Economic Stimulus Rebates for Individuals:
Frequently Asked Questions
On February 7, 2008, the Congress passed the “Economic Stimulus Act of 2008.” It was signed
by the President on February 13, 2008. This law will provide lower-income and middle-income
working families, and certain seniors and disabled veterans, with a tax rebate.
What is the stimulus check?
The stimulus check is the payment now of a new tax credit for the 2008 income tax year. The
check is intended to stimulate the economy.
Am I eligible for a stimulus check?
Generally, you are eligible if you file your 2007 income tax return reporting tax liability or have
earned income, social security income, or disabled veterans’ benefits of more than $3,000. If
you are claimed as a dependent on someone else’s return, such as your parents, you are not
eligible. The credit phases out for those taxpayers with an adjusted gross income of $75,000
($150,000 for a joint return) or more, generally at a rate of $50 dollars per $1,000 of adjusted
gross income above $75,000 ($150,000 for a joint return).
What do I need to file to get a stimulus check?
Most taxpayers simply will need to file a 2007 income tax return. There is no additional form
needed for the stimulus check. The Treasury Department will determine the amount of the check
based on your 2007 income tax return and will automatically send it to you. There are special
filing instructions for recipients of Social Security, Railroad Retirement, and certain veterans’
When will I receive my check?
Starting in May, the Treasury Department expects to begin issuing stimulus checks to more than
130 million individuals. It is anticipated that the checks will be issued over a period of months
through the spring and early summer. When rebates were issued in 2001, the checks were issued
over a period of 10 weeks. Since the check is based on information contained in your 2007
income tax return, the check will not be issued until you have filed your 2007 return and it has
been processed. No check