Spring 2008 Volume 5, Number 2

Economic Stimulus Payment 2008

Anneliese Stoever, MSW
Information & Assistance Coordinator
St. Louis Area Agency on Aging
stoevera@stlouiscity.com
 

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.