a tax return, you may still be entitled to an economic stimulus payment from the federal government.
WHAT YOU COULD GET: You could receive a payment of $300 or $600 if you are married and file a joint return. Taxpayers who qualify for a payment may receive an additional $300 for each qualifying child. To qualify a child must be under age 17 as of December 31, 2007.
WHAT YOU NEED TO DO: File a 2007 IRS Form 1040 or Form 1040A and report at least $3,000 in qualifying income on the form.
QUALIFYING INCOME: Add the amount of your SSA benefits, VA compensation (disability, pension, or survivors’ benefits) to any other qualifying income you have to reach the $3,000 requirement. Other qualifying income would include wage earnings and net self-employment income.
WHO IS NOT ELIGIBLE FOR FOR STIMULUS PAYMENTS? Anyone who does not have a valid Social Security Number, including those who file using an Individual Tax Identification Number (ITIN) or Adoption Taxpayer Identification Number (ATIN). Also ineligible are individuals who can be claimed as dependents on someone else’s return, or taxpayers who file Form 1040-NR, 1040-PR or 1040-SS.
IS THE STIMULUS PAYMENT TAXABLE NEXT YEAR? No!
WILL THIS PAYMENT AFFECT THE AMOUNT OF FEDERAL BENEFITS YOU RECEIVE? No!
WHEN WILL I RECEIVE MY PAYMENT? For those who file a 2007 tax return, the IRS will begin mailing checks in May.
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