Thursday, April 23, 2009

Did You Miss Out On Your 2008 Stimulus Payout?

If you didn't file for an economic stimulus payment in 2008 because you weren't sure you were eligible, you may be able to file for a payment in 2009

The IRS and Treasury are 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.

The following are requirements you must meet or there is no need to file for the stimulus:

*You have, or your family has, at least $3,000 in qualifying income from, or in combination with, Social Security benefits, certain Veterans Affairs benefits, Railroad Retirement benefits and earned income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
*You and any family members listed on your tax return have valid Social Security numbers.
*You are not a dependent or eligible to be a dependent on someone else’s federal

What is the Stimulus Worth:

Eligible individuals — between $300 and $600
Joint filers — between $600 and $1,200
With eligible children — an additional $300 for each qualifying child

All of the above applies to those who receive social security,veteran affairs,railroad retirement or low-wage workers.

1 comment:

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