According to the IRS, more than 130 million households in America will receive an economic stimulus check. To qualify, you need only file a tax return for 2007. Most people will qualify for a stimulus rebate, the only exception being some really high-income filers. The basic amounts are $600 for a single person and $1200 for a married couple, with additions for eligible children under the age of 17 as of December 31, 2007.

Even if you have no net income tax liability, you will get a rebate of $300 for a single person or $600 for a couple (as long as your total qualifying income is at least $3000).

If you have an injured spouse claim (Form 8379), you may still qualify for the stimulus rebate. File your tax return, making sure to include all of the necessary documentation, and if it is approved you will receive your stimulus rebate much the same as if you were filing as a single person (in other words, you will receive your half of the rebate). It will be delayed (like your federal income tax rebate), but you will receive it after the short delay.

So, in theory the general idea is that you and I, Joe and Jane tax payer will receive an amount of funds ranging from $600 and up and we'll run right out and purchase that big screen TV we've had our eyes on for the past year.

In reality, we (you and I) haven't already bought that TV because we've maxed out our credit cards, our mortgage payments have gone through the roof, we're behind on everything and the last thing we need now is our electric bill joining our gas bills and being so high we can't pay them!

So let's talk about what this package may do for some of us:

A) Allow us to save a few dollars for the winter heating bills - this does nothing for the overall economy

B) Pay a credit card off - this does nothing for the economy because we're not likely to run up an additional balance on that card!

C) Pay our rent - ok so this might do a little bit since now our landlords will have a few extra dollars to spend - or will they? Increasing property taxes, liability insurance and other costs must be met by them.

There are other things we might do - we'll discuss some of them further.

Would love to hear what you think you'll do with your rebate!