Does the Government owe you cash? And most importantly, how do you get it quickly. Economic Stimulus Package-Cliff Notes Version

So I know a lot of you have probably heard about the government stimulus package and the checks that we are suppose to be receiving. I know it's a lot of information to read through so I decided that I would give you all the Cliff Notes version.

Basic Premise:
The package is designed to help the spur the economy by giving disposable income to Americans who are most likely to use it on consumer goods. The check is called a "tax rebate" because it's basically a cash gift you get after you've done your taxes...kind of like getting a $50 mail in rebate after you buy a cell phone, you have to buy the phone to get it.

The Details:
Single people get $600 if they made between $3,000 and $75,000 in 2007
Some single people get $300 if they made under $3000 in 2007
Married couples get $1200 if they made between $3,000 and $150,000 in 2007
If you fall in any of those catergories you get an additional $300 for each child

How to get your money:
FILE YOUR TAXES for 2007. That's it, no extra forms no nothing else. Here's a link to a free service by H&R to get your taxes done quickly. It's pretty dummy-proof: http://www.hrblock.com/taxes/partner/index.jsp?otpPartnerId=180

When you'll get your money:
The date that the IRS will send out your check is based on four factors:

1. If you get a refund on your 2007 taxes or if you owe the IRS
2. Rather you do direct deposit for your tax refund
3. If your tax return is processed by April 15th (not mailed by but processed)
4. What are the last two numbers of your social security number

Here's the schedule from the IRS website. This is based on your tax return being PROCESSED by the IRS by April 15th.

If you elected to get your refund through DIRECT DEPOSIT:

Last two SSN digits:	Payment will be transmitted:
00 through 09	May 16
10 through 18	May 23

If you owe the IRS money or you are getting a PAPER CHECK for your refund:

Last two SSN digits:	Payment will be transmitted:
00 through 09	May 17
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

If you don't have your return processed by the IRS by April 15th then your date will be postponed 2 weeks from what is on the chart.

So basically the fastest and easiest way for you make sure your taxes are processed by the 15th and to get your rebate is to free file online.

Hope this helps :-)