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For more Info on the Economic Stimulus Bill Cash and how it is being distributed please go to www.Recovery.gov
Economic Stimulus for Individuals
There are literally dozens of tax credit and funding options for individuals contained in the stimulus plan. Due to the complexity of some of the provisions it is recommended that you consult a tax specialist to ensure you can receive the maximum benefits.
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The Making Work Pay Tax Credit creates a “Making Work Pay” tax credit of $400 or 6.2% of earned income (whichever is less) per individual in 2009 and 2010. It is phased out for individuals with adjusted incomes over $75,000 and couples with incomes over $150,000. This credit is not included in income for purposes of any federal means-tested benefit program. It is included in resources but only after two months. The best and quickest way to benefit from this credit is to make sure that your employer decreases your withholding to reflect it
There is also a one-time payment of $250 to Social Security beneficiaries, railroad retirees and veterans receiving benefits from the Veterans Affairs department. This is in addition to the Making Work Pay Tax Credit, and there is no tax return filing requirement to access this benefit . Beneficiaries will receive an electronic payment within 120 days of the Secretary of Treasury initiating the benefit.
Unemployment Assistance: Individuals shall not be disqualified from regular unemployment compensation for separating from employment if that separation is for any compelling family reason, including the illness or disability of a member of the individual’s immediate family (as defined by the Secretary of Labor)
For further information on available tax rebates and relief packages or for help applying please contact one of the listed specialists or visit irs.gov.
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