Sunday, March 16, 2008

The IRS Sends An Economic Stimulus Payment Notice.

The images above are from the recent notice that the IRS is sending out to taxpayers to tell them about the Economic Stimulus Payments that most people will qualify to receive. If you qualify for the stimulus payments, all you need to do to get the payment is file a 2007 tax return. Ordinarily, certain taxpayers are not required to file a tax return if their income falls below a certain amount. The notice serves to tell these people that even if they are not required to file for 2007, they should file a 2007 tax return if they want to receive the payments. The message? If you do not file a 2007 tax return, the IRS will not know that you are entitled to a payment and you will not get one.

Generally, to qualify for the payments a person must have $3,000 or more in earned income, Social Security benefits, and/or certains veterens' payments. People may be able to receive up to $600 ($1,200 for those married and filing a joint return). A taxpayer may also get a $300 payment for each child. The payments will be phased out and eliminated for those with an adjusted gross income in excess of $75,000 ($150,000 for married filing jointly).

Once a return is filed, the IRS will sort out the amount of payments that you should receive. If you want to read the full notice on the Economic Stimulus Payments, just click on the above image for a full screen view.

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