-According to IRS Spokesman Mark Green, “To get a payment, most taxpayers need do nothing but file their 2007 tax return as usual.”

-The IRS will calculate the payments based on information from your 2007 tax return and, if you qualify, send you a payment.

-Most filers who chose direct deposit on their 2007 tax returns will have their stimulus payments delivered the same way.

-Payments will begin in May and will go to more than 130 million taxpayers.

-Individuals whose 2007 adjusted gross income exceeded $75,000 ($150,000 for married couples filing jointly) may get a reduced payment or no payment at all.

-The payments will be a maximum of $600 for eligible individuals, $1,200 for married couples filing jointly. Add $300 for each qualifying child. 

-People who have no tax liability but have at least $3,000 income for 2007 from earned income, Social Security benefits, certain Railroad Retirement or certain veterans’ benefits may qualify for a payment but MUST file a 2007 tax return to get one.

-Individuals who have no tax liability but qualify for a payment will each get $300 – but only if they file a 2007 tax return.

-The payments will not affect your 2007 or 2008 regular tax refund nor will they have to be paid back.  They are not subject to federal tax.

-Taxpayers must have valid Social Security numbers to qualify for a payment.

-The IRS will issue two informational notices about the payments, but taxpayers should be wary of scams such as phone calls or e-mails from IRS imposters soliciting personal information and promising a “rebate” or other type of tax payment. The ONLY form you need to fill out to get a stimulus payment is your 2007 federal tax return.

-Check www.irs.gov for details and updates.

FACT SHEET:

EXAMPLES OF HOW THE ECONOMIC GROWTH ACT OF 2008 WILL BENEFIT

AMERICANS

Married with children*:

1) Married couple with two children, wages of $4,000, no federal income tax liability before child tax credit.

Individual rebate = $600

Qualifying child credit = $600

TOTAL = $1,200

2) Married couple with two children, no wages, veterans’ payments of $2,000, social security benefits of

$2,000, no federal income tax liability before child tax credit.

Individual rebate = $600

Qualifying child credit = $600

TOTAL = $1,200

3) Married couple with two children, no wages, no social security benefits, veterans’ payments of $4,000, no

federal income tax liability before child tax credit.

Individual rebate = $600

Qualifying child credit = $600

TOTAL = $1,200

4) Married couple with two children, no wages, no social security benefits, no veterans’ payments, AGI = $25,000, federal income tax liability before child tax credit = $70.

Individual rebate = $600

Qualifying child credit = $600

TOTAL = $1,200

5) Married couple with two children, AGI = $35,000, federal income tax liability before child tax credit =  $1,070.

Individual rebate = $1,070

Qualifying child credit = $600

TOTAL = $1,670

6) Married couple with two children, AGI = $80,000, federal income tax liability before child tax credit exceeds $1,200.

Individual rebate = $1,200

Qualifying child credit = $600

TOTAL = $1,800

7) Married couple with two children, AGI = $160,000, federal income tax liability before child tax credit exceeds $1,200.

Individual rebate = $1,200

Qualifying child credit = $600

Phaseout reduction = ($500)

TOTAL = $1,300

Head of household with children:

1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.

Individual rebate = $300

Qualifying child credit = $600

TOTAL = $900

2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000,

no federal income tax liability before child tax credit.

Individual rebate = $300

Qualifying child credit = $600

TOTAL = $900

3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no

federal income tax liability before child tax credit.

Individual rebate = $300

Qualifying child credit = $600

TOTAL = $900

4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI = $20,000, federal income tax liability before child tax credit = $195.

Individual rebate = $300

Qualifying child credit = $600

TOTAL = $900

5) Single parent with two children, AGI = $22,000, federal income tax liability before child tax credit = $395.

Individual rebate = $395

Qualifying child credit = $600

TOTAL = $995

6) Single parent with two children, AGI = $60,000, federal income tax liability before child tax credit exceeds

$600.

Individual rebate = $600

Qualifying child credit = $600

TOTAL =$1,200

7) Single parent with two children, AGI = $90,000, federal income tax liability before child tax credit exceeds

$600.

Individual rebate = $600

Qualifying child credit = $600

Phaseout reduction = ($750)

TOTAL = $450

Married, no children:

1) Married couple with no children, wages of $4,000, no federal income tax liability.

Individual rebate = $600

2) Married couple with no children, no wages, veterans’ payments of $2,000, social security benefits of $2,000,

no federal income tax liability.

Individual rebate = $600

3) Married couple with no children, no wages, no social security benefits, veterans’ payments of $4,000, no

federal income tax liability.

Individual rebate = $600

4

4) Married couple with no children, no wages, no social security benefits, no veterans’ payments, AGI =

$20,000, federal income tax liability = $250.

Individual rebate = $600

5) Married couple with no children, AGI = $25,000, federal income tax liability = $750.

Individual rebate = $750

6) Married couple with no children, AGI = $60,000, federal income tax liability exceeds $1,200.

Individual rebate = $1,200

7) Married couple with no children, AGI = $160,000, federal income tax liability exceeds $1,200.

Individual rebate = $1,200

Phaseout reduction = ($500)

TOTAL = $700

Single, no children:

1) Individual with wages of $4,000, no federal income tax liability.

Individual rebate = $300

2) Individual with no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal

income tax liability.

Individual rebate = $300

3) Individual with no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax

liability.

Individual rebate = $300

4) Individual with no wages, no social security benefits, no veterans’ benefits, AGI = $10,000, federal income

tax liability = $125.

Individual rebate = $300

5) Individual with AGI = $12,000, federal income tax liability = $325.

Individual rebate = $325