Economic Stimulus Package - "How will that affect me?"

Economic Stimulus Payments

Starting in May, the U.S. Treasury will begin sending economic stimulus payments to more than 130 million individuals. The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive this payment. Here are a few facts on these payments.

A worker or beneficiary must file a 2007 federal tax return to get the payment even if he/she would not regularly be required to file a return.

To obtain the payment, an individual must have at least $3,000 of qualifying income.

Qualifying income includes earned income such as wages, net self-employment income, and Title II Social Security benefits such as Social Security Disability Insurance benefits.

Qualifying income does not include Supplemental Security Income (SSI).

The minimum stimulus payment for an individual who has little or no tax liability is $300.

The stimulus payments will not count toward or negatively impact any other income-based government benefits, such as SSI and food stamps.

For more detail, check out the IRS web site at: www.irs.gov.