In 2008 the federal government mailed stimulus refund checks to taxpayers in the amount of $600 per taxpayer. In 2010 the federal government decided to reinstate the federal economic stimulus bill and grant additional stimulus refunds to taxpayers. The difference between the stimulus bill of 2008 and the stimulus bill of 2010 is the way in which taxpayers receive their refunds. Rather than receiving a check in the mail for a lump sum the government is allowing taxpayers to reduce the amount of withholding taken from their paychecks each week, which makes their paychecks larger.
Determine whether or not you qualify for the stimulus tax rebate. Requirements include being employed and paying federal taxes with an annual income of less than $95,000 per year, or $190,000 per year for joint filers.
Check with your employer to confirm that he or she is withholding $33 per month less out of your federal withholding taxes. If you are a joint filer, ask your spouse to check with his or her employer.
Ask your second employer, if you work two jobs, if you are receiving the economic stimulus payment from them as well. If you are, you will need to ask your second employer not to lower your withholding each month. Only one stimulus rebate, totaling $400 over the course of a year, is available per taxpayer.
- money money money image by Arman Zhenikeyev from Fotolia.com