Seniors could still qualify for economic stimulus payments

Thursday, July 24, 2008

Senior citizens and disabled veterans still have time to complete a 2007 tax return to become eligible for an economic stimulus payment. Eligible retirees who do not normally file a tax return must do so to be eligible for the Economic Stimulus Act of 2008.

Individuals without tax liability who received at least $3,000 in qualifying income in 2007 are eligible for a minimum payment of $300. Married couples who file jointly will receive $600 and individuals will receive $300 for each qualifying child.

Qualifying income includes any combination of earned income, non-taxable combat pay and certain benefits. Social Security benefits that qualify as income are retirement, disability and survivor payments. Supplemental Security Income (SSI) does not qualify as income.

Veterans Affairs benefits, such as disability compensation, disability pension and survivor payments, and the Social Security equivalent portions of tier one Railroad Retirement benefits also qualify as income.

Area residents who are not normally required to file an income tax return should file Form 1040A, which includes the individual's name, address, dependents' information, amount of qualifying income, direct deposit information and signature.

All eligible individuals and qualifying children must have valid Social Security numbers. People with individual taxpayer identification numbers must be spouses or children of military personnel to be eligible for stimulus payments. Individuals who can be claimed as a dependent are not eligible.

For more information and assistance in filing for an economic stimulus payment, call the Cassville Senior Center at 847-4510.

Respond to this story

Posting a comment requires free registration: