How to Get Stimulus Money Backowed From the IRS
Due to the crippling economic distress faced by most taxpayers following the deadly 2008 recession, the IRS issued stimulus checks; money available for tax paying US citizens for immediate use with the sole purpose of stimulating the economy. Under the Economic Stimulus Act, tax rebates were on offer, which were calculated by the earnings of each individual during the previous tax year. According the program, the individuals received cash payments in the region of $300 to $600. For married couples filing jointly, the rebate went upto US $1200. In total, it was estimated that the rebate checks were provided to almost 130 million US residents from a period between May and July 2008.
Instructions
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There was an eligibility criteria set on the stimulus package in order to limit excessive payments. At first, a valid social security number was required, where you had to file your taxes for the previous years. Those who had not done that were required to file an extension in order to claim benefits. Moreover, the package could only be claimed in person i.e. no other individual had the right to receive the package on someone’s behalf. You must be a citizen of the United States with a valid tax paying record.
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In order to claim the package, you need to file the necessary paperwork by visiting the Internal Revenue Service website. The information was available at the IRS’s 1040 Central page, where you needed to download the 1040A-3 form, a shortened version of the usual tax-return form. In order to qualify for the rebate, your income should be at least $3000 in the previous fiscal year. The easy option for instant access to the rebate package was by choosing the direct deposit mode of payment.
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However, if you had not entered your banking details or mailing address, then IRS issued the stimulus package by depositing the amount into the same account which you had mentioned on your last tax refund. Similarly, the checks were mailed on the previously stated housing addresses. This caused plenty of confusion as either the banks were closed down or the people moved out from their previous homes following the crisis.
