What Do You Have to Do to Get a Check?

– To get a rebate check, you must file a tax return; either a form 1040, 1040A or 1040-EZ federal tax return for tax year 2007.

– Persons who do not normally file tax returns, like retirees, will have to file a 2007 tax return in order to get a rebate check.

When Will the Checks be Mailed?

– The IRS will begin mailing the rebate checks starting on May 2. The Treasury estimates that it should take about 10 weeks for all the checks to be mailed.

– Persons who fail to file their 2007 tax returns by April 15, 2008 and request a filing extension may not receive rebate checks until as late as December.

Who Will Get Tax Rebate Checks? How Much Will You Get?

– Single tax filers with adjusted gross income (AGI) less than $75,000 and couples filing jointly with AGIs less that $150,000 will qualify for full rebates.

– Qualifying single filers (AGI less than $75,000) will get rebates of up to $600. Qualifying couples (AGI less than $150,000) will get rebates of up to $1,200, plus $300 per dependent child, with no maximum on the number of eligible children.

– Persons who owe no income taxes, but earned at least $3,000 in wages, Social Security benefits or veterans disability benefits will get rebate checks of $300 for individuals and $600 for couples.

What if You Made More than the Maximum Income?

You will still get a check, but it will be reduced by 5-percent of the amount you earned above the AGI income caps of $75,000 for single filers and $150,000 for couples. At some income point above the AGI income caps, the rebate checks will phase out completely.

– For Singles, the phaseout levels begin at $75k and end at $87k, at a reduction of 5% per $1,000 over the lower limit. If you earn above $87k, you’re over and thus get nothing.

– For couples, the phaseout levels begin at $150k and end at $174, at a reduction of 5% per $1,000 over the lower limit. If you earned above $174k, you’re over and also get nothing.

Some people won’t get a stimulus payment. How do you know if you’re one of them?

You won’t get a stimulus payment in 2008, if any of the following apply to you:

– Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.

– You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.

– You do not have a valid Social Security Number.

– You are a nonresident alien.

For more on what can work for you, against you, and how to do better this year, go to our new subscriber-based web service at www.jklasser.com .

For further information about JKLasser.com and to receive a complimentary subscription, request a review copy of J.K. Lasser’s Your Income Tax 2008, or to schedule an interview with J.K. Lasser spokesperson, JKLasser.com Contributing Editor Barbara Weltman, Esq., please contact:

Nancy Colson 
Managing Director 
The Alternative: Media Placement Specialists
212-246-1580/ ncolson@nyc.rr.com