The extension deadline to file a 2007 federal income tax return and to receive an economic stimulus payment this year is fast approaching.
Some 37,000 Nevada seniors, retirees and/or disabled veterans who may be eligible to receive a stimulus payment have yet to file and must do so before Oct. 15 in order to get a stimulus payment this year. October 15 also marks a deadline for an estimated 102,000 Nevada taxpayers who took the automatic six-month extension of time to file their 2007 income tax returns.
"Don't let the economic stimulus payment pass you by," said IRS Commissioner Doug Shulman. "If you want the payment this year, you should file by Oct. 15. We recognize that there may be older Americans and disabled veterans who still have not filed for their stimulus payment. If you know of a friend, neighbor or family members who may be in that situation, please give them a hand if they need it."
The IRS has accounted for nearly 80 percent of the Social Security and Veterans Affairs beneficiaries initially identified as potentially eligible but has yet to hear from an estimated 4.2 million people nationally who receive certain Social Security benefits and 178,000 who receive certain Veterans Affairs benefits.
As of Aug. 29, the IRS had issued $93 billion in economic stimulus payments to 114.8 million individuals and families.
For those with no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, people in this situation must have at least $3,000 in qualifying income from earned income, nontaxable combat pay as well as certain benefits from Social Security, Veterans Affairs and Railroad Retirement.
Qualifying income from Social Security includes retirement, disability and survivor benefits. Supplemental Security Income is not a qualifying income. Qualifying income from Veterans Affairs includes disability compensation, disability pension and survivor benefits. Qualifying Railroad Retirement Board benefits include the social security equivalent portion of Tier I benefits. Also, those who are dependents or eligible to be dependents on another's tax return are not eligible. People must have a valid Social Security Number unless their spouse is a member of the military.
The IRS has partnered with numerous organizations, including AARP, Center on Budget and Policy Priorities, National Council on Aging, Community Action Partnership, United Way, National League of Cities, National Disability Institute and National Community Tax Coalition. These organizations also are conducting outreach efforts to older Americans and veterans.
Those who already have filed a 2007 tax return but who have not yet received an economic stimulus payment, can check on the status of your payment by going to "Where's My Economic Stimulus Payment?" on the IRS.gov Web site.
