Volume 5, Number 2
Economic Stimulus Payment 2008
Information & Assistance Coordinator
St. Louis Area Agency on Aging
According to the IRS, the only way to receive a rebate from the
economic stimulus package is to file a tax return. That includes
recipients of Social Security and veterans' benefits who do not
normally need to file returns.
The IRS said that some low-income people who are not required to
file a tax return will be eligible to receive payments of $300, or
$600 on joint returns, if they had at least $3,000 in qualifying
income. Qualifying income includes Social Security benefits, certain
Railroad Retirement benefits, certain veterans' benefits and earned
income.But to receive this money they must file a return.
The tax agency is introducing a special version of Form 1040A on its
Web site, http://www.irs. gov/, with instructions to these special
groups on how to fill out the form. For now, taxpayers in this group
will have to file a paper copy of Form 1040 or Form 1040A. The IRS
is working to update its systems to accept electronic versions.
Those who have already filed but did not report their qualifying
benefits may have to file an amended return in some situations to
receive a larger stimulus payment, the IRS said. The stimulus
payments will not affect eligibility for federal benefits.
The IRS will begin sending out the payments in May.