Originally Posted by Vonn07

I just received the following email from the Wisconsin Dept of Revenue ... and per what they say ... the money will NOT be taxable now!!

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Important Information on the Economic Stimulus Rebate Checks

This tax season there is considerable interest and excitement about the federal Economic Stimulus Program which is being refered to as "ESP". Many citizens will call Tax Professionals or the Department of Revenue rather than the IRS for information on the program.

The IRS has said that to qualify for a minimum payment of $300 ($600 if filing a joint return) a 2007 federal tax return must reflect $3,000 or more in qualifying income. Qualifying income for purposes of the ESP consists of earned income, as well as Social Security or certain Railroad Retirement benefits and veterans' disability compensation, disability pension or survivors' benefits received in 2007. For those whose income does not normally require them to file a federal return, they must file one this year to receive a check. Taxpayers should file by October 15, 2008 to get a rebate. Checks will be issued through December 31, 2008. Of course the sooner they file, the sooner they get the rebate. Department of Revenue employees will refer callers to the IRS for information and are providing them with the IRS toll free number (800) 829-1040 and website www.irs.gov .

DOR will not prepare federal returns. We are telling people who need help to file a return about the Volunteer Income Tax Assistance (VITA) program. They can locate their nearest VITA center by calling 211. In addition to VITA sites, taxpayers can also go to AARP sites. Call 888-227-7669 (888-AARPNOW) or go to www.aarp.org for these site locations.

Key dates for this program are:
March 17 IRS will begin contacting non-filers.
March 29 ESP Day.
April 15 Tax Day
May 7 Checks begin to go out
The IRS has authorized free electronic filing for taxpayers through their FreeFile Alliance. IRS and several of its partners in the Free File Alliance can now accept returns submitted by people who have no legal requirement to file other than to receive their payments. People in this category should take care to use only those companies listed on the Free File - Economic Stimulus Payment at www.irs.gov. Next week the IRS plans to have the schedule published as to when rebates will begin being mailed and in what order. They will also be adding a "rebate calculator" to their website.

Wisconsin does not consider any ESP payments as taxable income. The State is not taxing the rebate payment because the IRS does not consider it taxable income and Wisconsin will follow this IRS definition.