Economic Stimulus Rebate Rules

Public Servcie Announcement: Approximately 20 million citizens who relied exclusively on non-taxable income (Social Security, SSI, VA disability or survivor compensation,) of at least $ 3,000 in 2007 are eligible for an economic stimulus rebate. However, qualifying persons must file a 2007 tax return (IRS Form 1040A) to receive the payment. The return must be filed no later than October 15, 2008. Those with only non-taxable income of at least $3,000 will receive $300 ($600 for couples).

As early as May, the IRS will be sending the stimulus payments to some 130 million households. People with taxable wages, investment income, or retirement income in 2007 will receive rebates of up to $600 for individuals ($1,200 for couples). Full payments will go only to single people with less than $75,000 in adjusted gross income ($150,000 for couples). Rebates will be gradually reduced for those with higher incomes, and people making over $87,000 ($174,000 for couples) won't get any rebate. Anyone qualifying for a rebate will receive an additional $300 for each dependent child under age 17 residing in the household 31 December 31, 2007. Additional IRS guidance

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