tax-free economic stimulus checks
President Bush has signed into law a $165 billion economic stimulus package providing rebate checks to taxpayers. You might receive a check for $300, $600, $1,200, or even more depending on your conditions.
Originally, PBS Newshour provided a calculator to help taxpayers to determine the amount of the rebate, but that calculator has been proven to be faulty. With the help of Consumerism Commentary reader cdg, I’m now including a new calculator, revised several times over the past few days to increase clarity and accuracy. This calculator properly takes into account the information from the bill passed by Congress and signed into law by the President (H.R.5140) and has been verified by CPAs and tax accountants. However, any information presented should not be considered tax advice.
The validity of the result depends on the accuracy of the information you enter. Before entering the data or asking any questions, please scroll the calculator down to read the definitions and read all the comments at the bottom of this post.