WASHINGTON — Only days remain until the Oct. 15, 2008, deadline for
retirees and disabled veterans to file an
income tax return that will allow them to receive an
economic stimulus payment for 2008.
The
Internal Revenue Service also reminds retirees and disabled veterans
that the money received from the economic stimulus payment will generally
have no impact on eligible for Medicare, Medicaid or other benefits. In
addition, the payment generally will not be counted as income or require the
recipients to file future
income tax returns.
“This really is the last chance for people to still get their stimulus
payments this year. Don’t let the economic stimulus payment pass you by,”
said IRS Commissioner Doug Shulman.
The Internal Revenue Service’s latest estimate indicates as many as 4.3
million recipients of certain
Social Security and
Veterans Affairs benefits who may be eligible for the economic
stimulus payment but who have not yet claimed their stimulus payments.
People must file an income tax return in order to receive an economic
stimulus payment.
For people who have no tax liability and who have no requirement to file
a tax return because their income is too low or nontaxable there is a
stimulus payment of up to $300 ($600 for married couples) plus the $300
payment for each qualifying child. However, people in this situation must
have at least $3,000 in qualifying income from any combination of earned
income, nontaxable combat, and certain Social Security, Veterans Affairs and
Railroad Retirement benefits.
Qualifying income from Social Security includes retirement, disability
and survivor benefits.
Supplemental Security Income is not a qualifying income. Qualifying
income from Veterans Affairs includes disability compensation,
disability pension and survivor benefits. Qualifying
Railroad Retirement Board benefits include the social security
equivalent portion of Tier I benefits.
Also, those who are dependents or eligible to be dependents on another’s
tax return are not eligible. People must have a valid Social Security Number
unless their spouse is a member of the military.
Related Items:
-
Package 1040A-3, contains examples, instructions and blank form
to file to IRS.
-
Local IRS Offices,
search for the
IRS Taxpayer Assistance Center closest to you.
-
Free File,
prepare your stimulus return online for free until Oct. 15.
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