2008 Tax Rebate Update - Tax Returns Need To Be Filed
This is the big question of the year. Many people are asking this question and wondering if the money they are due is an upfront payment for what they are due in 2009 or if they have to pay back the IRS with interest. There are still some details that are vague, but according to IRS.
- The payment does not have to be repaid
- The refund will NOT educe your 2008 refund if due when you file in 2009
- The refund is not taxable
Although you will have to file a 2007 tax return. Otherwise the IRS will not know if you are eligible for payments. Even if you are not required to file a tax return, you must do so in order for the IRS to process your payment.
Eligibility
- Tax Payers with a 2007 net income tax liability qualify, including people who get tax refunds
- Families with children under 17 generally will qualify for an additional payment
- Some people with no tax liability also will qualify. This includes
- Social Security and Railroad Retirement beneficiaries
- recipients of certain veterans’ payments
- low-income workers with earned income and/or benefits of at least $3,000
- Individuals who have combined income of at least $3,000 from any combination of these sources
- Some higher-income taxpayers will not receive a stimulus payment or will receive a reduced payment
If you have question about your eligibility, please email us and we will be happy to put your information through our tax calculator for free. ( info [at] leadingrich.com )
Reference: 2008 Economic Stimulus Package - Eligibility and Payment Information
Free Tax Help Available
Low- and moderate-income workers, including veterans, can get free tax help through the Volunteer Income Tax Assistance (VITA) program. Call 1-800-906-9887 to locate the nearest VITA site.
The Tax Counseling for the Elderly (TCE) Program provides free tax help to people age 60 and older. As part of the IRS-sponsored TCE Program, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season. To find an AARP Tax Aide site, call 1-888-227-7669 or visit the AARP Web site.
Source: IRS.gov
I owe 1600.00 in taxes this year….must I pay that before I can be eligible for the simulus refund…or must I just complete the Tax process.
March 6th, 2008 at 1:10 amUnfortunately you have to first file your tax return and pay any taxes owed. The IRS will then evaluate your tax return and verify eligibility and then issue you a Tax Rebate.
There is no way on the tax forms to net the credit against what you owe. Also don’t expect the tax rebate to be issued until May/June time frame.
http://LeadingRich.com
March 6th, 2008 at 10:23 amon social security! was not required to file 2007. do i need to do what for 2008 stimulus?
March 6th, 2008 at 10:05 pmLet me apologize in advance for bothering you with this. I am 52 years old. And I am disabled. In the building I live in there has been a lot of discussion of this alledged ‘economic stimulus’ rebate.
I don’t think I qualify for this rebate because I haven’t filed a tax return sine 1984. I’ve been receiving SSDI since 1989 (back dated to 1986).
Look, let’s just cut to the chase! Do people who are collecting SSDI benefits qualify for this ‘rebate’?
March 12th, 2008 at 1:13 pmDo people who collect SSDI benefits qualify for this rebate?
March 12th, 2008 at 1:14 pmSorry for the delay in the response as it is a very tricky question and the answer is not clear cut. According to the IRS, “Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.”
http://www.irs.gov/newsroom/article/0,,id=179201,00.html
But SSDI - Social Security disability Income is not specifically mentioned.
The IRS says “Social Security retirement or disability benefits” are eligible. If you take the assumption that SSDI is the Social Security disability benefit, then you are eligible based on certain rules of how much. (this was also confirmed by calling the IRS at (800) 829-1040. You will need to file a 1040A form as stated by the IRS and let them determine eligibility and tax rebate amount. The form and instruction are available at http://www.irs.gov/pub/irs-pdf/k1040a3.pdf.
The IRS has also setup a hot-line for the stimulus payment at (866) 234-2942, but not much information is available.
Remember to write “STIMULUS PAYMENT” at the top of the return and your social security number and definitely don’t forget to sign it. Also according to the IRS, if you have not filed a 2006 tax return, they will be sending you information about the stimulus and instructions. But you know how the IRS is.
GOOD LUCK and YES People collecting SSDI benefits Quality, but will be based on the IRS formula’s.
March 13th, 2008 at 7:25 pmI didn’t file last year since I didn’t make any money. Am I still eligible if I file this year?
March 16th, 2008 at 1:38 pmYou are eligible if you had any type of income. So if you had $1 worth of interest income, you should file a return and will be eligible.
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