The Senate and the House have both passed a stimulus package designed to give taxpayers rebates totaling almost $170 billion. The government’s hope is that taxpayers will go out and spend this money to spur along the economy.
How much stimulus money will I receive?
Depending on your income level, you may see up to $600 per person, with an additional $300 for each eligible child younger than 17. The rebate starts out at $300 per person, but rises to $600 per person to match the taxes you will pay based on your 2007 Adjusted Gross Income (AGI).
Your AGI is generally lower than your salary, and is based on your earnings after tax deductions such as 401(k) and Traditional IRA investments and other qualified deductions. However, if you earn above a set limit, you may receive less than $600. The tax rebate decreases by $50 for every $1,000 earned above $75,000.
How much stimulus money for dependents
If you are a dependent for someone else’s taxes, you will not receive a rebate even if you earned enough money to qualify for the rebate. If you are over 17 and are a dependent, neither you or your parents will receive a rebate. However, if no one can claim you as a dependent in 2008, you may still receive the rebate in 2009.
The stimulus tax rebate actually is a rebate against your 2008 taxes
This stimulus is a tax rebate against your 2008 taxes, even though they have not yet been filed. Even though this rebate is actually for your 2008 taxes, it will be based upon your 2007 AGI. When you file your 2008 taxes in early 2009, the calculation will be run again. If you should have received a larger rebate, the treasury will send you another check to make up the difference. This would apply to people who had children during 2008, or those whose 2007 AGI was above $75,000, but dropped below that level in 2008. If you income rises and you would have received a lower rebate, you get to keep the difference. At least they won’t ask for a refund! In either case, you do not have to pay back any of this rebate.
When will I receive my stimulus rebate check?
Checks will be mailed beginning in May, and will take approximately 10 weeks to complete. In all likelihood, you will see your check between May and early July. This assumes you file by the April 15th deadline. Those who file extensions will see their returns at a later date. Whatever you do, just don’t spend it before you get it!
For more information, check out the Economic Stimulus Package Frequently Asked Questions.
Update: The economic stimulus checks will be sent out a week early.
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Natalie,
Unfortunately, no. The IRS is not giving rebates for dependents over the age of 17. This applies to both the parents and the dependent. However, if they do not claim you next year, you may be eligible for the refund because the IRS will rerun the calculations.
hello i filled out the form to find out how much my stimulas would be they said i may get 600hundred dollars or it may be reduced if i have a tax libility .sorry but what does that mean.
Sharon, It means that you will get the full $600 rebate unless you have another tax obligation such as an additional withholding from the IRS, or a tax garnishment. Examples of these could include things like overdue student loans or child support, unpaid taxes, or unpaid medical bills. You would most likely know if this situation applied to you.
How do you know if you fall in the 800,000 people who will receive their direct deposit Monday, Tuesday or Wednesday or if you are one of the 5 million who will receive theirs on Friday? thanks
Todd, I don’t know. The IRS hasn’t announced who the first 800,000 people will be. I would just recommend checking your bank account to see if you have received a direct deposit form the Treasury.
Will I receive a Stimulus check if I owe federal taxes? Or will the money be applied to my balance that I owe?
If my tax refund was given to back child support and now i am no longer behind in payments will the rebate money still go to support enforcement because my refund was never deposited into my account but into the support enforcement account
Joe, I don’t have an answer for you there. Because your situation is changing, I would contact the IRS for more details.
What if you had to pay taxes – when will you get the economic stimulus? I had the money directly withdrawn from my account. Does that mean I will receive the stimulus by May 2?
What I would like to know is: My son has no job, but did work in ‘07. He filed a return and he wants to know if he will receive a rebate or will it go to some other agency?
Madelyn,
It depends on his earnings (over $3k), and whether or not he was listed as a dependent on someone else’s taxes. If he is over 17 and a dependent, he will not receive a rebate.
i had asked last week will my step son be getting a check if his only source of living is SSI?????
Diane,
If your step son was not a dependent over the age of 17 on someone else’s taxes, received $3,00 or more from Social Security, and filed his taxes by the April 15th deadline, he may be eligible for a rebate. for more information check out the IRS Economic Stimulus Information Center page.
Thanks for the explanation. Because we are on a low income we only get $300 person. That is a misstatement by the feds who said that people get back $600. But what can you expect from a government that will take it back from people that can least afford it.
Hello folks,
I am 18 years of age, a full time college student and have 2 part-time jobs with a gross income of well over 3,000 per year. My parents claim me as a dependent, so does that mean no check for me??
If so, I will picket with a sign for a few hours to let off some steam.
Joe,
I hate to be the bearer of bad news, but it looks like you will need to get your picket sign ready. The rebate is only good for dependents under the age of 17. Since your parents claimed you this year, you will not be eligible for the rebate. Sorry.
hello,
i am supposed to get the stimulus package directly deposited to my bank account but I had to close the account a few weeks ago. Does any one know what i can do to get the stimulus package?
Riva,
The IRS will attempt to send it to your account, but when they realize it has been closed, they will send you a paper check. However, it may be delayed a little bit.
Comments are closed, but don’t go away!
Thank you for stopping by. I have answered almost 500 e-mails and comments over the last few days. I don’t mind, but I am answering many of the questions multiple times.
Please read Frequently Asked Stimulus Questions.
Hopefully, your question will be answered in that article. If not, leave a comment on that article, and I will do my best to get back with you.
Here is more information about How the Economic Stimulus Check Affects your 2008 Tax Return and about Personal Tax Breaks in the 2009 Economic Stimulus Plan.
Regards,
Patrick
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