Are you wondering if you will receive money from the 2009 economic stimulus package?

First of all, what is the economic stimulus package? It is an economic stimulus payment that more than 124 million households will receive. Don’t worry, it’s not taxable, it will not reduce your refund if you’re getting one and it will not increase the amount you owe if you have to pay.

Here are some common questions about the economic stimulus

Are you eligible?

Can you use an individual taxpayer identification number or do you have to file with a social security number?

What if I’m not eligible at this current time?

How do you get it?

How much do you get?

Can you estimate your payment?

How will you receive your payment?

What if some of your income consists of Social Security or other benefits?

If you received an economic stimulus payment in 2008, you will need to know the amount of that payment. Some taxpayers who received the 2008 stimulus will not be eligible to receive the recovery rebate credit of 2009. If you check with TurboTax, they have calculators that can quickly help you determine your status. It is worth checking out.

If you didn’t happen to get any stimulus payment credit last year even though you were eligible, it’s not too late.

Perhaps your life circumstances have changed. Did you add a family member? If you received less than the full amount last year, you may have more money coming to you this year. Of course all of this depends on your filing status. The rules change for each individual situation. Maybe you didn’t have a social security number last year and now you do. You would now be eligible if all of the circumstances were qualifying.

The economic stimulus payment of 2008 was mailed out in a separate check but, the economic stimulus package of 2009 will be included in your tax return. If you’re filling out your form on paper, follow the step by step instructions on your form. If you happen to be filing online using electronic software, it will figure the credit for you.

Save Your Marriage

Our new president elect is hoping to put a new stimulus package together shortly after he takes office. His team is already working on a new economic plan. There are hoping to send out another round of stimulus checks to Americans as well as many tax breaks, and many other changes that will help those on unemployment. It will also provide some assistance to those looking to cash in on some of their retirement savings.

Stimulus Checks

Barack Obama has proposed a new tax credit. This new credit could allow for up to $1,000.00 per family to help ease income taxes. This will kind of work like a stimulus check but will need to be facilitated through employers. The employer will be required to not charge income tax for the first $8,100.00 of an employeeʼs wages.

Retirement Accounts

Another section of the economic plan would include a break for individuals looking to cash out some of their retirement savings early. Obama is hoping to allow those having financial troubles be allowed to access some of their retirement savings without penalty. The plan would allow for up to a $10,000.00 withdraw without penalty at any time during 2009. These withdrawals would still be subject to state and federal taxes.

Income Tax

We could see a large tax rate decrease for the middle class. This would be able to happen with the proposed tax increase for those who earn more than$250,000.00 annually. The new tax rate for those with high income could be as much 36%-39%.

TurboTax Online has the answers to all of your stimulus payment questions.