I received a call from a friend today.

That’s a really big check…

“My tax rebate check came in today’s mail.” “So?” “It was for one dollar and thirty cents.” “You’re joking.” “No, I’m not.” “I’ll be right over.”

…don’t spend it all in one place

Yep, that’s some 2008 Economic Stimulus Payment.

…Your payment may be less than the maximum for one or more of the following reasons:

   * You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.

   * You are married and your net income tax liability is less than $1,200.

   * You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.

   * You are married filing a joint return and your AGI is more than $150,000.

   * You owe back taxes.

   * You have non-tax federal debts such as unpaid student loans or child-support obligations…

Okay, so this friend made too much money in 2007. But, a check for $1.30? The cost of processing and mailing it alone must have exceeded that amount.

We spent some time riffing on the economic stimulus possibilities that would come from spending the check. I pointed out that the check was made out to my friend and his spouse. “You’re only entitled to sixty five cents.” The price of gas at the corner station just hit $3.75 a gallon.  “I could buy a pack of gum.” “Not at the corner convenience store, you’d have to drive to [the national anti-union chain store].” “And that would cost in gas.”

I suggested that my friend not cash the check. Instead, I told him he should have it framed, because we just made that little check infamous.