Early in 2008, I welcomed the announcement of a bipartisan stimulus package that offered payments to more than 100 million hardworking Americans. I am working with the Internal Revenue Service, as well as other federal, state and local officials to spread the word about the economic stimulus payment and to ensure that all New York residents entitled to the payment will receive it. If you are eligible, it is necessary to file a federal tax return for 2007 in order to receive the stimulus payment. Because some groups, such as recipients of VA and SSA benefits, as well as low income individuals, are not normally required to file federal taxes, they may be missing out on these checks. In New York City alone, as of June 19, 2008, 204,567 recipients of VA and SSA benefits have not yet filed, and Buffalo, Rochester and Syracuse all have thousands of residents who have yet to file their 2007 tax return.
Click here to see the number of potential payment recipients who have not yet filed in your county>>
The deadline to file a tax return is October 15, 2008, so there is still time.
The Economic Stimulus Act of 2008 generally provided for payments of $600 ($1,200 for married couples filing joint returns or the amount equal to the 2007 net income tax liability, whichever is less, ), plus $300 for each qualifying child. Payments also begin to phase out for individuals with adjusted gross incomes greater than $75,000 ($150,000 married couples filing jointly).
For people who have no tax liability or no tax filing requirement, there is a minimum payment of $300 ($600 for married couples), plus the $300 for each qualifying child. 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, nontaxable combat pay and certain benefit payments from Social Security, Veterans Affairs and Railroad Retirement.
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The IRS recently announced a summer campaign to reach out to retirees and disabled New Yorkers, to help them find out if they are eligible for their payments. I am also urging New Yorkers to talk to friends and family members who might need assistance. To find out if you are eligible, please visit the IRS website at IRS.gov. Individuals that determine they are eligible, but have yet to file, should file Form 1040A with the IRS as soon as possible, but before October 15, 2008. It’s important to remember that the stimulus payment should have no impact on other federal benefits currently being received and that the stimulus payment is not taxable. Barring any other filing requirements, filing a tax return to receive a stimulus payment does not mean that retirees and others will have to start filing tax returns again.
In addition, some stimulus payments may be delayed due to incorrect addresses on file with the IRS. You can change your current address with the IRS using this form: http://www.irs.gov/pub/irs-pdf/f8822.pdf or call the IRS toll-free assistance line at 1-800-829-1040.”
To learn more about the economic stimulus payment, I encourage you to consult these helpful resources:
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