IRS- The Latest on Rebates 2008

WILMINGTON -- The IRS plans to start sending economic stimulus payments in May to qualifying individuals.

For more information regarding the "rebates," click here.

Most taxpayers do not need to do anything more than file their 2007 return by April 15 to receive a payment this summer, if they qualify.

Payments will be $600 for individuals who earned less than $75,000 and $1,200 for married couples filing a joint return if they earned less than $150,000.

Each return that qualifies for the child tax credit will get an additional $300 for each qualifying child on the return.

Some individuals are not required to file federal income tax returns.

Some of these individuals may qualify for a payment of $300 (individual) or $600 (married filing jointly).  However, the only way to get a stimulus payment this summer is to file a tax return by April 15.

Many of these individuals should file the form 1040A.

For more information about the 1040A forms, click here.