An Easy $300 For College Students

Sometime after this May, millions of Americans will find a check in their mailboxes courtesy of the federal government. Issued by the U.S. Treasury, these checks are part of a landmark economic stimulus package crafted by Congress and signed into law by President Bush earlier this month.

If you earned money during 2007, then you could be eligible for a $300 check, but there are a few things to note now before seeing some money later.

First of all, if you can be declared as a dependent on your parent’s income taxes you may not see the money. Instead, if eligible, those funds could end up going to your parents, not to you.

Second of all, in order to qualify for an economic stimulus package check, you must file a 2007 federal tax return. True, if you made less than $4000 during the year you aren’t required to file, but in order to see this particular check you must file.

There are a whole range of rules and exceptions which can change what, if anything, you will see. Most individuals will receive a check for $300 to $600, while joint filers will receive $600 to $1200 and possibly more if dependent children are included.

Finally, if you are in the rare position of being college student who made over $75,000 ($150,000 joint return) last year while attending school, you’ll be part of a group of Americans who will get less money back than the average, perhaps nothing at all.

Veterans and social security recipients are also available for a stimulus payment; visit the IRS site to learn what you must do to file.

For information on how to manage your stimulus check, please visit SayLending.com for Smart Money Tips.

Tags: economic stimulus package, income tax check, Internal Revenue Service, IRS, tax rebate, US Treasury