Don’t Miss the October 15, 2008 Deadline to File for YOUR Economic Stimulus Payment!
What is it? It's an economic stimulus payment that is not taxable and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.
Who is eligible? The majority of people who file a 2007 income tax return qualify, and many who don't regularly file a tax return may qualify as well. You're eligible if you have a valid Social Security number (SSN), can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000. Qualifying income includes any combination of earned income and certain benefits from Social Security, Veterans Affairs or Railroad Retirement. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
If I receive Social Security retirement benefits and normally do not file a federal tax return, am I eligible to receive the economic stimulus payment? Normally, certain Social Security payments are not subject to income tax. However, the economic stimulus law passed in February contains a special provision allowing Social Security recipients to count those benefits toward the qualifying income requirement of $3,000 and thereby qualify for the stimulus payment. For more information, click here
How do you get it? Simply file a federal tax return for 2007 by Oct. 15, 2008, even if you normally don't have to because your income usually doesn't meet the filing threshold. Those who normally don't have to file a tax return and can use the short form for the stimulus payment should review information tax package 1040A-3, which has instructions, a sample Form 1040A and a blank Form 1040A — everything needed to file the tax form.
How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number.
Can I get free tax preparation assistance? Individuals who need to file a return this year to receive a stimulus payment may be able to take advantage of free tax preparation sites nationwide for low-income and older taxpayers. To find assistance, contact:
Volunteer Income Tax Assistance (VITA) – 1-800-906-9887
For more information on how to receive your economic stimulus payment, contact Congressman Scott’s office at 770-432-5405