Before You Start
- Have your 2007 Form 1040, Form 1040EZ, or Form 1040A available. You will be entering information from one of these forms.
- The result from this tool is just an estimate.
- Allow approximately 5-10 minutes to complete this tool.
- Please answer all questions on each page
Mailing schedule. Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return. On a jointly filed return, the first Social Security number listed will determine the mail-out time. Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by Apr. 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, paper checks will be in the mail starting May 16. They will be sent in batches over a nine-week period with the initial mailings completed by around July 11. The IRS has recently issued a schedule for payments as direct deposits or paper checks.
To accommodate people whose tax returns are processed after Apr. 15, IRS will continue sending weekly payments. People who file tax returns after April 15 and receive a refund can expect to receive their economic stimulus payments about two weeks after receiving their tax refunds, but not before the date they would have received their payment if the return had been processed by Apr. 15. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by Oct. 15.
Are you eligible? You're eligible if you have a valid Social Security Number (SSN) and show qualifying income of at least $3,000 on your federal tax return. Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment ? if only one has a valid SSN, neither can receive the payment.
Can you use an ITIN instead of an SSN? Taxpayers with an Individual Taxpayer Identification Number (ITIN) instead of an SSN are not eligible to receive a stimulus payment. Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment ? if only one has a valid SSN, neither can receive the payment.
Not eligible at the current time? If your circumstances change and you become eligible after you file your 2007 federal tax return, you can always file an amended return using Form 1040X. If you're not eligible this year but you become eligible next year, you can claim the economic stimulus payment next year on your 2008 tax return.
How do you get it? Just file a a federal tax return for 2007, even if you normally don't have to because your income usually doesn't meet the filing threshhold. You can't get it if you don't file.
How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. We have various examples for you check out.
The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.
Can you estimate your payment? The IRS has created an online calculator that will allow you to answer a few questions and get a quick estimate of your payment amount.
How will you receive the payment? Be sure to choose direct deposit when you file your tax return, even if you aren't due a regular tax refund on your tax return. That way, the stimulus payment will go right to your bank account. Otherwise, we'll mail you a check.
What if some or all of your income consists of Social Security, veterans' or other benefits? The economic stimulus law allows Social Security recipients and recipients of certain veterans' benefits and Railroad Retirement benefits to count those benefits towards the qualifying income requirement of $3,000. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. To get the payment, you have to file a 2007 tax return.
Tax Package 1040A-3 and Form 1040A
Those who normally don't have to file a tax return and can use the short form for the stimulus payment can check out tax package 1040A-3 to see information on, and an example of how to fill out, Form 1040A.
Warning ? Scam Artists Are Calling Taxpayers about the Stimulus Payments
If someone claiming to be from the IRS calls or e-mails you about the payments and asks you for a Social Security, bank account or credit card number, it's a scam. The scammers are trying to get your personal and financial information so they can empty your bank account, run up charges on your credit card and more. Find out more ? see IR-2008-11, IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting.
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