Economic Stimulus Payments

The United States Treasury is gearing up to send economic stimulus payments to more than 130 million taxpayers starting in May of 2008. These payments are part of a congressional effort to bolster a sinking economy. In order to receive a check most taxpayers need only to file their 2007 tax returns.

The amount of the payment depends on the taxpayer’s general tax situation. In most cases the payment will equal the amount of tax liability shown on the 2007 Income Tax Return. The maximum amount of the payment will be $600 for individuals and $1200 for taxpayers filing joint returns. The minimum amount of the payment will be $300 for individuals and $600 for joint filers. Taxpayer’s who have children who are eligible for the child tax credit will receive an additional $300 for each qualifying child. These amounts will be phased out for high-income taxpayers.