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This is the March 10, 2008, issue of Elder Law FAX, a free newsletter published by the Elder Law Practice of Timothy L. Takacs.

 

Money from the Government: How to Claim Your Recovery Rebate

The February 25, 2008, issue of Elder Law FAX explained that almost every person who gets income will be entitled to a rebate check from the Internal Revenue Service. The 2008 Economic Stimulus Act, signed into law by President Bush last month, provides for stimulus payments (also called recovery rebates) to eligible taxpayers.

 

Internal Revenue Service "Fast Facts"

  • People who have no tax liability but have at least $3,000 income for 2007 from earned income, Social Security benefits, certain Railroad Retirement, or certain veterans' benefits may qualify for a payment but MUST file a 2007 tax return to get one.
  • Individuals who have no tax liability but qualify for a payment will each get $300 - but only if they file a 2007 tax return.
  • To get a payment, most taxpayers need do nothing but file their 2007 tax return as usual.
  • The payments won't affect your 2007 or 2008 regular tax refund nor will they have to be paid back. They are not subject to federal tax.
  • Taxpayers must have valid Social Security numbers to qualify for a payment.
  • Taxpayers should be wary of scams such as phone calls or e-mails from IRS imposters soliciting personal information and promising a "rebate" or other type of tax payment. The ONLY form you need to fill out to get a stimulus payment is your 2007 federal tax return. For people who haven't filed a tax return for several years, usually Form 1040A will be sufficient.

If you are in the Nashville, Tennessee, area, you can get free tax preparation services sponsored by United Way of Metro Nashville.

 

When and Where:

Saturday, March 29, 2008, 10am to 5pm

United Way of Metro Nashville

250 Venture Circle

Nashville, TN

 

No appointment is necessary.

 

If you are unable to come on March 29, free tax preparation is still available at other locations until April 15. Dial 2-1-1 on your phone to find a free tax prep site near you. It's a free call.

 

The Internal Revenue Service has created a page on its Web site devoted to the 2008 economic stimulus payments. Go here for more information, including "Stimulus Payments: Answers to Frequently Asked Questions": http://www.irs.gov/irs/article/0,,id=177937,00.html

 

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