Stimulus Payments

Stimulus Payments: Facts that you should know about it

In the year 2008, US federal government decided to give cash rebates to the low-income and middle-income taxpayers of US. The government took this decision as they wanted to boost up the US economy by injecting more money into it. As the government wanted to stimulate the economy through these payments, these payments were termed as stimulus payments.

Important Facts
 If you have filed tax return for the year 2007, then you are entitled to receive stimulus payment from the Internal Revenue Service or IRS. So, if you are thinking that wheres my stimulus payment, then you should check out the following points:

• For getting the stimulus payment, you have to have a valid Social Security Number (SSN). Your Individual Taxpayer Identification Number (ITIN) will not suffice.
  
  
• How much rebate you will receive in form of stimulus payment depends on the level of your qualifying income. Wage, self-employment income, retirement benefits, disability benefits are taken into account at the time of calculating your qualifying income. But, supplementary security income and dividend income are not considered in the process.
  
  
• A person, who has been shown as a dependant in someone else’s tax return file, cannot receive stimulus payment.
  
  
• If a married couple applies for the stimulus payment jointly and one of them does not have a social security number, then none of them can get the stimulus payment.
  
  
• You can receive stimulus payment for a qualifying child. The child can be at most 16 years of age as on 31st December, 2007. If the child possesses a valid social security number, then by showing him/her as a dependant, you can claim stimulus payment.