My situation as mentioned below:

I am an Indian citizen and came to US on 01th August 2007 on L1B Visa with my husband(in L2 visa) and kid (2.5 yrs, in L2 visa).
I got my SSN and we have applied EAD for my husband in January 08, expecting to come around April08 1st week and thereafter I can apply
SSN , which I think would nearly take 2 to 3 weeks.
We do not have Green Card and do not satisfy the Substantial Presence Test for 2007. From January07 to July 07 I received income
In India and I will be filing April 07 to july07 taxes in India. January 07 to March 07 already filed in India. Financial year in India is from April to March.
My world wide income would be ~30k and us income would be ~25k..

I'll be staying till July08 first week of this year.

Questions:

1. What should I file in this case non-resident or resident? Planning to file extension.
2. Planning to file first year choice with world wide income.
3. Am I eligible for child tax credit if I opt for first year choice?
4. What time I have to file tax if I go for first year choice, can I file in early June or is it only after I complete 183 days this year that is after 1st week of july08.
5. How about foreign income, which form would help me
6. If my presence in 2008 is more than 183 days, in that case still I need to show my world wide income.
7. how about stimulus package payment and how much I can get refund..

Your help is really really appreciated. Thank you!

1-3) Filining jointly as a resident is probably the best choice, even with world-wide income, because you CAN claim the Child Tax Credit.

4) Sometime in mid-May 2008.

5) You can exclude the foreign income using Form 2555.

6) Yes.

7) You will NOT be eligible for the stimulus check because of your son's ITIN.