RETIREES, DISABLED VETS CAN STILL FILE FOR 2008 STIMULUS
Even though April 15 has passed, the Internal Revenue Service
is reminding retirees, disabled veterans and others who normally do not file
a tax return that there is still time to submit a 2007 form to receive an
economic stimulus payment.
People who have no tax filing requirement but have at least $3,000 in
qualifying income should file a simple Form 1040A. Qualifying income
includes any combination of earned income, nontaxable combat pay as well as
certain payments from Social Security, Veterans Affairs and Railroad
“Don’t worry if you did not file a return by April 15. If you meet the
criteria, you are still eligible for a stimulus payment. The quicker you
file, the quicker you’ll get your payment,” said Doug Shulman, IRS
Commissioner. People must file a return by October 15 to receive an economic
stimulus payment this year.
Shulman urged friends and family members to reach out to acquaintances or
relatives who may either be unaware of the Economic Stimulus Payment or
unable to file the tax return themselves. “We need everyone’s help to make
sure all eligible people get the economic stimulus payments,” he added.
For taxpayers who are required to file an income tax return, the IRS will
use the 2007 tax return to determine eligibility for economic stimulus
payments of up to $600 ($1,200 for married couples). There also is a payment
of $300 for each qualifying child younger than 17.
Those not required to file a return because their income is too low or
nontaxable must file a tax return to obtain their economic stimulus payment.
The Economic Stimulus Act of 2008 provides a minimum payment of $300 ($600
for married couples) plus the $300 payment per eligible child, if the person
(or married couple) has at least $3,000 in qualifying income.
The types of Social Security benefits that are considered qualifying income
include retirement, disability and survivor payments. Supplemental Security
Income (SSI) is not qualifying income. The types of Veterans Affairs
benefits that are considered qualifying income include disability
compensation, disability pension and survivor payments. Qualifying Railroad
Retirement payments include the social security equivalent portion of Tier 1
People not otherwise required to file an income tax return must file a
simple Form 1040A with basic information to ensure that they receive the
economic stimulus payment. This information includes their name; address;
dependents, if any; amount of their qualifying income (which must be $3,000
or more); direct deposit information and their signatures. Forms 1040A and
instructions are available at www.irs.gov.
Eligible people, including their qualifying children, must have Social
Security numbers. Also, people cannot be claimed or be eligible to be
claimed as a dependent on another’s tax return. People with Individual
Taxpayer Identification Numbers are not eligible.
There are IRS Taxpayer Assistance Centers open during the week to provide
assistance. To find an IRS office near you, go to IRS.gov and click on
“Contact IRS,” then “Contact Your Local IRS Office.” These sites offer free
tax preparation and filing for individuals and families whose income is
$40,000 or less. A select number of volunteer tax assistance sites in local
communities may also remain open. People can call 1-800-906-9887 to find the
volunteer tax assistance site closest to them.
If people want to file their own return electronically, they can still use
Free File – Economic Stimulus Payment, also available at
www.irs.gov. This program provides free
software and free electronic filing of Form 1040A, and it remains open after