Please see updated information about the stimulus rebates at Economic Stimulus Payments: The Recovery Rebate Credit.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. In order to be eligible for a 2008 tax rebate, you must

• File a 2007 federal income tax return; and
• Have a Social Security number, not an Individual Taxpayer Identification Number (ITIN). (An ITIN is a tax processing number issued by the Internal Revenue Service to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number from the Social Security Administration.)

How much will I get?

• If you are single and your 2007 adjusted gross income is less than $75,000, you will receive a rebate of up to $600. If you are married and file a 2007 joint return with adjusted gross income less than $150,000, you will receive a rebate of up to $1,200. For each child you can claim as a dependent child, you will receive an additional $300.
• If you earned at least $3,000 in income from Social Security and veteran’s disability, you will receive $300 if you are single and $600 if you are married.
• If your only income is from Supplemental Security Income (SSI), you will not qualify for a rebate check.

When will I get my rebate?

The IRS is planning to start mailing rebates to taxpayers in early May. As long as you file your return on time (on or before April 15, 2008), you should receive your rebate by mid-July.

What if I owe money from another year?

The rebates will be subject to collection. This means that if you owe the IRS money for another year, the rebate will be used to pay past-due taxes first. The IRS will send you whatever is left.

This article is from the March 2008 issue of Looking Out for Your Legal Rights^®.