Accelerated Schedule of Economic Stimulus Payments Announced by the IRS

The Internal Revenue Service has revised its previously announced schedule for distributing payments to an estimated 130 million American taxpayers during 2008. Checks will now been sent at least one week sooner. The Economic Stimulus Package will result in rebate checks for many, if not most, UFCW Local 464A Members. Payments of $600 are to be sent to individuals earning up to $75,000 per year and $1,200 to married couples filing jointly who earn up to $150,000. In addition, taxpayers with children will receive an extra $300 per child. The following updated payment schedule is based upon the last two digits of the recipient’s Social Security number and assumes that the taxpayer’s 2007 tax return was filed and processed by April 15, 2008.

The rebates are determined based upon adjusted gross income as calculated in tax returns for 2007.  Rebates will phase out at a rate of 5% for each $1,000 of income above the $75,000 and $150,000 caps. Therefore, single taxpayers with an adjusted gross income exceeding $75,000 and married taxpayers filing jointly with an income exceeding $150,000 will receive less or no rebate depending upon how much above the thresholds their incomes fall.