Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans’ widows will receive $300 payments if they earned $3,000 in Social Security or veterans’ disability benefits in 2007. In addition, workers who earned at least $3,000, but not enough to pay income taxes, will be eligible for payments of $300. For higher income individuals, the law provides rebate checks of up to $600 per individual. Individuals who earn above $75,000 in 2007 will not receive a rebate check.
In order to get a rebate, you need to file an income tax return even if you do not have any tax liability. You will need to report any Social Security income on the tax return. This does not mean you will be taxed on your Social Security income, but you must report it in order to get the rebate. If you file the tax return on time, you should receive the rebate check in May or June.
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About Evan H Farr, CELA, CAP
