Qualifying for an ‘Economic Stimulus’ Tax Rebate Check
Tip It!Update: Here is official guidance on qualifying for the tax rebate straight from the IRS.
While Congress still hasn’t passed the proposed $150 billion economic stimulus package that promises tax rebate checks for the majority of Americans, you might be wondering how much you’ll qualify for under the proposed terms of the plan.
Well, wonder no more…
Just plug the appropriate numbers into the calculator below and you’ll know where you stand.
Once you know how much you’re getting, be sure to swing by and participate in my poll about whether you’ll save or spend your economic stimulus check.
Published on January 28th, 2008 - 77 Comments
Filed under: Economy, Taxes
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Free Filing to Get Your Economic Stimulus Tax Rebate Check» Haven’t Received Your Tax Stimulus Rebate Yet?
» Second Stimulus Check? Another One Might be on the Way
» House Approves Tax Stimulus Package
» Tax Stimulus Rebate Payments to Start Early
» Tax Stimulus Rebate is Now Law
» Income Tax Filing Extensions and Your Tax Rebate
» Economic Stimulus Spending: Expecations vs. Reality
Was this article useful? Please sign up to receive our content via e-mail:
77 Responses to “Qualifying for an ‘Economic Stimulus’ Tax Rebate Check”
Top Cards by Category
Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Receive 10,000 Membership Rewards bonus points when you spend $1,000 in 3 months of Card membership.
No Balance Transfer Fee!* 0% Intro APR for up to 15 months on purchases and balance transfers. This card offers Blueprint, free and customizable account features that help you avoid unnecessary interest and pay your balances down faster.
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.
5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Ethanol Blended Gas = Lower Mileage?
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
- Would the "Fair Tax" Gut the Economy?
How to save money on insurance
- Five Myths About Renter's Insurance
- Own Your Investments, Rent Your Fun
- Citibank to Issue Credit Cards in China
- Heartstrings and Pursestrings
- Saving Money at the Grocery Store: Store Brand Pricing on the Rise
- Missing Tax Paperwork?
- Is Your Investment Allocation Right?
- Chase Freedom Experimenting With Quarterly Rewards Auto-Enrollment
- Income-Based Repayment Plans for Student Loans
- Will the IRS Disallow Backdoor Roth Contributions?
January 29th, 2008 at 10:14 am
So is it that you owe taxes or paid taxes??
CNN:
“Sources on Capitol Hill and at the Treasury Department said the plan would send checks of $600 to individuals and $1,200 to couples who paid income tax and who filed jointly.
People who did not pay federal income taxes but who had earned income of more than $3,000 would get checks of $300 per individual or $600 per couple.”
(source)
The wording is interesting, it would mean a difference of $300, thoughts?
January 29th, 2008 at 10:58 am
What I don’t like is that this is based on 2007 AGI and had I known there was an income cap I might have “managed” my AGI differently. For example, capital gains/losses, expenses for rental property, etc. could all have been manipulated to keep me under the cap.
Still hoping when all is said and done I can get my AGI under $75K.
January 29th, 2008 at 11:53 am
Does this package include any consideration for interest/investment income?
For instance, I am well below the AGI threshold, but if our interest income is greater than $2,900, we do not qualify for the earned income credit.
January 30th, 2008 at 6:49 pm
I have 2 teenage kids that each earned more than $3,000 last year at their part time jobs. We can/will claim them on our tax return – and they will file their own returns to get a refund of the excess tax they’ve paid.
If they would get their OWN $600 check, would it make sense to NOT claim them on our joint return as dependents?
Looks like a difference of $300 each. (we will be approaching the $150K AGI limit).
January 30th, 2008 at 7:08 pm
Thanks so much for the calculator… Much simpler than I thought.
February 1st, 2008 at 7:16 am
What are we going to do with our rebate if and when we recieve it? First we’ll say a small prayer of thanks for the GOP. But we’ll be feeding the snowball, baby …. and just keep working on melting down that monster!
February 2nd, 2008 at 5:00 pm
Whew. That answers my question whether they’d use adjusted gross income or not…
February 3rd, 2008 at 5:14 pm
If I am reading all this correctly, it is based on 2007 income…… I can retire this year then, instead of working to make sure I get this credit……
February 4th, 2008 at 4:33 pm
It looks like I’ll get $600…that would be nice…my emergency fund could use a boost!
February 6th, 2008 at 11:53 am
What if I have a kid in early 2008? Do I get to claim the $300?
February 7th, 2008 at 6:58 pm
what if you have a lien on your taxes? my spouse does for old taxes? will this make a difference in getting or not getting a rebate?
February 8th, 2008 at 6:41 pm
I have other children who I pay child support.
Would this money go to back child support? As I work seasonally and child support isn’t paid when I’m out of work until the next season. Thanks
February 11th, 2008 at 12:28 pm
Your calculator is complete nonsense. It doesn’t correspond to the President’s proposal, the House version, the Senate version, or the final version of the bill (which is now law). You obviously copied this from another website, as various versions of this inaccurate “calculator” are floating around. Obviously, whoever created it never read the proposed legislation and/or didn’t understand it.
However, you don’t need a calculator to compute your rebate:
For single taxpayers, the “rebate†amount is the lesser of net income tax liability or $600. If the taxpayer has earned income or social security benefits in excess of $3,000, they will receive a minimum rebate of $300. If someone qualifies for either (the normal or the minimum) rebate, they will also receive a credit of $300 for each of the children claimed as dependents on their returns.
For married taxpayers, the minimum and maximum rebate amounts double to $600 and $1200 respectively. Everything else remains the same.
So, to figure your rebate, compute your income tax for 2007. If that is less than the $600 (or $1200) maximum, that is your rebate amount. Otherwise your rebate amount is the $600 (or $1200) maximum. If your computed rebate is LESS than the $300 (or $600) minimum, your rebate amount is the applicable minimum. Now, add $300 per dependent child. Voila! No need for an inaccurate calculator!
February 11th, 2008 at 12:34 pm
Um, yeah… I linked the calculator from PBS.org with attribution (see the link immediately following the calculator). As I noted, the calculator is based on the original House version of the economic stimulus plan. You might also have notice that this was published back on January 28th, and was current given what was known at that point in time.
Also, your description of how to determine your rebate completely ignores the income limits.
February 11th, 2008 at 2:16 pm
What the citizenry is failing to understand that the rebate checks that they will be recieving is not the U.S governments, but this is your money.
When rebate checks were given in 2001, people were disappointed to see that their subsequent tax returns to be reduced for the 2002 tax year. Yes, this money is nothing more than a future advance on your tax return that you will pay back next tax season. Think about it…where is the money coming from.
Americans have borrowed a significant amount of money from foreign countries to pay for the Iraq war.We are in a deficit. They developed this economic stimulus package to get our country out of a recession, again off the backs of the poor, and the middle-upper middle class.
February 13th, 2008 at 3:56 pm
Similar to earlier question. If there is already an offset for student loans, etc. will you receive this rebate or have it applied to debts?
Can it be requested by another means than filing a return? i.e. if someone is filing an extension will they have to wait until later in the year to receive a rebate?
February 16th, 2008 at 9:25 pm
I think the calculator has some problems. One at http://www.yourmoneypage.com is more accurate.
February 21st, 2008 at 7:07 pm
If youve already done your taxes the amount of the rebate check you should recieve is the amount shown on line 44 of your return forms. Then if you have children add $300 per child.
February 23rd, 2008 at 12:56 pm
ok,here’s a question, my wife and i filed jointly,we only had a A.G.A. of 13,214.00 my wife works,but i’m on S.S.D.,needles to say,my social security benefits are not taxable.and we had a tax liability of $0 so do we qualify for this rebate?
February 25th, 2008 at 4:30 pm
I have a child who is over 17 and going to college and claim him as a dependant, will I receive a $300 rebate for him?
February 27th, 2008 at 5:34 pm
First time here, It’s kind of interesting, I would like to read more!
February 28th, 2008 at 11:03 am
My Mother is retired and gets Social Security Check but does not need to file taxes each year. does she need to file for 2007 to get a rebate check?
February 28th, 2008 at 11:19 pm
if i am getting social security disability,and i get the rebate will social security or state welfare take it away from me by deducting it from the check
March 5th, 2008 at 10:22 am
A person living on a low income such as social security or disability would NOT qualify for the stimulus rebate because they did not pay in taxes for 2007 or did not file? Is this correct?
Your response to the above question is greatly appreciated. I know a few seniors would like to know if they can expect this or not.
March 5th, 2008 at 11:05 am
This sucks. I just found out that by “child”, they mean any dependant. This includes college students not able to recieve a refund from the Economic Stimulus Plan.
I live in my own apartment, pay my own rent and utlities… Yet I don’t qualify as an independant because I am under the age of 25 and am in college.
Not only that, I will have to suffer the hike in taxes next year to pay for this crap.
Must be nice adults. I guess I am back to my $8 an hour job to take-from-the-poor and give-to-the-rich.
March 6th, 2008 at 1:52 am
Hi Cody,
The reason you can not claim yourself is probably because someone else is probably claiming you and therefore the person claiming you will receive the Stimulus package. Did you file 2007 for yourself?
Wanda
March 12th, 2008 at 11:55 am
i wanted to know if a person is on disability or getting ssa/ssi can they also get the rebate and if so how
March 12th, 2008 at 2:26 pm
how are they going to determine who gets their checks first?
March 14th, 2008 at 4:53 pm
i just like to no if i get the rebate i am on disability on do not havt to fill taxs out do i need to do something to get it
March 16th, 2008 at 6:42 pm
One question I do have when it says did you owe taxes my answer for that is yes and no. I work and live in 2 different states. I work in Kansas but live in Missouri. I got a federal and state return but I owed money in Missouri because my work place didn’t take taxes for Missouri so on that question did you owe taxes for 2007 is that a yes or no?
March 18th, 2008 at 7:53 pm
The Gov really thinks handing its citizens a $600 check is going to help the economy? Everybody is going to just take that money and blow it at Best Buy or Vegas. With as much money as the gov DOESN’T have this doesn’t seem like a wise idea. But whatever, when I retire and their’s no Social Security left I’m sure I’ll think back and be glad I got that $600 check 30 years ago…
March 18th, 2008 at 8:06 pm
“Everybody is going to just take that money and blow it at Best Buy or Vegas”
That’s exactly what they’re hoping. They’re trying to inject money into the economy. Their worst nightmare is that people will save the money and not spend it.
March 19th, 2008 at 10:46 am
I was a stay at home mom of 3 my boyfriend just left me high and dry, can I claim my kids even if I did not work
March 19th, 2008 at 12:38 pm
My Washington County MD. property went up 40% this year, despite property values diving. You can go figure where my rebate will go.
March 20th, 2008 at 12:59 pm
so where do i find the response to the question that was asked???????????????????.i have only recieved other questions the same as the one that i ask in the begining.so WHATS UP WITH THAT,IF YOU CAN’T OR DON’T KNOW THE ANSWER THEN JUST SAY SO.CAUSE I HAVEN’T GOT AN ANSWER YET.SO I YOU CAN’T HELP THEN REMOVE ME FROM YOUR MAIL LIST.THANK YOU AND HAVE A BLESS DAY,SINCERELY JANET
March 20th, 2008 at 1:20 pm
Janet, if you need detailed tax guidance, then your best bet is going straight to the source. IRS.gov has a wealth of information, including a calculator that takes into account more of your tax details:
http://www.irs.gov/app/espc/
March 21st, 2008 at 8:08 pm
I have a job, but my parents still claim me because I am a full time student in college. I filed my own taxes. Will I be getting a rebate check?
March 23rd, 2008 at 4:44 pm
I am confused. I have a daughter that just turned 18 on may 7 of 2007 will she still be a dependant child for rebate check? alco i have a 23 year old son who is in college and also works can i claim him also even though he has to file himself
March 29th, 2008 at 12:52 pm
I am 19, in college, and have already filed my taxes. I received a rebate reminder card in the mail awhile ago. Come to find out, I won’t be getting one. Why? Here’s how it works:
My parents claimed my sister and I as dependents of them. We are both over 17 which means my parents will NOT receive the $300 per child rebate. Also, neither my sister nor I will be receiving the $600 because my parents claimed us as dependents!!! These rebates are crap. As a college student any little extra helps to pay loans. Ridiculous.
So if your kids are over 17 you will not get the $300 as parents. If you claimed them on your taxes, your (over 17) dependents will not get anything either. Hope that helps! (The man who prepares our taxes informed me of this!!)
April 3rd, 2008 at 9:52 pm
thanks!!! i should be receiving $900.00 and it will definately come in handy….what a great site!!!
April 5th, 2008 at 11:22 pm
I have 2 granddaughters age 5 and 6 who draws social security checks from their father who is deceased. Their mother does not file taxes because she is disable and draws SSI and SSD. Can the grandchildren file for the stimulus rebate. I know that the mother does not have enough SSD in order to file for the stimulus.
April 8th, 2008 at 8:50 am
I’m sort of confused. I thought that each individual would get $600 then an additional $300 per qualifying child so a total of $900. I’m single head of household with one child…am I getting $600 or $900?? I’ve read a lot of examples online but see different scenarios.
April 25th, 2008 at 7:43 pm
Ok – so I’m a law school student who makes about 25,000 a year working part-time. I get a lifelong learning credit, making my tax refund about 2000. Do I get 300 or 600? It seems that I should get 600, but I think I might only get 300 because I recieved a refund. I paid taxes all year! I did not get all of them back!!
April 30th, 2008 at 8:40 am
Hi You know I have been to a few different websites reading up on when you will get your check and each one lists a different day.One says all those who have direct deposit will recieve theres by May 2 and the next one says if you have direct deposit you will get it by the last 2 digitts of your SSN.And the list goes on.Does anyone really know when direct depositors will get it.Or is this just something the goeverment is using to ease the minds of the american people
April 30th, 2008 at 10:02 am
I would like to know if a credit card is awarded judgement can they take your stimulus check. Thanks
April 30th, 2008 at 12:55 pm
Me and my husband did our taxes at H&R Block and we got our refund on the H&R Block debit credit card, is that considered direct deposit?
April 30th, 2008 at 4:33 pm
rachel- the H&R Block Debit Card is not considered a direct doposit. You should expect your stimulus payment in the mail.
April 30th, 2008 at 8:11 pm
If I have unpaid student loans and hospital bill will my check go to them are me?
April 30th, 2008 at 10:57 pm
What I was wondering on my tax check I will be getting I have one dependent under the age of 17 and I also have another dependent I claimed on my 2007 W-2, my mother since she doesn’t file or anything and I support her will I also get $300.00 for her which will make $1200.00 all together, or do I just get it for me and the child under seventeen??
May 1st, 2008 at 1:20 pm
I JUST WANT TO KN0W HAS ANYONE GOTTEN DIRECT DEPOSIT YET ? DO WE EVEN KNOW IF IT REALLY IS COMING?