Economic Stimulus Package Questions [Financial Fridays]
I have started to do a segment on fridays called “Financial Fridays” where I will write about something having to do with personal or business finance. I have always been intrigued with money and making it work so this is a natural progression for this blog. If you have questions you want to submit just click the contact me link above.
In talking with friends and co-workers I have been asked a few questions about the Economic Stimulus Package money that American tax payers are suppose to receive over the next couple of months. Here are a couple that I thought I would highlight:
I just graduated College in December and my father claimed me as a dependent in 2007. This is the last year he will be doing it but is there anyway for me to get a check?
The money that we are all receiving is actually an advance of a tax credit that we all will receive on our 2008 tax return. Since the IRS can’t look into the future to know they are going on the information for 2007 for your advance. Since life situations change often in a year you might be eligible on your 2008 return to claim any or more then what you are receiving.
So to answer your question if you are Single and filing on your own for 2008 you can claim a $300 credit on your 2008 taxes. Also if you have a child in 2008 you can claim the extra amount you would have received. There will be a second chance worksheet that will help you determine that in 2009 when you do your 2008 taxes.
So when are we getting them!?
The direct deposits are already starting to go out and here is the chart from the IRS.gov website.
|
Direct Deposit Payments |
|
|
If the last two digits of your Social Security number are: |
Your economic stimulus payment deposit should be transmitted to your bank account by: |
|
00 – 20 |
May 2 |
|
21 – 75 |
May 9 |
|
76 – 99 |
May 16 |
|
Paper Check |
|
|
If the last two digits of your Social Security number are: |
Your check should be in the mail by: |
|
00 – 09 |
May 16 |
|
10 – 18 |
May 23 |
|
19 – 25 |
May 30 |
|
26 – 38 |
June 6 |
|
39 – 51 |
June 13 |
|
52 – 63 |
June 20 |
|
64 – 75 |
June 27 |
|
76 – 87 |
July 4 |
|
88 – 99 |
July 11 |
Got a question you want me to answer for Financial Fridays just hit the contact me link in the top menu.





Todd Rafferty on May 2nd, 2008
I’m not disputing the tax credit statement, but according to this:
http://www.consumerismcommentary.com/2008/02/08/how-will-the-economic-stimulus-tax-rebate-affect-2008-tax-returns/
You had to have filed taxes in 2007 and earned over $3000.00 in 2007.