Rep. Tiberi: "Receiving the Economic Stimulus Payment"

This came in yesterday...

U.S. Congressman Pat Tiberi (R-OH) reminds Central Ohio residents that the IRS expects to send the Economic Stimulus Payments to recipients beginning in May. Congress passed a bill at the beginning of the year to provide these payments to more than 130 million households as part of the Economic Stimulus Plan.

“This Stimulus Payment will help so many in Central Ohio during this uncertain time. It’s important that families realize this payment is not taxable and it won’t reduce your refund for tax year 2008 or increase the amount of taxes you owe when you file your 2008 tax return,” said Congressman Tiberi. “But it’s important that people understand just who is eligible to receive the Stimulus Payment and that to receive the Payment, you must file a tax return.”

Courtesy of the IRS:

Who’s eligible?
Any citizen is eligible to receive the Stimulus Payment if they show at least $3,000 in income on their federal tax return. Some people with no tax liability may also qualify. This includes Social Security and Railroad Retirement beneficiaries, recipients of certain veterans’ payments, low-income workers with earned income and/or benefits of at least $3,000 and individuals who have a combined income of at least $3,000 from any combination of these sources. Some higher-income tax-payers will not receive a payment or will receive a reduced payment.

How do I receive the Stimulus Payment?
All you need to do is file a federal income tax return for 2007. Even if you are not required to file a tax return, you must file a 2007 return to receive the Stimulus Payment. If you usually do not file a tax return, more information about what form needs to be filed is available in Fact Sheet 2008-16. If you qualify, all you need to do is fill out Form 1040A in a few places. A sample version of Form 1040A illustrates which lines to fill out.

How Much is the Stimulus Payment?
There are two parts to the stimulus payment: a basic amount based on tax liability, filing status, or other qualifying factors and an additional amount based on whether a qualifying child is reported on the return. If a taxpayer is claimed on someone else’s return as a dependent, that person will NOT receive a Stimulus Payment.

The basic payment amount is between $300 and $600 for individuals and $600 and $1200 for couples filing jointly based on income. Eligible recipients, who have a dependent child under the age of 17, will receive an additional $300 for each qualifying child.

For more information visit the frequently asked questions of the IRS website by clicking here.