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The Check Will Be In the Mail...Ahh...In A Couple Of Months

social%20security.jpgOkay, here comes the economic stimulus.  If you've seen your retirement investments meltdown by thousands of dollars..I'm not sure this will be very exciting.

How big will my check be?
The proposed package includes up to $600 for single taxpayers and $1,200 for married couples, plus an extra $300 per child. Those who did not pay federal income taxes in 2007 are eligible for $300 per person or $600 per married couple as long as they earned more than $3,000 for the year. High earners are out of luck: The program will be phased out for single taxpayers earning over $75,000 and married couples earning more than $150,000.

When will I get it?
If the deal is approved quickly, people can probably expect their checks by July.

Do I need to pay taxes on it?
No. Rebates are a form of tax relief, according to a Treasury Department spokesman, so they are not taxable.

Posted on Thursday, January 24 by Registered CommenterWise Owl | Comments Off