Updated March 5, 2008
Starting in May, the Treasury will begin sending economic stimulus
payments to more than 130 million households. To receive a payment,
taxpayers must have a valid Social Security number, $3,000 of income
and file a 2007 federal tax return. IRS will take care of the rest.
Eligible people will recieve up to $600 ($1,200 for married couples),
and parents will receive an additional $300 for each eligible child
younger than 17. Millions of retires, disabled veterans and low-wage
workers who usually are exempt from filing a tax return must do so
this year in order to receive a stimulus payment.
But there are more details to know about. Find out more here and
visit this page regularly for the latest updates.
http://www.irs.gov/irs/article/0,,id=177937,00.html
Economic Stimulus Payments: Information for Recipients of Social
Security Benefits
Updated March 5, 2008
This section is for people who receive Social Security retirement or
disability benefits. The IRS and Treasury will be working closely
with the Social Security Administration to ensure that all eligible
individuals know what to do to receive a stimulus payment.
Normally, certain Social Security payments are not subject to income
tax. However, the economic stimulus law passed in February contains a
special provision allowing Social Security recipients to count those
benefits toward the qualifying income requirement of $3,000 and
thereby qualify for the stimulus payment.
For purposes of meeting the qualifying income requirement, the
following benefit needs to be reported in any combination on Line 14a
of the Form 1040A or Line 20a of Form 1040:
* Social Security benefits reported on the 2007 Form SSA-1099,
which people would have received in January 2008. People who do not
have a Form 1099 may estimate their annual Social Security benefit by
taking their monthly benefit, multiplying it by the number of months
during the year they received the benefits, and entering the number
on Line 14a of the Form 1040A or Line 20a of Form 1040.
* <http://www.irs.gov/pub/newsroom/1040a.pdf>Sample Form 1040A,
example only
Supplemental Security Income (SSI) does not count as qualifying
income for the stimulus payment.
Basic Eligibility Requirements
* Individuals or families must have at least $3,000 in qualifying
income, which can be income from or in combination with Social
Security benefits, Veterans Affairs benefits, Railroad Retirement
benefits and earned income.
* People must have valid Social Security Numbers.
* People cannot be claimed as dependents or eligible to be
claimed as dependents on another's tax return.
* People must file a 2007 tax form, i.e. Form 1040A.
http://www.irs.gov/newsroom/article/0,,id=179201,00.html
