[StBernard] IR-2008-109: October 15 Deadline Nears; Don't Let Stimulus Payment Pass You by

Westley Annis Westley at da-parish.com
Tue Sep 23 22:02:29 EDT 2008

October 15 Deadline Nears; Don't Let Stimulus Payment Pass You by

Audio Interview

WASHINGTON - The Oct. 15 deadline to file a 2007 income tax return and to
receive an economic stimulus payment this year is fast approaching.

This is the deadline for the estimated 4.3 million retirees and disabled
veterans who may be eligible to receive a stimulus payment but who normally
don't file a tax return.

It's also the deadline for the approximately 10 million people who earlier
this year received extensions to file their 2007 income tax return.

"Don't let the economic stimulus payment pass you by," said IRS Commissioner
Doug Shulman. "If you want the payment this year, you should file by Oct.
15. We recognize that there may be older Americans and disabled veterans who
still have not filed for their stimulus payment. If you know of a friend,
neighbor or family members who may be in that situation, please give them a
hand if they need it."

The IRS has accounted for nearly 80 percent of the Social Security and
Veterans Affairs beneficiaries initially identified as potentially eligible.

The IRS has yet to hear from an estimated 4.2 million people who receive
certain Social Security benefits and 178,000 who receive certain Veterans
Affairs benefits. The agency twice has sent to this group letters that
enclosed a Form 1040A, a sample tax form and instructions for sending the
tax return to the IRS. If these instructions have been misplaced, the
fastest way to obtain a Package 1040A-3
<http://www.irs.gov/pub/irs-pdf/k1040a3.pdf> is to go to IRS.gov or to
local IRS offices. There are more than 400 local offices nationwide
<http://www.irs.gov/localcontacts/index.html> where people can get
assistance in preparing the return as well. A return also can be prepared
and submitted for free through Free File
<http://www.irs.gov/efile/lists/0,,id=179739,00.html> which is available at

People must file a tax return in order to receive an economic stimulus
payment even if they normally are not required to file a return.

For eligible individuals, the Economic Stimulus Act of 2008 provided for
stimulus payments of up to $600 ($1,200 for married couples) or the amount
of the taxpayer's 2007 net income tax liability, whichever is less. There
also is a $300 payment for each qualifying child.

There is an income phase-out, starting at adjusted gross income amounts of
$75,000 for single taxpayers and $150,000 for married taxpayers.

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 earned income, nontaxable combat pay as
well as certain benefits from Social Security, Veterans Affairs and Railroad

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.

The IRS has partnered with numerous organizations, including AARP, Center on
Budget and Policy Priorities, National Council on Aging, Community Action
Partnership, United Way, National League of Cities, National Disability
Institute and National Community Tax Coalition. These organizations also are
conducting outreach efforts to older Americans and veterans.

Also, each year, there are approximately 10 million taxpayers who request an
extension from the April 15 deadline to file their tax return. The extension
applies only to filing a return, not to paying any taxes owed. Oct. 15 is a
final deadline for these extension taxpayers to avoid any penalties. They,
too, may be eligible for the economic stimulus payment but must file a 2007
return by Oct. 15 to receive the payment this year.

By law, the IRS cannot disperse any economic stimulus payments after Dec.
31. However, people who may be eligible for an economic stimulus payment can
claim a credit in 2009 by filing a 2008 income tax return.

As of Aug. 29, the IRS has issued $93 billion in economic stimulus payments
to 114.8 million individuals and families.

Those who already have filed a 2007 tax return but who have not yet received
an economic stimulus payment, can check on the status of your payment by
going to "Where's My Economic Stimulus Payment
<https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC&selectLanguage=en> ?"
on the IRS.gov Web site.

People also can call 1-866-234-2942 and, after selecting English or Spanish
language, should press 2 to check on the status of the stimulus payment.
People will need their Social Security Number (the one listed first on the
2007 return), filing status (single, married, etc) and the number of
exemptions claimed on the return.

Related Item:

* Stimulus Payments - It's Not Too Late

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