ReAnn Rothwell’s Money Saving Ideas, Tax & Organizing Tips

 Under the recently signed Economic Stimulus Act of 2008, more than 130 million American households will receive economic stimulus payments beginning in May.

The basic payment is equal to your ‘net income tax liability’, but no more than $600 for a single person or $1,200 for a married couple filing a joint return. The minimum payment is $300 for a single person or $600 for a married couple filing jointly.

Your net income tax liability is the amount shown on your Form 1040, Line 57 plus the amount on Line 52.

Taxpayers who had a net income tax liability will receive a payment, unless they can be claimed as dependents on someone else’s return, are high-income individuals or do not have a valid Social Security Number.

People with no net income tax liability will usually get a minimum payment of $300 for a single person or $600 for a married couple filing jointly, as long as they have qualifying income of at least $3,000.

For more detailed information go to the IRS.Gov page here.

I am going to be paying on some bills with my extra money, plus get our passports.  What are you going to spend your *found* money on?