Welcome, Guest. Register Now!
   
Veiw New Posts View Todays Posts


» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 
Financial Planning
 
 
 



Thread: Fixed Income
View Single Post
  #2 (permalink)  
Old 03-24-2008, 05:58 PM
TaxGuru TaxGuru is offline
Super Moderator
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 590
Blog Entries: 1
Would Social Security Receipients Qualifiy for the Tax Rebates?

The IRS has stated the Rebate checks would be sent to "recipients of Social Security, Railroad Retirement or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a 2007 tax return."

Thus, recipients of a tax stimulus rebate check would also include those who are receiving social security benefits or veterans’ disability compensation, pension or survivors’ benefits from the Department of Veterans Affairs in 2007.

Per the IRS. these people will be "eligible to receive a payment of $300 ($600 on a joint return) if they had at least $3,000 of qualifying income." The IRS has defined "Qualifying income" as including the following:

1. Social Security benefits,
2. Certain Railroad Retirement benefits,
3. Certain veterans’ benefits and
4. Earned income derived from Wages, Salaries, Tips and Self-Employment.

For joint tax returns, only a total of $3,000 of qualifying income from both spouses is required to be eligible for a payment.

In short, the good news is that it would appear that you may have received more than $3,000 in qualifying SS income in 2007. Hence, you would be eligible to receive the tax rebate but you must file the 2007 tax return.
__________________
Ask TaxGuru
Please refer to the legal disclaimer.
Reply With Quote