FAQ / Q. I received a stimulus payment and I want to verify that it is correct. How do I figure the payment, myself?

A. The easiest way to figure the amount is to use the Economic Stimulus Payment Calculator on the IRS.gov Web site. Essentially, there are two parts to the stimulus payment: a basic amount based on tax liability, filing status or other qualifying income, if there is no tax liability, and an additional amount based on whether a qualifying child is reported on the return.

Basic Amount of Payment: If you had a net income tax liability for 2007, you will generally receive a payment, unless you can be claimed as a dependent on someone else’s return, had higher income or do not have a valid Social Security number.

Your net income tax liability is one of the following:

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On Form 1040, the amount shown on Line 57 plus the amount on Line 52;
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On Form 1040A, the amount shown on Line 35 plus the amount on Line 32; or
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On Form 1040EZ, the amount on Line 10.

NOTE: Net income tax liability is not the same as the amount of tax withheld from your pay, the amount of your refund or the balance due on your return.

Your stimulus payment is equal to your net income tax liability, but no more than $600, if you are single, or $1,200, if you are married filing a joint return.

If you had no net income tax liability for 2007, you are usually getting a minimum payment of $300, if you are single, or $600, if you are married filing jointly, as long as you had qualifying income of at least $3,000 in 2007. To figure your qualifying income, add together the following amounts:

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Wages that are reported on Form W-2;
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Net self-employment income that is taken into account in computing taxable income;
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Social Security benefits reported in box 5 of the 2007 Form SSA-1099 you received in January 2008. If you don’t have this form, you can estimate your annual benefit by multiplying your monthly benefit by the number of months (usually 12) you received benefits during 2007;
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Certain Railroad Retirement benefits reported in box 5 of the 2007 Form RRB-1099 you received in January 2008;
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Veterans’ benefits received in 2007, including veterans’ disability compensation and disability pension or survivors’ benefits received from the Department of Veterans Affairs. You can estimate your annual benefit by multiplying your monthly benefit by the number of months during 2007 you received benefits;
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Nontaxable combat pay if you chose to include it as earned income on your 2007 return.

Note: Supplemental Security Income (SSI) is not considered qualifying income and is not included for the purpose of establishing eligibility for the stimulus payment.
Additional Amounts for Qualifying Child: If you qualify for the basic amount, you may receive an additional $300 for each qualifying child. To qualify, a child must be younger than age 17 and have a valid Social Security number.

Phase Out: Your payment is reduced, or you may receive no payment at all based on your income level. The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds. Your AGI is the amount shown on:

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Form 1040, Line 37
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Form 1040A, Line 21, or
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Form 1040EZ, Line 4


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