IRS Urges Economic Stimulus Payment Recipients To File Returns Now

by Mike Godfrey, for LawAndTax-News.com, Washington

31 March 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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