Some people have asked what the stimulus notification letter would say. I finally received mine so I can share it with you.
I already showed you what the envelope looks like so you don't throw it away. I scanned in the stimulus notification for my records. It states in bold print that you should save this notification for your records. I keep all my important documents in digital format. I just scan them in using my HP scanner and store them on my hard drive. I back them up online to make sure I never lose them.
Since I had it scanned in anyway, I thought I might as well share the text of the letter so you knew what to look for. We get so much junk mail these days; it's hard to tell what to keep and what to throw away. Most days I don't have time to look at the important mail, let alone sort through the junk mail.
Below are pages 1 and 2 of the economic stimulus notification letter. Click on them for a larger view.
Your Economic Stimulus Payment
You are entitled to an economic stimulus payment of $1,500.00 as provided by the Economic
Stimulus Act of 2008. You can expect your payment by 6/6/08. If you do not receive it within six weeks of this notice, please contact us at the number shown above. You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return. If you receive any federal benefits or federally financed benefits, those benefits generally will not be affected by any stimulus payment you receive.
What You Need To Do
You do not need to do anything. If you received a refund on your 2007 federal income tax return and had it directly deposited into a bank account, we will directly deposit your stimulus payment into the same bank account. If not, your stimulus payment check will be mailed to you. If your tax refund was directly deposited into a refund anticipation loan account, your stimulus payment check will be mailed to you.
How We Calculated Your Payment
Your payment is based on information you submitted on your 2007 federal income tax return such as your filing status, the number of qualifying children, and your net income tax liability. The next page shows a detailed explanation of how we calculated your stimulus payment.
Note: You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return.
Details of Your Stimulus Payment Calculation
We calculated your stimulus payment based on the following rules.
Filing Status Based on your filing status, the amount of the stimulus payment is $1,200 or your 2007 net income tax liability, whichever is less. Net income tax liability is your tax before credits, including the alternative minimum tax, less all non-refundable credits other than the allowable child tax credit.
However, if the net income tax liability on your 2007 federal income tax return is less than $600 and you had $3,000 or more in qualifying income, the amount of your stimulus payment is $600. "Qualifying Income" refers to wages, net earnings from self-employment that is includible in taxable income, Social Security benefits, certain tier 1 Railroad Retirement benefits, certain disability compensation, disability pension or survivors' benefits received from the Department of Veterans Affairs, and nontaxable combat pay (if it was listed on your tax return).
The calculation is based on the number of qualifying children multiplied by $300. A child is generally considered a qualifying child for the calculation of your 2008 stimulus payment if the child was born after December 31, 1990, and has a valid Social Security Number. The number of qualifying children shown on your 2007 federal income tax return was 1.
Whom You Can Contact With Questions
If you need additional information, please visit the IRS website at www.irs.gov or call 1-866-234-2942.