Economic Tax Stimulus -- The IRS answers some FAQs

From two retirees (who worked on finding this information), May 1, 2008

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

Sample:

Q. Is pension income from employers considered income for the Economic Stimulus Package?

A. No, pension income is not included in eligible income. [New 4/11/08]

My question now is why social security income is eligible but not our pension income? AND does this mean federal tax will no longer be deducted from my monthly check?

Q: I know some people won't get a stimulus payment. How do I know if I'm one of them?

A: You won't get a stimulus payment in 2008, if any of the following apply to you:

* You don't file a 2007 tax return.

* Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans' payments.

* You can be claimed as a dependent on someone else's return (whether or not you actually are claimed as a dependent on someone else's return). For example, this would include a child or student who can be claimed on a parent's return. [Updated 4/15/08]

* You do not have a valid Social Security Number.

* You are a nonresident alien.

* You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.

Dates for those who do get it:

DIRECT DEPOSIT

Last two SSN digits: Payments will be transmitted no later than:

00 through 20 May 2
21 through 75 May 9
76 through 99 May 16

Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:

00 through 09 May 16
10 through 18 May 23
19 through 25 May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11