The traditional tax deadline may have passed - but millions of taxpayers who are eligible to obtain economic stimulus payments have not filed the necessary paperwork to receive them.  Those taxpayers will soon be at risk of losing their stimulus benefits.  In fact, over 79,000 Oklahomans receiving Social Security or veterans' benefits have yet to submit their tax returns.  Retirees and veterans, especially, who may not file a regular yearly income tax return could lose the stimulus benefit in the coming months.  For those individuals it is critically important that they file a tax return before the upcoming deadline to ensure that they do not miss out on getting their stimulus check.

Congress passed the Economic Stimulus Act on February 7, 2008.  After it was approved by the President, the law authorized the Department of Treasury to send payments of $300 to individual American taxpayers who earned at least $3,000 last year or $600 to married couples who earned the minimum income and filed jointly.  The $3,000 minimum income requirement makes some who receive Social Security benefits, Railroad Retirement and veterans' benefits eligible for the stimulus payment.  This is good news for Oklahoma seniors. 

Oklahoma veterans, retirees and those drawing Social Security benefits are some of the most deserving citizens in our country.  They have spent their lives building a better life for their families, invested in their communities and served our country at home and overseas.  For these taxpaying Americans the economic stimulus payment may help ease a few of their financial burdens.  But, since those individuals may not normally file a tax return, it is important that this benefit does not unknowingly pass them by.  Luckily, the deadline to file a tax return in order to qualify for the payment has been extended to October 15, 2008.

Fortunately, filing an income tax return is quicker and easier than ever.  To receive the payment, taxpayers should file Form 1040A with their basic information such as name, address, dependents, signatures and level of qualifying income.  Again, to be eligible for the payment, taxpayers must be taking in at least $3,000 a year either in income or retirement benefits.  To make receiving the benefit even easier, taxpayers can opt to have the payment directly deposited into their bank accounts.  Of course, receiving the payment in a paper check is still an option.  For those who have already submitted their returns, economic stimulus payments have been issued steadily since late May.  To find out when payments are being distributed or get instructions and a tax return form visit www.irs.gov or www.AARP.org/stimulus.  And for assistance, you can call the Internal Revenue Service (IRS) hotline at 1-866-234-2942 or visit an IRS Taxpayer Assistance Center in your area. 

With the rising costs of gasoline and other goods, a little extra money in the bank can certainly come in handy.  I urge Oklahoma seniors and veterans who are eligible to receive this payment to submit their return before the October deadline.  After all, why put off till tomorrow what can be done today?

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