CORAL GABLES, Fla. -- They are the three words that are on everyone's lips: stimulus tax check. You've probably already received your notice from the IRS telling you how much you will be getting sometime this summer.

But what does this free money mean? And is it free?

Local 10 talked to Emery Sheer, a senior partner with Berenfeld, Spritzer, Shechter and Sheer, Coral Gables, to get a handle on the government gift and what it all means.

First, in order to qualify for the rebate, you'll have to file a tax return. "The amount you receive depends on what you reported on your 2007 tax return," said Sheer.

Sheer points out that if you aren't required to file a return, do it anyway.

"People who don't have to file a tax return, who only receive Social Security, Veterans or disability benefits, they should file," said Sheer.

According to the National Association of Tax Professionals, you must have at least $3,000 in qualifying income. Qualifying income is defined as any combination of earned income, such as wages or taxable income from self-employment, nontaxable combat pay, and certain benefits from Sociality Security, Veterans Affairs and Railroad Retirement, according to the NATP.

The association also said if you aren't eligible for a rebate check this summer, you may qualify for an additional tax credit when you file your 2008 return.

"Your rebate will be recomputed when you file your 2008 tax return. If you should have received more of a rebate due to your income or number of children you will get the additional amount with your 2008 refund. If you received too much money in your rebate check, you'll keep the extra," said Sheer.

If your income was too high in 2007 to quali f y for the rebate, you may be allowed to claim a tax credit, up to $600 or $1,200 for joint filers if your 2008 income is lower, according to the NATP.

Sheer said also if you were claimed a as a dependent in 2007 on someone else's taxes, but won't be in 2008, you will get the credit in that tax return.

The payment will not be taxable next year, however.

So when will the check be in the mail? Beginning May 2, the IRS will send out checks based on the last two digits of the Social Security number used on the tax return.

If you filed jointly, the first Social Security number listed will determine the mail-out time.

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To find out more about the stimulus payments, go to www.irs.gov.

The IRS also has a calculator to help you determine how much you can expect. Use The Calculator Here.