CONSUMER ALERTS

Is your economic stimulus check waiting for you?

The Internal Revenue Service reminds qualifying retirees and veterans that it isn’t too late to file for your economic stimulus payment. Just file a federal tax return for 2007 by October 15, 2008, even if you normally don’t have to because your income usually doesn’t meet the filing threshold. You can use the short form—check out tax package 1040A-3 (available at http://www.irs.gov/pub/irs-pdf/k1040a3.pdf), which has instructions, a sample Form 1040A and a blank Form 1040A, everything you need to file the form.

     The IRS also reminds people that it has more than 400 local Taxpayer Assistance Centers open normal business hours, Monday through Friday. The centers provide assistance to retirees and veterans trying to receive their payments. A list of addresses and office hours can be found at http://www.irs.gov/localcontacts/index.html.

     The Economic Stimulus Act of 2008 provided for payments of up to $600 ($1,200 for married filing jointly) for taxpayers who normally file a tax return and have a tax liability. It provided that stimulus recipients could receive another $300 for each eligible child younger than 17, and also created a special category for people who had certain types of income but may not file a tax return because their income is too low or  is nontaxable. People in this category must have at least $3,000 in qualifying income to be eligible for the minimum amount of $300 ($600 married filing jointly). Qualifying income is the total of Social Security, Veterans Affairs and/or Railroad Retirement benefits plus earned income, including nontaxable combat pay. People receiving only Supplemental Security Income (SSI) are not eligible. Eligible people must have a Social Security number (unless their spouse is a member of the military) and be neither a dependent nor eligible to be a dependent on another’s tax return.

      If you don’t file a tax return for your stimulus payment this year, you may still receive one by filing a 2008 tax return next spring, but then the payment would be based on your 2008 qualifying income. To have the payment sent right to your bank account, choose direct deposit when you file, even if you aren’t due a regular refund on your tax return. Otherwise, the IRS will mail you a check. It will generally take at least eight weeks to receive your payment. If you’re getting a regular income tax refund, the IRS will send you that refund first, with your separate stimulus payment following one to two weeks after. 

     Be sure to note: The IRS warns that it is not e-mailing or calling taxpayers about their stimulus payments. If someone claiming to be from the IRS calls or e-mails you about the payments and asks for a Social Security, bank account or credit card number or similar information, it’s a scam. These con artists are trying to find out your personal and financial information so they can empty your bank account, run up charges on your credit card, and other crimes. Find out more on this topic by visiting http://www.irs.gov/newsroom/article/0,,id=178061,00.html.

     For basic information and useful links about the economic stimulus payments, visit http://www.irs.gov/newsroom/article/0,,id=179211,00.html.