CONGRESSMAN BOB LATTA REMINDS NORTHWEST OHIO RESIDENTS ABOUT DETAILS OF ECONOMIC STIMULUS PACKAGE

Friday April 11, 2008

Washington, DC -- With tax day (Tuesday April 15th) just around the corner, Congressman Bob Latta (R-Bowling Green) wants to remind Northwest Ohio residents of important details regarding the economic stimulus package’s tax rebate passed by Congress earlier this year.  Ohioans who file a tax return this year can expect to receive the stimulus payment in May or June, according to the IRS. 

“During this economic slowdown, this tax rebate will help Ohio families.  It is important for people to realize that the tax rebate is not taxable and will not affect your 2007 or 2008 federal tax return,” Latta said.

“It is also important to know that in order to receive the tax rebate, you must file a tax return this year, including senior citizens,” Latta added. 

Courtesy of the IRS:

Who’s eligible?
Any citizen is eligible to receive the tax rebate if they show at least $3,000 in income on their federal tax return.  Some people with no tax liability may also qualify.  This includes Social Security and Railroad Retirement beneficiaries, recipients of certain veterans’ payments, low-income workers with earned income and/or benefits of at least $3,000 and individuals who have a combined income of at least $3,000 from any combination of these sources.  Some higher-income tax-payers will not receive a payment or will receive a reduced payment.

How do I receive the Tax Rebate?
All you need to do is file a federal income tax return for 2007.  Even if you are not required to file a tax return, you must file a 2007 return to receive the Stimulus Payment.  If you usually do not file a tax return, more information about what form needs to be filed is available in Fact Sheet 2008-16 <http://www.irs.gov/irs/article/0,,id=179096,00.html>

If you qualify, all you need to do is fill out Form 1040A in a few places.  A sample version of Form 1040A <http://www.irs.gov/pub/newsroom/1040a.pdf>  illustrates which lines to fill out.

How Much is the Tax Rebate?
There are two parts to the stimulus payment: a basic amount based on tax liability, filing status, or other qualifying factors and an additional amount based on whether a qualifying child is reported on the return.  If a taxpayer is claimed on someone else’s return as a dependent, that person will NOT receive a tax rebate.

The basic payment amount is between $300 and $600 for individuals and $600 and $1200 for couples filing jointly based on income.  Eligible recipients, who have a dependent child under the age of 17, will receive an additional $300 for each qualifying child.

For more information visit the frequently asked questions of the IRS website  <http://www.irs.gov/newsroom/article/0,,id=179181,00.html> or call 1-800-829-1040. 

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Congressman Robert Latta was elected in a special election in 2007 to serve the Ohio 5th District.  He is a member of the House Committee on Agriculture and the Committee on Transportation and Infrastructure.  Congressman Latta previously served as a member of the Ohio General Assembly and Wood County Commissioner.