199563 Resource 147688 147761 147761 1205526122670 1205526122670 Controlled Economic Stimulus Payment Notice

many of our employees have asked about the "Economic Stimulus Payment Notice". The notice below is what I received in the mail this week.

Economic Stimulus Payment NoticeDear Taxpayer:We are pleased to inform you that the United States Congress passed and President George W.Bush signed into law the Economic Stimulus Act of 2008, which provides for economic stimuluspayments to be made to over 130 million American households. Under this new law, you may beentitled to a payment of up to $600 ($1,200 if filing a joint return), plus additional amounts for eachqualifying child.We are sending this notice to let you know that based on this new law the IRS will begin sendingthe one-time payments starting in May. To receive a payment in 2008, individuals who qualify willnot have to do anything more than file a 2007 tax return. The IRS will determine eligibility, figure theamount, and send the payment. This payment should not be confused with any 2007 income taxrefund that is owed to you by the federal government. Income tax refunds for 2007 will be madeseparately from this one-time payment.For individuals who normally do not have to file a tax return, the new law provides for payments toindividuals who have a total of $3,000 or more in earned income, Social Security benefits, and/orcertain veterans' payments. Those individuals should file a tax return for 2007 to receive a paymentin 2008.Individuals who qualify may receive as much as $600 ($1,200 if married filing jointly). Even if youpay no income tax but have a total of $3,000 or more in earned income, Social Security benefits,and/or certain jointly).In addition, individuals eligible for payments may also receive an additional amount of $300 foreach child qualifying for the child tax credit.For taxpayers with adjusted gross income (AGI) of more than $75,000 (or more than $150,000 ifmarried filing jointly), the payment will be reduced or phased out completely.To qualify for the payment, an individual, spouse, and any qualifying child must Security number. In addition, individuals cannot dependent of another taxpayer or they filed a 2007 Form 1040NR, 1040NR-EZ, 1040-PR, or1040-SS.All individuals receiving payments will receive a notice and additional information shortly before thepayment is made. In the meantime, for additional information, please visit the IRS website atveterans' payments, you may receive a payment of $300 ($600 if married filinghave a valid Socialreceive a payment if they can be claimed as awww.irs.gov. 10 application/xml false bush irs notice stimulus package Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 jimt 67.41.223.170 false true false false true 147688 blog blogsite/StaffScapes/web