In May 2008, the Treasury began sending-out economic stimulus payments to more than 120 million U.S. households. The goal of this economic stimulus plan is to help Americans that are financially strained by increased gas prices and reduced credit. In order to receive a stimulus check taxpayers must have a Social Security Number and an income of $3,000 or higher for their 2007 Federal Tax Return. Those granted checks will receive either $600, or a reduced amount should their income be deemed too high (greater than $75,000/year). Parents will receive $300 for each eligible child 16 or younger.

If you have not received your stimulus check yet do not fear. These will take some time to distribute and are not issued according to income or filing date. There are several circumstances that could prevent you from being eligible for a stimulus check. First, you cannot use an ITIN (Individual Taxpayer Identification Number) rather than your Social Security Number. Should you become eligible next year you can still request the stimulus payment on your 2008 return. If you do not normally file a tax return, Form 1040A-3 can be used.

Important note: There are scammers out there that may try to convince you that they are the IRS calling about your stimulus check. They will ask for certain personal information which you should always obstain from giving. You can do a quick search online to find some of the most common stimulus check scams.