Already spending that IRS rebate? Hold your horses

So, the president signed the economic stimulus bill and your check is in the mail. Right?

Not so fast.

Not everyone will get a rebate. That's because limitations based on tax liability or a person's gross adjusted income may cause someone not to get a check.

So if you still owe the IRS money on your previous year's tax return or if you're delinquent on your child support payments or student loans, the rebate check will go to offset those commitments. If anything's left over, that's what you'll get.

Last week, several readers called asking whether they'll get a check. Here's the best way I could answer their questions:

•The full rebate is $600 for single filers or $1,200 for married couples filing jointly — assuming your income is not more than $75,000 or $150,000, respectively. If your income is higher, you may receive a reduced payment, or none at all.

•Taxpayers with dependent children under 17 can expect to get an additional $300 per child.

But the government can't determine whether you'll get a check unless you file your 2007 income tax return. That includes people who normally don't have to file because they don't meet minimum income requirements.

So retirees receiving limited Social Security, veterans' or railroad benefits must file a return if they want part of that economic stimulus rebate. Anyone with at least $3,000 in benefits should file a tax return because they will qualify for the minimum rebate of $300, or $600 if married and filing jointly.

And the IRS is trying to make it easy for those people to file. It has released a special Form 1040A that requires information as basic as someone's name, address, filing status, Social Security number and the amount of benefits obtained in 2007.

People who had a job in 2007 and earned at least $3,000 also may use the special form.

The rebate is not taxable, so it won't have to be reported when you file your income tax next year.

David Stell, IRS spokesman in Oklahoma City, advises people to file by April 15 in order to be among the first group of mailouts that begin in May. Filing your income tax return Monday will not mean you'll get a check any sooner than someone who files April 15, Stell said.

But the later you file, the longer it will take before your check is mailed. That includes people filing extension requests.

And when you file your return, if you elect direct deposit, that's likely how you'll get your rebate.

The best source of information on how to get a rebate check is online at www.irs.gov, but if you want to talk to someone, call (800) 829-1040.

Stell offered this bit of advice:

"All people have to do is file their 2007 federal income tax return and the IRS will take it from there. We will calculate the amount of the rebate and make sure it's mailed out to them. They don't need to call or contact us; we'll take care of it.”

Good try. I bet he'll still get lots of calls.