Feb 12, 2008

Economic Stimulus "Advance"

QUESTION: This is about the checks that the IRS is sending out to "help stimulate the economy". I have a defaulted student loan for which any money that is due myself and my spouse gets automatically taken to pay. Any time that has happened in the past (we are retired and have not had to pay taxes yet due to our low income and massive money loss in 2000), my spouse has filed an "Injured Spouse Allocation", Form 8379. I just downloaded the updated version of this form and now notice it is only for refunds from the actual tax return. Is this also the form to use to get his portion of this money?

ANSWER: Retirees and veterans who received at least $3,000 of Social Security or Veterans benefits in 2007 but do not have to pay any income taxes will receive a check for $300. If your spouse falls below the $3,000 threshold, no check will be issued.
The stimulus package checks are tentatively set to be mailed out to taxpayers beginning in May 2008. Visit the IRS website at www.irs.gov for updated details concerning this program.

1 responses:

Jim,  February 12, 2008 at 9:46 PM  

Also, if you owe tax debt, the IRS generally keeps any refund. You will not likely receive this refund as the ability to file for injured/innocent spouse relief will not apply. Also, the relief is essentially an "advance" which you can reconcile on filing your 2008 tax return. I hope this helps.

the irsmind

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