ECONOMIC STIMULUS PAYMENT/TAX REBATE PROGRAM
The following is excerpted from “Information on Stimulus Payments” posted on the IRS website.
Beginning in May 2008, the Internal Revenue Service (IRS) will mail out Economic Stimulus payments to eligible taxpayers. The payments will continue into spring and summer. Payments will range from $300 to $600 for individuals and $600 to $1200 for couples filing jointly. An additional $300 payment will be sent for each child under age 17 who qualifies for the Child Tax Credit.
NOTE: People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year.
ELIGIBILITY FOR PAYMENTS
- Income must be at least $3,000 and can include Social Security benefits, Railroad Retirement benefits and certain veterans' benefits. NOTE: Supplemental Security Income (SSI) does NOT count as qualifying income. However, SSI recipients are eligible for payments if they have at least $3,000 in income from other sources.
- Individuals and couples MUST have Social Security Numbers and MUST file a 2007 tax return to receive a payment, even if they do not normally need to file a return.
- Children must qualify for the federal Child Tax Credit and have a Social Security Number.
- The Economic Stimulus payment is not taxable.
FREE TAX ASSISTANCE
- Call 2-1-1 for locations of free tax assistance sites in Connecticut.
Further details can be found in the IRS Fact Sheets and News Releases posted on the IRS website: http://www.irs.gov/irs/article/0,,id=177937,00.html
AARP FOUNDATION
NOTE: AARP provides information about economic stimulus payments on its website: www.aarp.org/money/taxaide/ including online tax assistance and a economic stimulus payment tool specifically for people who do not usually file tax returns, but who must do so in 2008 to receive a payment.
TO FIND PROVIDERS IN CONNECTICUT’S COMMUNITY RESOURCES DATABASE:
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SOURCE: Internal Revenue Service website; AARP website
PREPARED BY: 211CT/pt
CONTENT LAST REVIEWED: March2008
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