The Internal Revenue Service has begun mailing letters to 130 million households that filed a tax return for tax year 2006, to discuss the criteria and process for receiving a Federal Economic Stimulus rebate. It will also inform taxpayers that if they have filed or will file a 2007 Federal Income Tax return, no further action is necessary.
The IRS will also reach out to individuals who are eligible for the rebate, but who do not have to file a federal return because of the amount and/or nature of their incomes. These individuals will be required to file an "abbreviated 1040A."
The stimulus payments are not subject to either Federal or Michigan income tax.
The current schedule calls for the IRS to begin issuing rebate payments in May. It is important to note that stimulus payments will not be subject to Michigan income tax. For more information, visit IRS' Economic Stimulus Payment Information Center.
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