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I have been trying to find out more about the stimulus payments everyone is going to receive to help the economy. Starting in May the Treasury will begin to send stimulus payments to more than 130 million Americans. There is nothing you need to do except fill your 2007 income tax return. This also includes people that get a tax return. The IRS will use your 2007 income tax return to calculate the amount of your stimulus payment.

The payment at the minimum will be $300 for a single person & $600 for a married couple. The max payment is $600 for single & $1200 for married depending on income. Some higher income tax payers may not receive a payment or depending on income may get a reduced one. Eligible taxpayers may also receive an additional $300 for each eligible child under 17.

But however there is a phase out.
Phase Out: The stimulus payment – both the basic component and the additional funds for qualifying children – begins to phase out for individuals with adjusted gross incomes over $75,000 and married couples who file a joint return over $150,000. The payment is reduced by 5 percent of the income above. For more information on stimulus payments visit the IRS to find out if you will be getting a stimulus payment.

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