Apr
14
IRS Stimulus Payment: How Much Will You Get?
April 14, 2008 |
I’ve received a huge number of questions over the IRS stimulus payments. One of the most frequently asked questions is: How much will I get? Most of the questions I’ve received come from people on disability, retirement or in other lower income situations.
Please see my article on the stimulus payment details for general questions on the payment.
First of all you may qualify for a payment ranging from $0 to $600. How much you get depends on your income and your tax liability. Make too much or too little and you could receive little or no payment.
Low Income
You have to have at least $3000 in qualifying income to receive a payment. If you earn at least $3000 from a job or self employment, combat pay, railroad retirement or Social Security, you should qualify.
Social Security Disability or Retirement and Vet Benefits
If you receive Social Security (SSI) or Veteran’s (VA) benefits you can count the income towards your stimulus payment. However, you need to file a tax return even if you normally do not. You need to file a return so the IRS can determine your eligibility.
Filing a return should not increase your tax liability. You won’t have to pay taxes if you usually do not. The tax return is simply used to calculate your eligibility.
Your likely benefit will be $300. If you’re married filing jointly and your only income is at least $3000 from Social Security then you should receive $600, $300 for each of you.
Examples from IRS Site:
2) Married couple with no children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability.
Rebate is $6003) Married couple with no children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability.
Rebate is $600
Source: http://www.irs.gov/newsroom/article/0,,id=179165,00.html
IRS page on Veteran’s (VA) Benefits
IRS page on Social Security (SSI) Benefits
Low Income Wage Earners
If you work but don’t normally file an income tax return, you’ll want to file one this year. If you have at least $3000 in earned (qualifying) income you should receive a check.
Make sure you file a return. Again, Filing a return should not increase your tax liability. If you don’t normally pay taxes, you won’t have to this year. You have to file a tax return just so the IRS can make sure you qualify for the payment.
Military Personal – Combat Personal
Combat pay is not taxed as income. However, this year if you want to qualify for the stimulus payment you should file a tax return by October 15th. Otherwise you can claim the stimulus payment on next year’s (2008) tax return.
The IRS says:
Military personnel who normally would not file an income tax return because their 2007 income is not taxable can file a simple Form 1040A with the IRS if they want to receive the economic stimulus payment. They should report their nontaxable combat pay on Line 40b of the Form 1040A to show at least $3,000 in qualifying income. The Department of Defense lists the amount of excluded combat pay, along with the designation, “Code Q,” in Box 12 of Forms W-2.
Source: http://www.irs.gov/newsroom/article/0,,id=180339,00.html
Other Disability or Aid Programs
The IRS is pretty clear about what qualifies as income:
- Earned income
- Social security benefits (including social security disability payments)
- Certain railroad retirement benefits
- Nontaxable combat pay
- Certain veterans’ benefits
So if you don’t have at least $3000 from any of these sources then it appears you’re not going to get a stimulus payment. However, if you don’t qualify this year, you may qualify next year. The IRS will let you take the credit next year on your taxes, if you qualify next year (tax year 2008).
More Information
Please see my detailed explanation of the the amount stimulus payment is determined if you have more questions.
IRS handout for people who don’t normally file a tax return (PDF)
Calculator
Use the calculator at the IRS site to estimate your payments. You will need your tax return handy so you’ll want to complete that first.
The Calculator: IRS Economic Stimulus Payment Calculator
Categories Government Taxes Time Sensitive
Tags Economic Stimulus Stimulus Payment Tax Return TaxesRelated Posts
- IRS Economic Stimulus Payment Article Index
- IRS Where’s My Stimulus Payment Web Page
- Is the Economic Stimulus Payment Taxable Income?
- Will There be a Second Stimulus Package or Payment?
- Stimulus Payment: Do My Children Qualify?
Comments
26 Comments so far
[...] IRS Stimulus Payment: How Much Will You Get? [...]
hi my name is roberto ayala and i want to know how much well not exatlyhow much but more or less of the money i qualify for..i have two childrens and well yeah thats my question please send me a message with the answer i you can
Roberto,
You can find that out by using the IRS tax calculator. You need a copy of your tax return. Go to the tax calculator at http://www.irs.gov/app/espc/
hello everyone ,,,
i filed tax2007, which is direct deposit .. after i received my income tax return i closed my bank account.
then about the address were using P.O box now? which is the record of HR block physical address they dont have P.o BOX ADDRESS?
is their any chance that we can still economic stimulus payment?
we both draw social security disability benefits, but on our 1040 after calculating the social security info, we did not havae to pay taxes on that money so it does not show up on the return, how will the irs know we draw social security?
Arlene,
What address did you use on your tax return? Your payment will be sent to that address.
Linda,
Did you have enough income to qualify without social security?
You can use the IRS calculator to find out: http://www.irs.gov/app/espc/. If not you may be able to file an amended return.
I only made about $20,000 last year. I am a dependent and did file my taxes. Will I be getting the $300 or how will I know. I tried to use the IRS caculator but it’s not making sense. Thanks!
they ask physical address…
the HR block personnel told me they dont need P.O box….
Leslie,
If you can be claimed as a dependent then that person who claimed you will get the money, not you. However if you are over 17(18+) then they won’t get the money either.
Are you sure someone can claim you as a dependent?
Would a person who meets the income requirements still receive a stimulus payment even if an extension is filed?
Dan,
You have to actually file your taxes before you receive a payment.
I am married with no kids and my husband earns 36k (only 30k is taxable) and I don’t work. We filed jointly but I still don’t understand how much we will get. I read that it doesn’t matter if only 1 spouse worked, its the total income that matters when you file jointly. We paid over 1600 in taxes, which I thought meant we would get 1200 back in the rebate, but then I heard that the tax witheld is not the same as tax liability.
So what’s our tax liability? What will we get back?
My son is 18, I claimed him as a dependant. I know I will not get 300 for him-will he receive 300?
Hi, I filed married joint return on my taxes and had just got my rebate for $1,200. I also use my mom who is on social security disability and my dad who is on social security as well and I claim them as my dependents. Do they qualify for a rebate? And do I have to file for both of them to get the return. I heard if anyone claim them as a dependent on their tax return, that this will not qualify them. Which is true?
I am married with one child. I am a full time student and only my husband worked. How much should we be getting snice I don’t work and only my husband worked.
PA,
Did you try the calculator at the IRS site: http://www.irs.gov/app/espc/
My husband and I filed a joint return for 2007, with close to 10,000 AGI. My parents still claimed me as a dependent, but we claimed the exemption for my husband. Are we still eligible for his $600, or are both lost because I can be claimed?
Polly,
He shoudl still qualify.
Michele,
Your tax liability is what you actually paid in taxes this year. Not what was withheld, but the portion you actaully had to pay in.
Hi, I filed my taxes this year but my mom still claimed me as a dependant. Do I still qualify for the rebate?
Dragana,
Sorry, no.
we recived $1900 a couple of days ago, I just recived a letter in the mail saying I would get $2100 how do I find out what happen to the $200 missing
Jose,
Your best bet is to contact your local IRS office: http://www.irs.gov/localcontacts/index.html
Thanks
I’m a 20 year old full time student. I made over $3,000 last year. My parents can still claim me, but did not. Do I qualify for the refund?
Cristen,
No as long as someone else CAN claim you, you are not eligible.