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ECONOMIC STIMULUS CHECKS AND DISABILITIES; IT’S NOT TOO LATE
The Economic Stimulus package was passed by Congress earlier this year to give a boost to the United States economy. All should be aware that those with disabilities and those with limited incomes may also be eligible for these payments.
To qualify, a person must have had $ 3,000 or more in qualifying earnings in 2007. Qualifying income includes earned income, as well as certain payments from Social Security, veterans’ disability compensation, and Railroad Retirement. Supplemental Security Income (SSI) does not count as qualifying income.
In general, the filing of your 2007 income tax (IRS Form 1040 or 1040A) should have automatically triggered your stimulus check. If you have not yet filed a 2007 return, you have until October 15, 2008, to do so in order to receive your payment. If you have filed a 2007 return showing less than $ 3,000 income but did not list other qualifying income such as Social Security, you may file an IRS Form 1040X to include these incomes, in order to bring them to the qualifying $3,000 level.
The minimum stimulus payment is $ 300 per person or $ 600 if filing a joint return. All persons must have a valid Social Security number in order to qualify.
According to the IRS, the stimulus payments will not count toward, or negatively impact any other benefits, such as Social Security or food stamps. Furthermore, the stimulus payment will not be taxable next year.
One important exclusion to keep in mind: If you are claimed as a dependent on someone else’s tax return, you are not eligible for the stimulus payment.
Information in this article was gathered from IRS publications and website. Further information concerning the Economic Stimulus payments can be found at the IRS website: www.irs.gov.
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