Starting in May, the U.S. Government will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. The IRS will take care of the rest.
Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.
Only taxpayers who file a valid 2007 tax return will be entitled to receive a stimulus payment. Most people only need to file their taxes as their normally would. Recipients of social security, veterans benefits and low income worker may need to file a tax return in order to be eligible for the stimuls payment.
This information is provided by Zana Holley Dupee, Esq. of Bogin, Munns & Munns, P.A. (352) 332-7688
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