Yes, there are two...
There are/will be two "stimulus" type payments in 2009 and 2010...
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"Making work pay" tax credit |
"Economic Recovery” Payment" |
| Who is eligible? |
Those who have earned income: Wage earners, Business and farm owners, Certain partnership income |
Social Security recipients (including disabled and SSI recipients)Disabled VeteransRailroad retirees |
| How much is it? |
Up to $400 for an individual, $800 for a married couple |
$250 per individual |
| How do I calculate it? |
6.2 % of your earned income |
You don't: it is $250 for everyone who qualifies |
| Do I not get it if I earn too much? |
Yes- for single people- over $75,000; – for married- over $150,000 |
No. There are no income phase-outs for this payment. |
| How do I get it? |
If you were employed in 2009, it was paid through your paycheck with less tax withheld Self-employed will receive it on their 2009 return |
The payment was made in May/June 2009 in your benefits check. |
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| When will I get it? |
You will receive it by filing Schedule M on your 2009 tax return that is due on 4/15/2010 |
May-June, 2009- SSA states that all payments should be sent by June 4, 2009 |
| What do I do if I have not received it? |
If you qualify, file for this tax credit with your 2009 tax return due on 4/15/2010 |
Contact your benefits payor: Social Security Administration; Railroad Retirement Board; Dept. of Veteran's Affairs |
| Who does not get it? |
Those not having earned income |
Those not receiving benefits in November and December 2008, or January, 2009. |
| Who pays it? |
If you are a wage earner, your employer has increased your take-home pay during 2009 to pay the credit.Ultimately, the IRS pays it on your 2009 tax return that you file |
Social Security Administration; Department of Veterans Affairs; Railroad Retirement Board (NOT THE IRS) |
| Is there a deadline to get it? |
No, you can get it by filing your 2009 tax return |
The payments were issued in May, 2009, and they can be issued through December 31, 2010 |
| Can I get both of these payments? |
No. Any "Making work pay" tax credit will be reduced by the amount of "Economic Recovery Payment" received. |
