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.

Vonn...pardon my confusion on this. Does this mean that we simply file our return as normal and just by filing we become eligible for the ESP?

I'll check out your link. Thanks. Tootsie

Okay Vonn, I should have read the link first (lazy????). That is of great help.

This tax stuff gets so complex. DH learned a lot this year and by osmosis so did I.

Tootsie

I got my snail mail from the IRS today....to tell me about this program....

it cost American's 42 million dollars to send this letter out

Don't you love our government?

Vonn,
Another question...if you know.

I took my DD as a dependent as you know. But at the end of my session, it said me and DH would get $1200 but none for our DD

Since DD filed, will she get her own $600? I think it said "Since she can be claimed by someone else, she can't".

How could they leave out a paying and filing tax payer? I'm confused...maybe I'm wrong???

Thanks

I hear ya on this ..

as long as the dependent is listed on YOUR tax return - you should be getting the $300 ..

again . ... they are confusing everyone ...

and yes ... they will be mailing out ALOT of mailings ...

now - according to the IRS (another report I posted) ... said that they WILL be requiring the amounts to be reported for next year ..

I get a bit disgruntled when they do this during TAX season ... because I don't have all the answers .. and they keep changing the answers!! LOL