The federal economic stimulus payment is often billed as a tax rebate, but that’s not an accurate description. Payment of taxes for 2007 is not a requirement.
There are only two conditions to meet in order to receive the payment:
• Earning at least $3,000 of qualifying income;
• Filing a 2007 tax return, even if you have no need to file due to low income.
A tax return must be filed by Oct. 15, 2008, in order to be eligible for the payment.
In order to reach the $3,000 minimum income, citizens can use the following five sources: earned income; social security benefits, including disability payments; certain railroad retirement benefits; certain veterans’ benefits; and nontaxable combat pay.
If the income test is passed, you will be eligible for a payment of $300 ($600 if married and filing jointly). In addition, $300 will be given for each qualifying child.
Once the tax return is filed, the IRS will determine eligibility.
Citizens can apply electronically by visiting the IRS website (www.irs.gov) and clicking on the “free file” icon located on the left side of the page.
To file on paper, visit the library to pick up a stimulus payment form. Detailed instructions are provided, along with a blank tax form and a return envelope.