The Internal Revenue Service just announced a new summer campaign to reach those retirees and disabled veterans who qualify for the economic stimulus payment but have not filed to claim it. New statistics indicate about 74 percent of retires and veterans have filed for in the stimulus payments, leaving about 5.2 million potential recipients remaining.
Eligible individuals are receiving up to $600 ($1,200 for married couples filing joint returns) plus $300 for eligible children younger than 17. A special stimulus category includes recipients of certain benefits from Social Security and Veterans Affairs who do not normally have a requirement to file a tax return. To be eligible for the minimum payment, individuals must have at least $3,000 in qualifying income. Qualifying income includes any combination of earned income, from Social Security benefits for retirement, disability and survivor payments. Supplemental Security Income (SSI) is not qualifying income. The types of Veterans Affairs benefits that are considered qualifying income include disability compensation, disability pension and survivor payments. Qualifying Railroad Retirement payments include the social security equivalent portion of Tier 1 benefits.
Eligible individuals including their qualifying children, must have valid Social Security numbers. Also, people cannot be claimed or be eligible to be claimed as a dependent on someone else's tax return. People with Individual Taxpayer Identification Numbers, except for the spouses and qualifying children of military personnel, are not eligible.
However, retires and veterans must file a tax return before Oct. 15 this year to receive their economic stimulus payments. Most people only need to file a tax return as they normally do. The IRS will calculate eligibility and the payment amount. However, many retirees and veterans do not normally file a tax return because their benefits are not taxable. This year, they must file in order to receive an economic stimulus payment.
Doug Shulman, IRS Commissioner says, " that retirees that receiving the stimulus payment should have no impact on other federal benefits currently being received. The stimulus payment is not taxable. Absent any other filing requirements, filing a tax return to receive a stimulus payment does not mean that retirees will have to start filing tax returns again."
Later this summer, IRS will send them a special letter that explains stimulus payment eligibility and how to claim it. The letter will include a sample tax form and an actual tax form that people can complete and mail to the IRS. This will be the second special mailing to reach those individuals.
IRS also reminded people that it has more than 400 local Taxpayer Assistance Centers exist nationally. These centers can provide assistance to retirees and veterans trying to receive their payments. A list for addresses and office hours can be found at "Contact My Local Office" at www.irs.gov.
Reference: origian source of information-Jodie Reynolds IRS Media Relations Specialist for Indiana/Kentucky317-685-7518 Cell: 312-961-8690
Source: Robert Flashman, Extension Specialist with the University of Kentucky Cooperative Extension Service
