Friday, April 11, 2008

Seniors Must File Tax Returns to Get Rebate

From Alliance for Retired Americans:
Tax Filing Deadline Has Added Significance for Retirees This Year
Tuesday, April 15th is the regular deadline for filing taxes, and the date holds special implications for seniors in 2008. Up to 20 million Americans who rely primarily on Social Security income qualify for an economic stimulus rebate check from the federal government. Even seniors who do not earn income through current employment can qualify for a stimulus check, if their Social Security benefits, Veterans Affairs (VA) benefits, and railroad retirement benefits totaled at least $3,000 in 2007. In most cases, retirees will receive an economic stimulus check ranging from $300 to $600. Seniors need to file a 2007 federal tax return on IRS Form 1040 or 1040A (short form) to receive the check. Seniors must file a 2007 tax return even if their income is normally low enough that they were not required to file in previous years. Those filing later than April 15, with or without a tax-filing extension, may delay receipt of the rebate check. Those who qualify for a stimulus check will receive one by the end of 2008, as long as they file by October 15, 2008 - but no rebate checks will be issued after 2008. “For years, Alliance members have been instrumental in spreading the word to fellow retirees about key pocketbook issues,” said George J. Kourpias, President of the Alliance. “Please keep that up by telling your friends and neighbors about filing a tax return to get the stimulus rebate.”

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