Tuesday, March 25, 2008

More on the Economic Stimulus Package - Tax Prep

Individuals who need to file a return this year to receive a stimulus payment may be able to take advantage of thousands of free tax preparation sites nationwide for low-income and older taxpayers.
Free File: Economic Stimulus Paymentprovides free tax preparation software and electronic filing for people who are submitting a return solely to receive their economic stimulus payment
The Volunteer Income Tax Assistance (VITA) program provides help to low- and moderate-income taxpayers. Call 1-800-906-9887 to locate the nearest VITA site.

Remember that you must file tax returns even if you don't have taxable income in order for the payment to be released to you.

Social Security benefits, Veteran's benefits, and Railroad Retirement benefits all are qualifying income for the payments. If a person has more than $3,000.00 in any of these benefits, that individual will be due a rebate payment at least of $300.00.

Remember that SSI is not qualifying income. These payments will also not affect income-sensitive programs such as SSI.

Any questions may be directed to: rsi5@srt.com

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