Are You Being Left Out of the Economic Stimulus Package Rebate Checks?

Starting this May, the IRS will be actually sending out checks of up to $1,200 per couple, plus $300 per child to qualifying U.S. households. Now, for many people, the gotcha is that you may not qualify.  To see if you qualify, and to determine how much you will receive, the IRS has been kind enough to develop a simple online calculator. 

If you are on the higher end of the income spectrum, you may find that your rebate check is going to be nowhere near to $1,200 or in many cases, it may not exist at all. Under the rules setup by Congress, couples lose 5% of the rebate check amount for every dollar they make over $150,000/year. 

If you are one of those left with the empty feeling that you are going to get nothing out of this economic stimulus package, let me remind you again that in addition to approving rebate checks, the economic stimulus package of 2008 also temporarily increases the limits on conforming loans in King County to $567,500. Assuming a 20% downpayment, buyers can now consider homes priced to just under $710,000.  In reality could be a much bigger gift from the government to high income earners looking to purchase or refinance their homes.