There is even a pay schedule now for those of us that want to know when do I get my money? I need it now! Economic stimulus payments will be issued according to the last two-digits of the main filer’s Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16.

DIRECT DEPOSIT

PAPER CHECK

People who file a return after April 15 will receive their economic stimulus
payment, but probably about two weeks later than the schedule shows. A
return must be filed by October 15 in order to receive a stimulus payment
this year.

The IRS website has lots of great information to answer all the questions we all have.

Recipients of Social Security Benefits

Recipients of Veterans’ Benefits

Railroad Retirement Recipients

Low-Wage Workers

The IRS has even went as far as to give examples of different tax scenarios:

Married with Children

Married without Qualifying Children

Married Filing Separately

Single (Head of Household) with Children

Single without Qualifying Children

What do you have to do to make sure you get the rebate? Absolutely nothing. To be eligible for payment just file your 2007 tax return and the IRS will take care of everything else. The IRS will use your 2007 tax return to determine your eligibility and to calculate the amount of your rebate. Those who are eligible will start receiving their rebates starting in early May. If you already filed your tax return with direct deposit, your rebate will also be direct deposit. Rebates will be given out until December 31, 2008 .

What if my income is only social security? If you have qualifying income of $3000 you will receive a rebate of at least $300. Qualifying income issocial  security, certain railroad retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. Even if normally you do not fill out a tax return and your income falls into this category, you need to file taxes in order to receive a rebate. This is especially true for those who receive social security and veteran’s benefits.

So basically to make sure you get a refund you need to file a 2007 tax return.

For more information: facts about the 2008 Stimulus Payments  instructions for low income and Recipients of Social Security

Some taxpayers will start getting their checks as soon as May.There are a lot of rules concerning who would qualify for what.  The Treasury Dept. wants to give money to people who are most likely to go out and spend it.

The whole things seems very confusing. If you worked last year and at least made $3000, you would get a rebate of $300. You would get this money even if you did not pay any taxes in 2007.

If you learned less than $3000 you will not qualify to get the rebate. Included in this group are the wealthy and older people who live soley on Social Security.

If you made more than $75,000 and are single or made more than $150,ooo as a couple you would still get a rebate check. It just would be smaller.

You do not have to be working to get a rebate check. If you are retired and living on a pension or unemployed you may qualify to get a check.

If you are middle class, it seems a little less confusing. Individuals would get $600, couples would get $1200.  The rebate will up $300 for each additional child.

People who made less than $75,000 would get a rebate that is the same amount as they paid in taxes. Couples who made less than $150,000 may get as much as $1200. If you made more than $3,ooo and owed no taxes or very little. You will get $300 or $600 if you are a couple.

Whewww! This is just too confusing! It seems like the only people getting left out are the rich and senior citizens. That does not make any sense to me. The seniors should get a little something right?

You can read more at AOL News   Boy does my head hurt

After searching on the web, I found an article at fox business. The article has information detailing what type of tax payers will actually qualify and why. There seems to be a base amount you can get and $300 for each additional child.

The bottom line is over 100 million families will get the tax rebate, if the bill becomes a law. If it does become law, checks will not be mailed until at least 60 days later.

I found a rebate calculator, could not get it work here but it is up on my other blog

UPDATE: As of 2/18/08 this information has changed