February 14, 2008 08:32 am The Internal Revenue Service has included information about the federal government's economic stimulus program and payments to taxpayers on its website. Taxpayers must have a valid Social Security number to be eligible for a rebate. In most cases, taxpayers won't have to do anything extra this year to receive payments other than file a 2007 return, which will be used to determine eligibility and payment. The maximum payment will be $600 for individuals and $1,200 for taxpayers filing jointly, and eligible taxpayers will receive an additional $300 for each child who qualifies for the child tax credit. Payments to higher-income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly. Checks will be sent starting in May after tax season concludes. Payments will be directly deposited into accounts for taxpayers selecting that option when filing their 2007 tax returns. The IRS reminds taxpayers that direct deposit is the fastest way to get regular refunds and stimulus payments. To accommodate taxpayers who file returns later in the year, the IRS will continue sending payments until Dec. 31. Stimulus payments will be subject to application toward tax and non-tax liabilities in the same fashion as regular refunds. Taxpayers who file their returns using an Individual Taxpayer Identification Number issued by the IRS or any number issued by the IRS are ineligible. The IRS.gov website has additional information and soon will have an online tool to calculate payments and to check the status of a specific payment.
—
Copyright © 1999-2008 cnhi, inc.
Photos
