Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has reminded retirees, disabled veterans and others who normally do not file tax returns that there is still time to submit a 2007 form in order to receive an economic stimulus payment, even though April 15 has passed. People with no tax filing requirement, but at least $3,000 in qualifying income, should file a Form 1040A. To receive an economic stimulus payment this year, the form must be filed by October 15.

  Qualifying income includes earned income, nontaxable combat pay and certain Social Security, Veterans Affairs and Railroad Retirement payments. These Social Security benefits include retirement, disability and survivor payments, but not Supplemental Social Security Income (SSI). These Veterans Affairs benefits include disability compensation, disability pension and survivor payments. These Railroad Retirement payments include the Social Security equivalent portion of Tier 1 benefits.

  The return should include name, address, dependents, qualifying income amount, direct deposit information and signatures. Those eligible, including their qualifying children, must have Social Security numbers.

  Individuals who want to file their own returns electronically may still use Free File --Economic Stimulus Payment at www.irs.gov. Also, IRS Taxpayer Assistance Centers are open during the week to provide assistance. A volunteer tax assistance site may be found by calling 1-800-906-9887.

IR-2008-65,
2008FED ¶46,415

Other References:

 
Code Sec. 6428

  CCH Reference - 2008FED ¶38,869.69

  Tax Research Consultant

  CCH Reference - TRC INDIV: 57,900