Published: October 06, 2008 09:55 am            

Stimulus refund deadline Oct. 15

By KANDACE MCCOY

kandace.mccoy@register-news.com

MT. VERNON — Time is running out for those who have not filed a stimulus payment return, according to information from Sue Hales of the Internal Revenue Service. The deadline to file a return to be eligible for a stimulus payment is Oct. 15.

According to Hales, 603 Social Security Administration/Veterans Affairs benefit recipients in Jefferson County have not yet filed a return; of that number, 448 benefit recipients have not filed. In Hamilton County, 126 benefit recipients have not filed a return, and of that number, 92 benefit recipients have not filed. More than 153,000 benefit recipients in the state have not filed a return.

Hales reminds recipients they are missing out on at least a $300 stimulus payment — $600 if they are married filing a joint return.

“Don’t miss out on the economic stimulus payment this year,” said Hales. “To get a payment in 2008, you must file your stimulus payment return by Oct. 15.”

The Economic Stimulus Act of 2008 provided for stimulus payments of up to $600 ($1,200 for married couples) or the amount of the taxpayer’s 2007 net income tax liability, whichever is less. There also is a $300 payment for each qualifying child. People must file a tax return in order to receive an economic stimulus payment even if they normally are not required to file a return, Hales stated.

For those who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable, there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, Hales note that people in this situation must have at least $3,000 in qualifying income from any combination of earned income and nontaxable combat pay as well as certain benefits from Social Security, Veterans Affairs and Railroad Retirement.

Hales says there is an informational package available on the IRS Web site, www.irs.gov, to help SSA and VA benefit recipients prepare their stimulus payment returns. This package includes a Form 1040A, a sample tax form and instructions for sending the tax return to the IRS.

Each year, there are approximately 10 million taxpayers nationwide who request an extension from the April 15 deadline to file their tax return. The extension applies only to filing a return, not to paying any taxes owed. Oct. 15 is the final deadline for these extension taxpayers to avoid any penalties. They, too, may be eligible for the economic stimulus payment but must file a 2007 return by the deadline to receive the payment this year.

“By law, the IRS cannot issue economic stimulus payments after Dec. 31,” Hales said. “However, people who may be eligible for an economic stimulus payment can claim a credit in 2009 when they file their 2008 income tax return.”

As of Aug. 29, the IRS has issued $93 billion in economic stimulus payments to 114.8 million individuals and families.

If you have already filed a 2007 tax return but have not yet received an economic stimulus payment, you can check on the status of your payment by going to “Where’s My Economic Stimulus Payment?” on the IRS Web site at www.irs.gov.

You can check on the status of your stimulus payment by calling (866) 234-2942. You will need your Social Security Number, filing status and the number of exemptions claimed on the return.

        

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