| Tax Rebate Information |
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The economic stimulus law allows Social Security recipients and recipients of certain veterans' benefits and Railroad Retirement benefits to count those benefits towards the qualifying income requirement of $3,000. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. To get the payment, you have to file a 2007 tax return using either Form 1040 or the short Form 1040A.
Department of Treasury
FACT SHEET: Examples of How the Economic Growth Act of 2008 will Benefit Americans Married with children*: 1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit. Individual rebate = $600 Qualifying child credit = $600 TOTAL = $1,200
2) Married couple with two children, no wages, veterans' payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit. Individual rebate = $600 Qualifying child credit = $600 TOTAL = $1,200
3) Married couple with two children, no wages, no social security benefits, veterans' payments of $4,000, no federal income tax liability before child tax credit. Individual rebate = $600 Qualifying child credit = $600 TOTAL = $1,200
4) Married couple with two children, no wages, no social security benefits, no veterans' payments, AGI = $25,000, federal income tax liability before child tax credit = $70. Individual rebate = $600 Qualifying child credit = $600 TOTAL = $1,200
5) Married couple with two children, AGI = $35,000, federal income tax liability before child tax credit = $1,070. Individual rebate = $1,070 Qualifying child credit = $600 TOTAL = $1,670
6) Married couple with two children, AGI = $80,000, federal income tax liability before child tax credit exceeds $1,200. Individual rebate = $1,200 Qualifying child credit = $600 TOTAL = $1,800
7) Married couple with two children, AGI = $160,000, federal income tax liability before child tax credit exceeds $1,200. Individual rebate = $1,200 Qualifying child credit = $600 Phaseout reduction = ($500) TOTAL = $1,300
Head of household with children*: 1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit. Individual rebate = $300 Qualifying child credit = $600 TOTAL = $900
2) Single parent with two children, no wages, veterans' payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit. Individual rebate = $300 Qualifying child credit = $600 TOTAL = $900
3) Single parent with two children, no wages, no social security benefits, veterans' payments of $4,000, no federal income tax liability before child tax credit. Individual rebate = $300 Qualifying child credit = $600 TOTAL = $900
4) Single parent with two children, no wages, no social security benefits, no veterans' payments, AGI = $20,000, federal income tax liability before child tax credit = $195. Individual rebate = $300 Qualifying child credit = $600 TOTAL = $900
5) Single parent with two children, AGI = $22,000, federal income tax liability before child tax credit = $395. Individual rebate = $395 Qualifying child credit = $600 TOTAL = $995
6) Single parent with two children, AGI = $60,000, federal income tax liability before child tax credit exceeds $600. Individual rebate = $600 Qualifying child credit = $600 TOTAL = $1,200
7) Single parent with two children, AGI = $90,000, federal income tax liability before child tax credit exceeds $600. Individual rebate = $600 Qualifying child credit = $600 Phaseout reduction = ($750) TOTAL = $450
Married, no children: 1) Married couple with no children, wages of $4,000, no federal income tax liability.
Individual rebate = $600
2) Married couple with no children, no wages, veterans' payments of $2,000, social security benefits of $2,000, no federal income tax liability. Individual rebate = $600
3) Married couple with no children, no wages, no social security benefits, veterans' payments of $4,000, no federal income tax liability. Individual rebate = $600
4) Married couple with no children, no wages, no social security benefits, no veterans' payments, AGI = $20,000, federal income tax liability = $250.
Individual rebate = $600
5) Married couple with no children, AGI = $25,000, federal income tax liability = $750. Individual rebate = $750
6) Married couple with no children, AGI = $60,000, federal income tax liability exceeds $1,200. Individual rebate = $1,200
7) Married couple with no children, AGI = $160,000, federal income tax liability exceeds $1,200. Individual rebate = $1,200 Phaseout reduction = ($500) TOTAL = $700
Single, no children: 1) Individual with wages of $4,000, no federal income tax liability. Individual rebate = $300
2) Individual with no wages, veterans' payments of $2,000, social security benefits of $2,000, no federal income tax liability. Individual rebate = $300
Individual rebate = $300
4) Individual with no wages, no social security benefits, no veterans' benefits, AGI = $10,000, federal income tax liability = $125. Individual rebate = $300
Individual rebate = $325
6) Individual with AGI = $35,000, federal income tax liability in excess of $600. Individual rebate = $600
7) Individual with AGI = $80,000, federal income tax liability in excess of $600. Individual rebate = $600 Phase out reduction = ($250) TOTAL = $350
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