There are several reasons why your check might be lower than expected. The typical reasons include: 1. rebates begin to phase out at $150,000 of adjusted gross income for married couples; 2. your net income tax liability for 2007 was less than $1,200; and 3. the IRS might have withheld for back taxes owed. You should be receiving a letter soon from the IRS detailing how your payment was calculated and this should shed light on your situation. The IRS does have an Economic Stimulus Payment Calculator on its website (www.irs.gov) if you want to check on this earlier and also look at some of the other reasons your check may have been smaller than expected.

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. According the IRS website: “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.” It is important to understand that 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. Generally, there are numerous reasons why, as a married couple filing jointly, you received less than the maximum payment, including: Your net income tax liability is less than $1,200; your AGI is more than $150,000; you owe back taxes; you have nontax federal debts such as unpaid student loans or child-support obligations.

Your IRS stimulus payment depends on a number of factors. Listed are some examples. 1. Married couple with no children, wages of $4,000, no federal income tax liability; rebate is $600. 2. Married couple with no children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability; rebate is $600. 3. Married couple with no children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability; rebate is $600. 4. Married couple with no children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability is $250. Rebate is $600. 5. Married couple with no children, AGI is $25,000, federal income tax liability is $750; rebate is $750. 6. Married couple with no children, AGI is $60,000, federal income tax liability exceeds $1,200; rebate is $1,200 7. Married couple with no children, AGI is $160,000, federal income tax liability exceeds $1,200; rebate is $1,200, Phaseout reduction is ($500), TOTAL is $700. If you feel for some reason that your check is incorrect, you can check with the local IRS office and find out more details.

The variation in payments has to do with the Adjusted Gross Income phase-out for married couples. The more money you make, the less you get in the form of a stimulus check. You know this story; it’s a political football, it’s the unfair redistribution of wealth, it’s Robin Hood’s story of stealing from the rich to give to the poor. But remember, Robin Hood was still a thief. Just some perspective on the subject. Anyway, the actual amount you get back in the form of a stimulus check depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. If you filed a joint return you can expect between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. But as I alluded to above, the payments start to phase-out for individuals with AGIs of $75,000 and married couples filing jointly with AGIs over $150,000.