House Seal Outline

Washington, Jul 24 -

At a time of economic hardship when average gas prices in Arkansas are creeping to four dollars a gallon, the price of food has spiked and disposable income has dwindled, we must take advantage of every opportunity given to us. In February, my colleagues and I approved the Economic Stimulus Act of 2008. President Bush signed it and beginning in late April, Americans started receiving their portion of the $150 billion intended to boost the slowing economy.

The IRS issued 75.6 million payments worth $63.8 billion so far and expects to issue 124 million payments by the end of the year. There are millions of people who haven’t filed the necessary paperwork, a 2007 income tax return.

Recent numbers from the IRS show more than 70 thousand Arkansans who are recipients of Social Security and Veterans benefits and qualify for stimulus payments haven’t filed a tax return. 16,698 of those people live in the Third District.

We can all help get this message out. If you know someone who falls into the following categories, please ask if they have filed a 2007 tax return: Social Security recipients, Veterans Affairs beneficiaries including disability, pension or survivor payments; Tier 1 Railroad Retirement benefits.

Economic stimulus payments are offered to all Americans who qualify. For military personnel serving in combat zones, pay isn’t taxable, but if it helps the eligibility for the payment it can be included in a 2007 or 2008 income tax return.

This may sound overwhelming especially if you’re not required to file an income tax return, but luckily it’s an easy process. Write “Stimulus Payment” across the top of a 1040A form which can be found on the IRS website, IRS.gov. Fill out the “Label” section with the appropriate information, check your filing status and in box 14a, fill in the total payments you received in 2007 in Social Security or other income. If you want your economic stimulus check direct deposited into the bank you must also complete lines 44b, 44c, and 44d.

If you have questions or problems getting your economic stimulus payment, my office is here to help. Please don’t hesitate to contact me. Remember, if you qualify for the payment make sure you file your tax return by October 15.