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Stimulus Package Update: 5/27/2009

May 27th 2009 marked the 100-day anniversary of President Obama's $787 billion economic stimulus package. Obama spoke at Nellis Air Force Base and said to a crowded roomthat "we are already seeing results." Obama cited the fact that the stimulus package has already created an additional 150,000 and given a lot of much-needed money for infrastructure repairs.

About the Stimulus Plan

In 2008 the U.S. government decided to offer Americans economic stimulus checks. These stimulus checks were issued to over 120 million U.S. households in order to provide a little extra money for Americans dealing with increased gas prices and the housing crisis. The requirements for getting a stimulus check were not very restrictive ensuring that most Americans would get a check. To be eligible you must have a Social Security Number and an income greater than $3000 on your 2007 Federal Tax Return. For those receiving checks, the amount could either be $600 or an smaller amount for those making over $75,000 a year. In addition parents also received $300 for children who are eligible 16 years of age or younger.

Don't panic if you have not received your economic stimulus check yet. So what could prevent you from being ineligible for a stimulus check? One main reason people are declined for a stimulus check is if t hey are using an ITIN or Individual Taxpayer Identification Number instead of a Social Security Number. Also for those Americans who do not normally file a tax return, you will have to use Form 1040A-3 to be eligible for the economic stimulus check.

It is important to make sure that you do not fall prey to scams that are looking to get your personal information. With everyone wondering when they will receive their economic stimulus checks scammers have started a number of campaigns. Make sure that you do not give-out your Social Security Number of any other information to anyone claiming to be associated with the economic stimulus program.