It is not too late to file a return to claim an economic-stimulus payment. The IRS urges people to file by Oct. 15 to ensure they receive a payment prior to year’s end. Keep in mind that it can take up to eight weeks for the IRS to process the return and issue the payment.
People must file a 2007 tax return in order to qualify and be eligible for a stimulus payment. The Internal Revenue Service will continue processing tax returns and issuing economic-stimulus payments for much of the year.
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. People who have no tax liability or no tax-filing requirement only need to file a simple Form 1040A.
Remember, all people need to do is file a 2007 tax return. That’s it. We’ll do the rest. Please visit www.irs.gov for details. For assistance over the phone, taxpayers should contact 866-234-2942 (stimulus line) or 800-829-1040 (other tax help).
— Mark Hanson
IRS Spokesperson (N.C. and S.C.)