Feb 20, 2008

2008 Tax Rebate: Filing a tax return is a must

The 2008 tax rebate is triggered from filing a 2007 tax return. However, some taxpayers do not have to file a return due to not meeting the income thresholds. If taxpayers follow the normal course of non-filing (as they are legally justified in doing), they will disqualify themselves from receiving the 2008 tax rebate (i.e. the stimulus package).

To alleviate this and to put taxpayers on notice, the IRS has put out press releases and has developed a special Form 1040A for those who do not need to file except for the ability to receive the tax rebate. It is important that the taxpayer write "Stimulus Payment" across the front of the return in order to notify the IRS of the filing of the return for tax rebate purposes.

This is especially intended to give those individuals who recieve Social Security benefits the ability to "apply" for the rebate by filing the return.

You will see a full out press assault on the IRS requiring seniors, who have only social security income, to file tax returns in order to receive this rebate. The federal government through the IRS and the Social Security Administration has access to all Forms SSA-1099 to see the returns filed and the amount of benefits paid. It seems that they could do a better effort in offering the seniors the ability to receive these benefits without having to go through the arduous process.

The IRS has reached out to seniors to offer their free filing services known as the VITA program and the TCE Program. You will need to call the IRS at 1-800-829-1040 to find a VITA/TCE site that will file your taxes for free.

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