Can the Economic Stimulus Help You?

Seven Ways You Might Qualify and Not Even Know It

Can the economic stimulus help you? Find out with this helpful checklist. Keep in mind that many of the final touches of the economic stimulus plan are yet to be completed. In addition, there will be differences between how each state handles funds and other guidelines, which may impact your specific situation. However, if you meet the following criteria you may be eligible to apply for help via one or more local, state or federal programs.

1. Are you a college student or the parent of a dependent child seeking a college degree? If so, you may be eligible for additional funds via the Pell Grant (for low income students or households) or additional tuition tax credit.
2. Do you receive government assistance? Those dependent on food stamps or TANF (Temporary Assistance to Needy Families) are likely to see some relief from the economic stimulus package.
3. Are you retired or receiving Social Security Disability and on a fixed income? Current Social Security recipients – both the elderly and those on disability – that qualify for SSI (Supplemental Security Income) will receive a one time check of $250 later this year.
4. Are you a teacher or police officer? The federal economic stimulus plan has funding in place for hiring, promotions and other expenditures for teachers and police officers. These funds will be sent directly to the state for distribution. However, they might help keep you from facing unemployment.

1. Are you unemployed? Those currently collecting unemployment benefits will likely benefit from the economic stimulus plan through extended unemployment benefits, reduced taxes on benefits and lower cost COBRA health insurance premiums.
2. Do you plan to purchase a home or car? First time homebuyers are likely to benefit from the $8,000 housing tax credit as well as additional tax credits for adding energy efficient appliances, windows and other upgrades to the home. Those planning to purchase a new car are also in luck – the economic stimulus plan allows new car buyers to write off the sales tax as long as they purchase before the end of the year.
3. Do you pay taxes? Unless you are in the highest tax brackets, the majority of Americans will bring home an extra $10 to $15 per week thanks to a deduction in taxes. Other economic stimulus tax incentives include a $1,000 per child tax credit for low income families that do not make enough money to pay or that owe taxes. There will also be even greater income tax credits for families that have three or more children.

   Related topics: Stimulus Info, Stimulus Package Facts for Homeowners, Stimulus Scam Info