The government stimulus checks are in the works as we speak. Some may receive their extra cash as early as next Friday. Happy Cinco de Mayo to them! Read onward for answers to all your questions about these soon-to-be additional funds.
Who Gets It? And How Much?
All single people earning less than $75,000 a year, will receive a check for $600, while couples earning a combined income of less than $150,000 will get a check for $1,200. For each child claimed as a dependent you will receive $600.
Pardon Me For Asking Too Many Questions, But Why?
Since the economy is disappointing the hell out of everyone, President Bush and Congress thought up this plan to increase consumer confidence with a little billion dollar influx. The US Treasury will dole out $110 billion to 130 million taxpayers. Why thank you, Mr. Treasury.
I Know What I’m GOING TO Do With It, But What SHOULD I Being Do With It?
That’s a very conscientious question to ask, and I admire that. But seriously, as long as you don’t roll it up and hide it in shoebox, you’ll be doing the right thing with your stimulus check. Whether it’s helping buy gas, pay off your mortgage, get an iPhone, or swim in a pool of candy corn, it will all add up to positive consumer spending and economic growth. At least that’s what they’re all hoping anyway.
How Will They Know How Much To Send?
Stimulus checks will be based on your 2007 filings. Which means there could be new additions, deductions, or higher income to be calculated for your stimulus check. Here’s the cool part though: If they send you less than you should have gotten, they’ll send you another check later with the additional amount, but if you get too much from Uncle Same, he won’t come looking for the difference, you can keep the overpay. Sweet, right?
Last Question, When’s Mine Coming?
If you filed your return by before April 15, then your check will be mailed out or direct deposited according to the follow Social Security# chart:
CNN Money: Here’s Stimulus, April 25, 2008