Don’t lose your rebate check or stimulus check

By: Robert A. Johnson

President Bush signed the 2007 economic stimulus package, what does that mean for you? For starters it could mean a tax-free check for you to spend anyway you see fit. The estimates are the minimum check will be three hundred for single person and twelve hundred for couples. With an additional three hundred dollars possible for each eligible child. “Great,” you may be thinking, “where do I sign up?” Well, you don’t, at least not exactly.

How to Get Your Stimulus

The only way to receive your 2008 economic stimulus check is to file a 2007 tax return. For most people that will not be a problem, if you work at all in this country you should make enough that you are required to file a tax return each year. However, there are a few folks who slip through the cracks on this one and need to be aware of what they should do.

Social Security

If you draw social security, you could still qualify for the 2008 stimulus check. What you will need to do is either go into the office of a local tax preparation office or, if you are internet savvy, go online to the IRS website and view the list of providers offering free tax filing for people whose income falls below $54,000 a year. If you are going into the office, take with you the 1099 the Social Security Department sends out each year showing how much you drew. One important note; some people receive supplemental security income or SSI, this is not eligible income for rebate check purposes.

Low Income

The federal guidelines say that if you make less than $8,750 per year for singles and $11,250 you do not have to file a tax return. Well for the economic stimulus check, you had to make at least $3,000. That means if you previously fell in one of the first two categories you more than likely did not file. So in order to receive your check you are going to need to file before a 2007 income tax return before October 15th deadline. Update, if you still have not filed a tax return you will be able to file a late return in January and still receive an economic stimulus check if you are eligible.

Income Tax Return

Many may be concerned that by filling out a tax return they will have to pay taxes normally not assessed to them. This is not the case the only reason you must file one is to assess your eligibility for the stimulus check and determine exactly how much it will be.