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NEW: Find links to IRS information on Tax Rebate / Economic Stimulus Check. Click [2]here [3].
As many as 130 million people will receive an economic stimulus check in the coming months.
The sudden influx of cash has a few people confused about just who will get what.
For millions of people filing their income tax return this year, the rebate check is in mail -- well, almost.
Dan Boone, IRS Spokesman says, "For them, it's business as usual, file your 2007 tax return let the IRS process it and we can determine from that return if you're eligible for a check or not."
Boone says starting in May, individuals making less than $75,000 a year can expect about $600. Married couples making less than $150,000 will bank $1200, and each child under 17 in your household could score you an extra $300.
But even folks who don't usually file a tax return but make at least 3 thousand dollars a year can get their portion of the pot.
"Social security or veterans benefits, railroad retirement or maybe those who just have a low income and normally don't have to file a return," Boone explains.
Boone says getting in on the stimulus package is easy enough -- with a 1040A form.
Boone instructs, "Fill out the top part of the return, where you put your name, social security number and of course, check your filing status, sign your return, and at the top, write Stimulus Payment, now that clues us in to the fact that you don't normally file a return."
And that could entitle you to a slightly smaller chunk of change.
But if you're on the government's I-O-U list, don't count that money as good as yours just yet.
"If you owe taxes, back child support, back student loans or things like that that are reported to the IRS, the stimulus payment will be offset to go to that," he says.
But if you don't owe any money, it's happy spending to you. At least that's what the government is hoping, anyway.
The rebate check will not affect your tax returns for 2007 or 2008.
You won't be taxed for this money.
But the IRS recommends keeping the documents that come with the check just in case.
Taxpayers can also use the free online filing system to file for a stimulus payment as well.
Visit www.irs.gov [4] for more details.
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