The Internal Revenue Service is preparing to send out rebates from the economic stimulus bill — and you won’t have to do anything special to get one. Estimates say 1.3 million Iowans will be getting the rebates that’ll average $923. IRS spokesperson Michelle Eldridge says the only requirement for a rebate is something you’re probably already in the process of doing — filing your 2007 tax return. The IRS will then figure out the rebate you’re due.
Eldridge says the amount you will receive will depend on your adjusted gross income, your filing status, your tax liability, and whether or not you have children. The checks can be anywhere from 300 to 600 dollars for individuals, and 600 to 1,200 dollars for married couples. Eldridge says some low-income Iowans need to do the paperwork to get a rebate.
She says you may be receiving Social Security or veteran’s benefits, and you need to file a tax return to be able to get a stimulus payment. Eldridge says you can make the whole process paperless. Eldridge says if you want to get your refund and economic stimulus payment quicker, you can choose direct deposit when file your taxes electronically, as the rebate will be automatically deposited in the same account you put on your return for any normal tax rebate. You can go on-line to find out more.
Eldridge says there’s a lot of information on the IRS website , including information for people who have to file this year to get the check. She says they’ll start paying the rebates sometime in May.