Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method t...Read more
Seniors Need to File Tax Return to Get Rebate Check
- February 19th, 2008
Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans' widows will receive $300 payments if they earned $3,000 in Social Security or veterans' disability benefits in 2007. In addition, workers who earned at least $3,000, but not enough to pay income taxes, will be eligible for payments of $300. For higher income individuals, the law provides rebate checks of up to $600 per individual. The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000.
In order to get a rebate, you need to file an income tax return even if you do not have any tax liability. If you are filing to receive your stimulus payment, you can use the IRS Free File program to help you file returns for 2007. To learn more about this, click here.
You will need to report any Social Security income on the tax return. This does not mean you will be taxed on your Social Security income, but you must report it in order to get the rebate. If you file the tax return on time, you should receive the rebate check in May or June.
Deceased Spouses Also Eligible
Individuals who died in 2007 or 2008 are also eligible for stimulus payments if they earned at least $3,000 in 2007 and the surviving spouse or personal representative files a tax return. The stimulus payment can be made payable to the surviving spouse.
For more information on the stimulus payments and what income tax forms to file, go to www.irs.gov or call 1-800-829-1040.
For a Senior Journal article "IRS Helps Low-Income Senior Citizens Qualify for Economic Stimulus Payments," click here.
Local Elder Law Attorneys in Ashburn, VA
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...