Taxes: Stimulus rebates on their way soon

April 4, 2008

Beginning in early May, taxpayers who filed a federal return will automatically receive a stimulus rebate thanks to the Economic Stimulus Act of 2008.

Your bank account may be fatter in the coming months, thanks to the Economic Stimulus Act of 2008. Beginning in early May, taxpayers who filed a federal return will automatically receive a stimulus rebate, sent to the direct deposit account indicated on the return. The IRS says the direct deposit option is the fastest way to get your regular refund and the special refund.

How much can you expect? Figure on a maximum of $600 for individuals and $1,200 for those filing jointly. Payments will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individual filers and $150,000 for joint filers.