Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-03-2008, 10:27 AM
Junior Member
 
Join Date: Jan 2007
Posts: 19
Would Social Security Income qualify to receive the tax stimulus rebate?

Would my mother's supplemental security income (SSI) qualify as Social Security benefits for the purpose of receiving the Stimulus Tax Rebate?

I am just wondering how to go about claiming the tax rebate for her. Any advise on this subject would be highly appreciated.

Thanks a lot.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-04-2008, 10:22 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Would Social Security Income qualify to receive the tax stimulus rebate?

Unfortunately, the IRS has specifically stated that supplemental security income (SSI) payments are not considered Social Security benefits and thus would not qualify as qualified income, for the purposes of receiving the Stimulus Tax Rebate.

The reason being that the SSI is not taxable, and so it is not reported to you on Form SSA-1099. The IRS has stated that "Only the amount shown in Box 5 of Form SSA-1099 will be considered to qualify as Social Security benefits for purposes of the Economic Stimulus Payments."

Regretably, based on the existing IRS Tax rules, you would not be eligible to claim the tax rebate solely on the SSI income, there has to be another source of qualified income.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is Rental Income considered as qualifying income to receive the Stimulus Rebate presley For 2008 1 06-03-2008 09:51 AM
Can I receive my social security benefits overseas? raalley Social Security 1 04-07-2008 12:03 AM
How to apply for Social Security Benefits? TaxGuru Retirement Planning 0 02-22-2008 02:26 PM
Health Insurance Payments & Social Security Income Linda Itemized Deductions 1 02-07-2008 11:39 PM
Social Security benefits taxable? Paul Social Security 1 01-23-2007 12:59 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.