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Category: Affiliate Marketing, Finance/Investing

Economic Stimulus Payments: Get $300-$600 Extra Cash

Author: From-Home.net
March 30, 2008
Category: Finance/Investing

In case you have not heard yet, Economic Stimulus payments will be issued out to qualified taxpayers in about 60 days. This means an additional $300-$600 in your 2007 tax return, which in turn means more money in your pocket this year.

Normally, people who receive wages or self-employment ( e.g work from home) below a certain amount are not required to file a tax return. However, the economic stimulus law passed in February contains a special provision allowing low-wage workers with at least $3,000 in qualified income to qualify for the stimulus payment. There also is a payment of $300 for each eligible child under age 17.

Beginning in May 2008, the Treasury will begin sending economic stimulus payments to more than 130 million households. Eligible taxpayers will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17.

In order to be eligible, you must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return.

You May Be Eligible Even if You Normally Do Not File a Tax Return.

If you have at least $3,000 in certain types of income, you may be eligible for the economic stimulus payment. You also may be able to use Free File - Economic Stimulus Payment.

Basic Eligibility Requirements

Individuals or families must have at least $3,000 in qualifying income, which can be income from or in combination with Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits and earned income.
People must have valid Social Security Numbers.
People cannot be claimed as dependents or eligible to be claimed as dependents on another’s tax return.
People must file a 2007 tax form, i.e. Form 1040A.

To learn more, please visit Economic Stimulus payments information page.