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Legal Services Alabama News |
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 Consumer Issues
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Economic Stimulus Payments Schedule
1. What is an Economic Stimulus Payment?
The Economic Stimulus Act of 2008 gives anyone who had $300 of "qualifying income" in 2007 the right to a check.
2. What Is Qualifying Income?
"Qualifying income" includes Social Security payments, as well as benefits from the Department of Veterans Affairs and the Railroad Retirement Board. It does not include Supplemental Security Income (SSI).
3. How Much Can I Get?
If you do not have a minor child, you get $300 for one person or $600 for a couple filing a joint tax return.
If you owe income tax for 2007, you can get all that you owe up to $600 for one person or $1,200 for a couple.
Since most Social Security beneficiaries do not owe income tax, they are limited to a maximum of $300 (or $600 for a couple).
4. What Do I Have To Do To Get An Economic Stimulus Payment?
You need to file an income tax return.
5. Which IRS Form Should I File?
If you have wages or other earned income, you can use the 1040EZ. If you do not have earned income, you must file a form 1040 or 1040A.
6. I Only Have Social Security Income. How Do I Fill Out IRS Form 1040A?
Put the amount of your Social Security benefits on line 14a of Form 1040A.
Write the words "Stimulus Payment" across the top of the form.
IRS has a sample Form 1040A you can find at http://www.irs.gov/pub/newsroom/1040a.pdf
7. I Lost The Form 1099-SSA That Social Security Mailed To Me Reporting How Much Social Security I Received Last Year. Can I Still File A Tax Return?
Yes. You may estimate your Social Security benefit for 2007 by multiplying your monthly benefit by the number of checks you received in 2007.
8. Will The Stimulus Payment Affect My Eligibility For Medicaid, SSI, Or Food Stamps?
No. The payment does not count as income.
It also cannot count as a resource either in the month you get it or either of the following two months.
If you have not spent the money during this three-month time period, the money will count toward the resource limit for food stamps, SSI and Medicaid.
9. Can I File My Income Tax Return Electronically?
Yes. You should be able to file electronically for free.
The IRS website at freefile has links to some companies offering free tax preparation and electronic filing to people filing merely to get an economic stimulus payment.
10. Is There A Deadline To File My Income Tax Return In Order To Receive A Stimulus Payment?
As with a regular income tax return, you should file by April 15.
As long as you file by October 15, you should be able to get a stimulus payment before the end of the year.
11. Can I Have Too Much Income To Receive A Stimulus Payment?
Yes. If you have adjusted gross income above $75,000 and file by yourself, you do not get the full benefit.
If you are married and file jointly and have adjusted gross income above $150,000, you do not get the full benefit.
For more details, see the IRS Fact Sheet on stimulus payments and the IRS "frequently asked questions" websites.
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By: Legal Services Alabama - 03/13/2008 |
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 Elder Law
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Helpline Available for Alabama Senior Citizens
Legal Services Alabama (LSA) and the Alabama Department of Senior Services (ADSS) maintain a statewide Alabama Elder Helpline for people age 60 a...
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By: Legal Services Alabama - 06/22/2007 |
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AlabamaLegalHelp.org is a project of Legal Services Alabama and the Legal Services Corporation. It is produced in cooperation with Pro Bono Net and legal services organizations, community organizations and government agencies throughout Alabama and the United States. |
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