Be Sure to Get Your Economic Stimulus Payment

Beginning in May the IRS will begin sending out economic stimulus payments.

You MUST FILE a 2007 tax return to get a rebate. If you normally are not required to file because you are retired, you still need to file in order to qualify for a rebate. You only need $3,000 of income in order to qualify. Social Security benefits and pension plan income are considered qualifying income. Investment income is not qualifying income.

Here are some things you should be aware of:

• If you receive Social Security benefits that are not taxable, list the full amount of your benefits on form 1040 line 20a (to show that you have qualifying income) and zero on line 20b (to show that none of the benefits are taxable).
• You must claim yourself. If you are normally claimed as a dependent on someone else’s return you might want to consider asking them not to claim you for 2007.
• You need to file a 2007 return by December 2008 in order to receive a rebate check.

If you have additional questions regarding the economic stimulus payments follow this link to the IRS website:
http://www.irs.ustreas.gov/irs/article/0,,id=177937,00.html

I know this is a bit confusing but it is true that you must file an income tax return to get your share of the money. Fortunately, here in the Dayton area we have several Senior Citizens Centers where you can get free Income Tax help with filing from AARP. Make an appointment soon because they are very busy with others wanting their fair share of these payments.