How to Apply for 2007 Economic Stimulus Payments

Recently, President Bush approved a one-time stimulus payment, or rebate as it has come to be known. This was approved in the hopes that it would put some money back into the economy that is spinning out of control. This has raised a lot of excitement throughout the United States from both the working class and benefit receiving citizens. Over 130 million households may be eligible for the rebate.
Basic facts: In order to qualify for the rebate, you must have a valid Social Security number, $3000 in income and you must file a federal tax return. You may be eligible for up to $600 for individuals and up to $1200 if you are married and up to $300 for each qualifying child under age 17 in your household. Those with Social Security benefits, Veteran's benefits or Railroad Retirement benefits and those with low income who don't usually file a tax return must file one in order to qualify. Unfortunately, those on SSI (Supplimental Security Income) are not eligible.

Now getting started. If you have already filed a tax return, you're done. People who file in the regular tax season will start receiving the payments as early as May 2nd if they had their refunds go direct deposit and as late as July 11th if they received their refunds by mail. Late filers should expect the rebate as late as October 15th, 2008.

I am a federal employee working for Social Security. Since this stimulus package was signed into law, we have been flooded with calls questioning how a person on Social Security can file. After all, most people on Social Security, Railroad Board or Veteran's Benefits do not file returns anymore. There are those companies that do taxes as a living but low and behold, there may be fees involved. Many senior centers and community centers may offer to help fill out the necessary forms for little or nothing. Actually, a person can do the work themselves. It really is a simple procedure that will take just a few minutes to do. In fact, IRS will be sending out a 10 page informational package to recipients who don't normally file a return.