Six things to note about the upcoming tax rebate distributed as part of a federal $168 billion stimulus plan:
1) Senior citizens and low-income earners who don’t usually have to file a tax return will miss out on federal stimulus refund checks if they don’t file this year. The IRS is sending out more than 151 reminder letters to those who file tax returns and those who collect Social Security and veteran's benefits.
2) Taxpayers who file a return are automatically set to get the tax-free rebate payment and will get it sometime after May 1 when the first ones are to be issued. You'll get yours earlier if you sign up to receive it through direct deposit. Find out when your check will arrive with the IRS schedule.
3) Rebate payments will be separate from tax refunds and will be deposited electronically only if a taxpayer’s refund is made via direct deposit. A paper check will be issued to any taxpayer who uses a refund-anticipation loan.
4) You can’t get cash from the stimulus program if you: Don’t file a 2007 tax return or didn’t pay any federal income tax last year or your income from all sources — including non-taxable income such as disability or retirement benefits — is less than $3,000. Nor if you can be claimed as a dependent on someone else’s return or don’t have a valid Social Security number or are a nonresident alien. Nor if you use forms 1040NR, 1040NR-EZ, 1040PR or 1040SS for 2007.
5) You can figure out how much you will get with the IRS's calculator.
6) If you don’t ordinarily file a tax return, and you need help filing for your rebate, the IRS is holding special hours Saturday, March 29 from 9 a.m. to 3 p.m. to help prepare the Form 1040A returns for low-income workers, retirees, disabled veterans and others. You'll need to bring some documents with you. Here are the two closest locations:
Los Angeles
300 N. Los Angeles St.
Long Beach
(Federal Bldg)
501 W. Ocean Blvd.
These organizations can also help:
The Volunteer Income Tax Assistance program provides help to low- and moderate-income taxpayers. Call 800-906-9887 for the nearest VITA site.
The Tax Counseling for the Elderly program provides free tax help to people ages 60 and older. As part of this IRS-sponsored program, AARP offers counseling at more than 7,000 sites nationwide during the filing season. To find a site, call 888-227-7669 or visit the AARP website, www.aarp.org.
Leave a comment