Dubya signed the economic stimulus bill today, so the rebate/advance credit checks are now the law. Get to work on your return so your check will be in the first batch mailed!
The IRS also announced (in FS-2008-15) how it's going to issue the checks. A couple of important notes:
- Folks who don't usually file a return because their only income is Social Security, certain Railroad Retirement or certain veterans’ benefits, or they don't make enough earned income to file, must -- repeat, MUST -- file a 2007 return to get a rebate.
- The rebates will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns.
Treasury rebate examples: Also in conjunction with the signing, the Treasury Department issued this fact sheet with examples of rebate amounts for various taxpayer scenarios.
One note on the fact sheet. The first example, Married with children, has an asterisk but no corresponding explanation.
As I recall, the first iteration of the fact sheet had a footnote indicating that the amount per child is for kids younger than 17. I suspect that asterisk-marked elaboration was dropped inadvertently on this version.
But I must admit that when I saw that heading, I was halfway expecting the footnote to somehow reference Al and Peggy Bundy.
Yeah, I know. Too much TV.