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Veterans: To Get Stimulus Check, File Tax Return Even if You Don't Owe
Most seniors and disabled people do not make income tax reports because of low incomes, so what do they need to do to be eligible for the Stimulus?
You have to file a return to get a stimulus payment.
Filing won’t make you owe money, or change your taxable status. If you don’t have any tax liability, that remains true whether you file or not. But the IRS will use the information from the 2007 tax return to determine eligibility and calculate the amount to be received.
You must have a Social Security number to get a payment. In most cases, the payment will equal the amount of tax liability, with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return). Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reports $3,000 or more in qualifying income…
Qualifying income is earned income such as wages and net self-employment income; Social Security or certain railroad retirement benefits; and veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007.
Recipients of Social Security, some railroad retirement and veterans benefits should report 2007 benefits on Line 14a of Form 1040 A or Line 20a of Form 1040, the IRS said. (These lines mention only Social Security, but use them even if your only benefits were railroad retirement or veterans’ benefits, the IRS says.)
Those who have already filed a 2007 return showing less than $3,000 in qualifying income and who did not list Social Security, railroad retirement or veterans benefits should file a Form 1040X to list them and qualify for a payment.
Low- and moderate-income workers, including veterans, can get free tax help through the Volunteer Income Tax Assistance (VITA) program. Call 800-906-9887 to locate the nearest VITA site.
The Tax Counseling for the Elderly Program, run by AARP, provides free tax help to people age 60 and older. To find a site, call 1-888-227-7669 or visit:
Click on "money and work" and "tax aide."
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Short URL: http://www.veteranstoday.com/?p=2876
Posted by Veterans Today on Feb 22 2008, With 0 Reads, Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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I get it, but the goverment takes it away. what a crock of crap
Makes me wish I could have re-enlisted again, after 3 hitches, and being denied for a medical reason.