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The 2008 economic Stimulus Payment:

Nearly 64,000 cOLORADO seniors, veterans, and people with disabilities need to file

it's not too late!

The IRS began mailing economic stimulus payments (often called “rebate checks”) to Colorado households in May. Some people who normally don’t have to file a tax return -- like recipients of social security, social security disability insurance, veterans’ disability benefits, and Railroad Retirement benefits --should file a tax return for 2007, otherwise they won’t receive the stimulus payment. Individuals must have a valid Social Security number and at least $3,000 from earnings, OR these other sources, to qualify for the payment. Tax returns filed solely for the purpose of receiving the stimulus payment can be filed anytime before October 15.

The IRS reports that around 64,000 Colorado seniors, disabled veterans and others with disabilities still have not filed for their economic stimulus payment. The total unclaimed payments for these 64,000 Coloradans equals around $19 million. With the cost of energy, food, and other expenses on the rise, these payments are as critical as ever. Details on the number of Coloradans remaining to file for payments by county are available.

How much will I get?

The IRS will determine the amount based on your 2007 tax return. But generally:

People who don’t owe income tax -- like recipients of Social Security and veteran’s benefits and Railroad Retirement beneficiaries -- will usually get a minimum payment of $300 for a single person and $600 for a married couple filing jointly, as long as their income from these sources is at least $3,000. Social Security can be regular retirement, disability, or survivors’ benefits, but not “supplemental security income (SSI)”, to qualify for the payment.  Individuals who can be claimed as a dependent by another person do not qualify for the payment.

The payment should not affect other benefits you may receive, like SSI, food stamps or Medicaid.

How Can I Get a Tax Return Prepared?

People who normally don’t have to file a tax return and only have to file to get the economic stimulus payment, can use the 1040A, which is simple to fill out, and mail it to the IRS.

• The IRS has sent a second notice to the 64,000 Colorado SSA/VA recipients who are still potentially eligible to receive stimulus payments.  This special notice contains simple steps in completing Form 1040A with a mock-up form along with a Form 1040A to complete and mail to the IRS.
• The IRS and community groups are planning "special events" to help people who need to fill out these 1040A forms to get their stimulus payment; watch for advertising about these events.
• People may be able to get help filling out the 1040A at some free tax assistance sites; however, these plans have not yet been finalized by most organizations running the free tax sites. Keep checking the list of free tax sites for the latest information or dial 2-1-1 to find a location near you.
• The IRS urges people to file electronically. For people who normally don’t need to file a tax return, the IRS and Free File Alliance have a special program set up to allow for free electronic filing. IRS  Free File-Economic Stimulus Payment is available at www.irs.gov

How will the money come?

A taxpayer can receive their refund through the mail and receive a paper check from the IRS for the economic stimulus payment or they can have their refund deposited directly into a bank account by providing direct deposit information.

How Can I Determine if I'm Eligible?

People who would like to determine if they are eligible and how much they can expect, can use the on-line calculator on www.irs.gov. Anyone who has prepared a 2007 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2007 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.

For more information:

Details on eligibility, payment amounts and requirements can be found on the IRS web site at www.irs.gov or call the IRS hotline number at 1-866-234-2942.

Use this easy zip code tool to find a free tax site where you can get your tax return prepared at no cost.

Prepared by The Piton Foundation: 07.15.08 Revised 7.29.08