News You Can Use Distributed 04/14/08
Even if you are not otherwise required to file a tax return, you may still be eligible for an economic stimulus payment from the federal government, according to LSU AgCenter family economist Dr. Gloria Nye. Filing a return, however, is required to receive the money.
Low-income workers who have earned income of at least $3,000 but do not have a regular filing requirement must file a 2007 tax return to receive the minimum stimulus payment of $300.
Individuals who pay no tax and who have less than $3,000 of qualifying income will not be eligible for the stimulus payment.
Most Americans will not have to do anything other than file a 2007 individual income tax return to receive the 2008 Economic Stimulus Payment. The IRS will determine eligibility, figure the amount and issue the payment automatically.
Eligible individuals will begin receiving their payments in May. The maximum amount for individuals is $600 and $1,200 for those who file joint returns. Individuals who receive Social Security, Railroad Retirement, and/or certain Veteran’s benefits must file a 2007 return in order to receive a payment under this act.
Eligibility is also subject to maximum income limits. Payments will be reduced by 5 percent of the amount of income more than $75,000 for individuals and more than $150,000 for those filing jointly. Parents and anyone else eligible for a stimulus payment also may receive an additional $300 for each qualifying child with a valid Social Security number.
“These stimulus payments are not taxable,” Nye says, adding, “The payments will not count toward or reduce any other income-based government benefits, such as food stamps or Social Security.
Free tax form filing help is available through the Volunteer Income Tax Assistance (VITA) Program. Call 1-800-906-9887 to locate the nearest VITA site. To find an AARP Tax Aide site for people age 60 and older, call 1-888-227-7669. For the IRS Taxpayer Assistance Center closest to you, call 1-800-829-1040. Or, visit the IRS Web site at www.irs.gov.
For related family economics and consumer topics, click on the Family and Home link on the LSU AgCenter homepage at www.lsuagcenter.com. For local information and educational programs, contact an extension agent in your parish LSU AgCenter office.
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On the Internet: LSU AgCenter: www.lsuagcenter.com
Contact: Gloria Nye (225) 578-1727 or GNye@agcenter.lsu.edu
Editor: Mark Claesgens (225) 578-2939 or mclaesgens@agcenter.lsu.edu