What will I get with the 2009 Economic Stimulus?
By
Melissa Yeager, WINK News
Story Created:
Feb 26, 2009 at 1:03 PM EST
Story Updated:
Feb 27, 2009 at 11:49 AM EST
Here's a breakdown of the American Recovery and Reinvestment Act could mean for your family:
AMERICAN WORKERS: You will see $400 more a year for single, $800 for those filing jointly. You will probably see it as more in your paycheck -- about $13 in each paycheck.
You don't have to do anything, the government is telling companies about the new standards. But, if you don't see that money in your paycheck, don't worry! You'll get it back when you file your 2010 tax return.
RETIREES, DISABLED AND THOSE ON SSI: You will see a one time $250 hopefully by May. The Social Security Administration is still figuring out the details.
NEW AUTOMOBILES: You can now deduct sales tax on new cars purchased from when the stimulus was signed into law until the end of 2009 for all cars costing less than $49,500.
HOME BUYERS: If you're a first time home buyer, and haven't owned primary home in the last 3 years, you can qualify for a $8000 tax credit that doesn't have to be repaid unless you sell the house in less than 3 years.
EDUCATION CREDIT: $2500 for those paying for college tuition.