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IRS Urges Economic Stimulus Payment Recipients To File Returns Now, by Mike Godfrey, for LawAndTax-News.com, Washington
Monday, March 31, 2008
The US Internal Revenue Service on Thursday urged taxpayers eligible for the economic
stimulus payment to file their tax return now in order to get their payment
in a timely manner.
This IRS reminder applies to taxpayers yet to file their 2007 income tax returns
as well as retirees, disabled veterans, low-wage workers and others who normally
are not required to file a return, but who must do so this year to receive an
economic stimulus payment.
“The quickest way to receive your refund and your economic stimulus payment
is to file early, file electronically and use direct deposit,” explained IRS
Commissioner Doug Shulman.
Starting in May, the IRS will begin sending economic stimulus payments of up
to USD600 (USD1,200 for married couples) to people who earn less than USD75,000
(USD150,000 for married couples). There is also is an additional payment of
USD300 for each eligible child younger than 17.
People who have no tax filing requirement may still be eligible to receive
a payment of USD300 (USD600 for married couples) if they have at least USD3,000
in qualifying income.
Qualifying income includes any combination of earned income,
nontaxable combat pay and certain benefits from Social Security, Veterans Affairs
and Railroad Retirement. Individuals in this category may also be eligible for
the additional USD300 payment for each qualifying child.
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