Bond, Marshall & Pezzano, P.C.

If you filed your return by April 15th you probably already have received your stimulus rebate either by automatic deposit or by check.   The IRS has indicated all of the payment for those who filed by April 15th should be in their by the end of July.

If you files after April 15th the payment will take a minimum of six weeks (probably longer) to be processed.  If your payment is being made by check those checks will sent to the address used on your 2007 return. So if you have moved you will need to file a change of address form 8822 change of address form.  Otherwise your check may be returned to the IRS as undeliverable.  

How much will your rebate be? The rebates are broken into two categories, the basic credit rebate and the qualifying child rebate credit.  For the basic credit rebate, a single person with no qualifying children gets a maximum rebate of $600 or a minimum rebate of $300.  A married couple filing jointly with no qualifying children gets a maximum rebate of $1,200 or a minimum rebate of $600.  To get the maximum, your 2007 tax (figured in a special way) must be $600 or more for a single person and $1,200 or more for a married couple filing jointly.  To get the minimum, you must have at least $3,000 of qualifying income (explained above) or owe tax (figured in a special way) of at least $1.  

Use the Rebate Payment Schedule Calculator provided by the Internal Revenue Service.  

Printer-Friendly Send to Friend