jmcgready’s misc universe

photo credit: meyshanworld

This is especially key for college students
who aren’t claimed as dependents by their parents.

I found this out when my mom,
who normally doesn’t file as she is on Social Security,
had me check this out for her -

now I’m glad i did

From the IRS itself…

Updated Feb. 28, 2008

Under the Economic Stimulus Act of 2008,
more than 130 million American households will receive
economic stimulus payments beginning in May.

The only way to get one is to file a federal tax return for 2007.

This filing requirement also applies to some people
who do not normally file, including:

• many low-income people and recipients of Social Security,

• certain benefits received from the Department of Veterans Affairs

• and certain Railroad Retirement benefits.

Here’s some more specific info:

Q: I normally don’t need to file a tax return.
     How do I know if I’m one of those people who may be eligible
     to receive an economic stimulus payment?

A: This group includes some recipients of Social Security,
    Railroad Retirement or veterans’ benefits as well as
    taxpayers who do not make enough money to normally have to file a 2007 tax return.

    For example, this can include low-income workers,
    those who receive Social Security benefits
    or veterans’ disability compensation, pension
    or survivors’ benefits from the Department of Veterans Affairs in 2007.

    These people will be eligible to receive a payment of $300 ($600 on a joint return)
    if they had at least $3,000 of qualifying income.

    Qualifying income includes:

•     Social Security benefits,
•     certain Railroad Retirement benefits,
•     certain veterans’ benefits
•     and earned income, such as income from wages,
      salaries, tips and self-employment.

For people filing joint tax returns,
only a total of $3,000 of qualifying income from both spouses
is required to be eligible for a payment.

Q: I normally don’t have to file a tax return
but have enough in qualifying income to receive a stimulus payment.
How do I find out more about how to file a tax return?

More information is available in Fact Sheet 2008-16.

If you qualify, all you need to do is fill out Form 1040A in a few places.

A sample version of Form 1040A illustrates which lines to fill out.

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This entry was posted on Sunday, March 2nd, 2008 at 6:22 pm
and is filed under Politics, life, money.

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