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| Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. But there are more details to know about. Find out more here and visit this page regularly for the latest updates. |
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Economic Stimulus Payments: Information for Low-Income Individuals
This section is for people who work but do not earn enough money to have a requirement to file a tax return. The IRS and Treasury will be working with many organizations to ensure that all eligible individuals know what to do to receive a stimulus payment. Normally, people who receives wages or self-employment below a certain amount are not required to file a tax return. However, the economic stimulus law passed in February contains a special provision allowing low-wage workers with at least $3,000 in qualified income to qualify for the stimulus payment. There also is a payment of $300 for each eligible child under age 17. See eligibility requirements below. For eligible workers, the IRS has prepared a 10-page informational package that includes instructions, a sample Form 1040A and a blank Form 1040A — everything needed to file a tax return today. Basic Eligibility Requirements Individuals or families must have at least $3,000 in qualifying income, which can be income from or in combination with Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits and earned income. People must have valid Social Security Numbers. People cannot be claimed as dependents or eligible to be claimed as dependents on another's tax return. People must file a 2007 tax form, i.e. Form 1040A. How It Works Following are two scenarios in which taxpayers qualify for the economic stimulus payment: Tony is not married. He receives help, including some financial assistance, during the year from local social service organizations. He also worked a little during 2007, earning $3,600 from jobs he held. He does not have enough income to be required to file a federal income tax return, and he is not eligible to be claimed as a dependent on someone else’s tax return. Since he also has a valid Social Security Number, Tony is eligible to receive an economic stimulus payment of $300. Tony should notify the IRS he is eligible by filing a simple federal income tax return showing the amount of his income from the jobs he worked. Ed and Betty are married. They both have valid Social Security numbers and neither can be claimed as a dependent on someone else’s tax return. They each worked at jobs during parts of 2007, with Ed earning $1,200 and Betty earning $2,700. Individually, neither had enough qualifying income ($3,000 or more) to be eligible for an economic stimulus payment. However, they can combine their earned income for a total of $3,900, which, if they file a simple tax return jointly qualifies them for a $600 economic stimulus payment. File Now The economic stimulus payment payments will be issued beginning in early May, and will continue through the rest of the year. The IRS is encouraging people to file the simple tax return by April 15, 2008. If you have a bank account, you can choose Direct Deposit for your payment. Direct Deposit is the easiest, fastest way to receive a economic stimulus payment. The IRS cannot, by law, issue any economic stimulus payment checks or Direct Deposits after Dec. 31, 2008. You must file your simple tax form with enough time left in the calendar year for the IRS to process it and issue your economic stimulus payment before the end of the year. Mailing Addresses Even those who normally don't have to file a federal tax return will have to file one this year in order to claim the economic stimulus payment. Find out where to send yours. Free Tax Help Available Individuals who need to file a return this year to receive a stimulus payment may be able to take advantage of thousands of free tax preparation sites nationwide for low-income and elderly taxpayers. Free File: Economic Stimulus Payment provides free tax preparation software and electronic filing for people who are submitting a return solely to receive their economic stimulus payment. Source : irs.gov Labels: Economic Stimulus Payments |
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