Greetings All!
Starting in May 2008 the Federal Government will begin sending out checks for the long awaited economic stimulus package to the almost 130 million eligible households. This economic package will provide checks of between $300-$600 dollars to a person depending on their tax eligibility. While anyone who files a tax return will receive these checks, there remains about 20 million people who are eligible and don’t normally file tax returns. This is especially true for seniors who receive Social Security, Veterans Affairs, or certain other benefits, more information can be found using the IRS Administration Procedures.
You’re eligible if you have a valid Social Security Number (SSN), can’t be claimed as a dependent on a tax return and have either an income tax liability or “qualifying income” of at least $3,000. Qualifying income includes any combination of earned income and certain benefits from Social Security, Veterans Affairs or Railroad Retirement.
The IRS recommends filing your return by April 15th (5 days left!) to receive a stimulus check soon. If you are filing for the sole purpose of receiving the check or have filed for a six-month extension then October 15th is the deadline for this year. If you haven’t yet filed for this year, try one of the many free online services such as the one that is provided by Turbotax. To find out what your return will be visit the IRS website and use their Economic Stimulus Package Calculator.
For further questions and information visit theIRS FAQ section.
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