The Economic Stimulus Package: What You Should Know
The President signed the economic stimulus package into law on February 13 clearing the way for over $100 billion in tax rebate checks to be mailed later this year to U.S. taxpayers, including some 300,000 North Dakota families, to help give the economy a boost. While there is still work to do on building a solid foundation for the economy, these rebates are a step in the right direction. Although these rebates will help give the economy a boost, we still have a lot of work to do to get our economy back on track.
I worked hard to have the final stimulus package include rebates for tens of millions of seniors and 250,000 disabled veterans who were not eligible under the initial White House plan. In North Dakota, this means that an additional 8,300 disabled veterans and about 90,000 senior citizens can now receive the rebates. Our seniors and disabled veterans have earned the right to these rebates and can dearly use them.
I have heard from many North Dakotans with questions about the tax rebates. To help you understand the process a little better, answers to some of the frequently asked questions.
How do I know if I qualify for the payment?
If you file a tax return for 2007, the IRS will do the rest. They will use the information to determine if you are eligible for a rebate check and how much you will receive. There is a maximum rebate of $600 for individuals and $1,200 for couples who file jointly, depending on your income. Families will receive another $300 for each qualifying child.
The IRS will mail two information notices to taxpayers about the stimulus payments. Keep alert to possible scams such as telephone calls or e-mails claiming to be from the IRS; know that the IRS will not call or e-mail taxpayers about these payments or ask for financial information.
What do I have to do to get the payment?
All you have to do is file your tax return for 2007, and if you qualify, the IRS will determine the amount of your rebate check.
When can I expect to receive the payment?
The IRS is going to start mailing out the rebates in early May after the 2008 tax filing season is over.
Do disabled veterans and seniors qualify?
Yes, the Senate made sure that more seniors and disabled veterans can receive the rebates. Many of the people that fall into these groups don't normally file tax returns though. To receive the rebate, they must file a 2007 tax return this year.
Where can I get more information?
The IRS website, www.irs.gov, has more important information about the stimulus payment and who is eligible. You can also call the IRS on their toll-free number at 1-800-829-1040.
Where can I get help filing my tax return?
Thousands of free tax preparation sites nationwide are available to help low-income and elderly people file their taxes.
Low-income and moderate-income taxpayers can find help through the Volunteer Income Tax Assistance (VITA) program. Call 1-800-906-9887 to locate the nearest VITA site.
Seniors age 60 and older can get free tax help from the Tax Counseling for the Elderly (TCE), including a Tax-Aide counseling program through AARP. To find an AARP Tax Aide site call 1-888-227-7669 or visit the AARP Website at www.aarp.org.