Handling Finances

Yes, I know, it’s not technically “free” as it comes out of our taxes, but filing a tax return is a small price to pay for $300 or more. In the next few weeks, the IRS will be sending out letters telling taxpayers that you must file a 2007 tax return to get a stimulus rebate check.

While most of the 130 million Americans who qualify for the rebate check will be filing a tax return anyway, between 10 and 20 million are eligable to receive the rebate, but do not earn enough to be required to file taxes. The majority of those who qualify for the rebate checks but are not required to file taxes are Americans who receive social security or veteran’s benefits. This is considered income and can push citizens over the $3000 income limit. The key is that it must be included on a tax return or it won’t be counted toward the stimulus rebate checks.

If you filed a tax return but didn’t include social security or veteran’s benefits as income, be sure to amend your return to make sure you can qualify for the rebate check.

Filing taxes can be quite a hassle, and it’s very convenient to be able to skip filing when your earnings are low. This year, if you can claim income of $3000 or more, it’s worth the effort — file your return and qualify for your rebate check.

Check out the official IRS article for more information.

This entry was posted on Monday, March 3rd, 2008 at 4:00 pm and is filed under Income, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.