Rebate checks on the way
By Deborah Bennett Millen News Editor

STIMULUS PAYMENT SCHEDULE (for tax returns processed by April 15)

More than 130 million households across the nation are scheduled to start receiving economic stimulus payments, or rebate checks as they are commonly known beginning this month. The rebates are designed as a one-time boost for a national economy that is in danger of sliding into the first recession since 2001.

The vast majority of people who filed a 2007 income tax return qualify. If you have a valid Social Security Number (SSN) and can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000, you're eligible to receive a rebate. If you're not eligible this year but you become eligible next year, you can claim the economic stimulus payment next year on your 2008 tax return.

The actual amount of the rebate received depends on information contained on the individual's tax return. Eligible individuals will receive between $300 and $600. Those who file a joint return will receive between $600 and $1,200. Those with children will get an additional $300 for each qualifying child.

Based on the last two SSN digits, electronic payments started going out May 2 to those who filed 2007 tax returns electronically and will be completed by May 16. Paper checks will be mailed starting May 16 and should be completed by July 11.

See the related chart to determine when your rebate check will arrive.