With all the talk recently about 2008 the tax rebate stimulus package, I thought it was worth writing a separate article directly towards seniors to answer the question of seniors. Seniors were excluded from the original stimulus package (excluded unless you were a senior who earned more than $3,000 and paid taxes, social security didn’t count as earned income), they are now included because of the hard work in the Senate.
If you earned less than $75k as a single or $150k as a couple (this is your adjusted gross income), then you are eligible to receive $600 each (couples get $1200). For each child under 18, you also get $300 with no limit on the number of children. If you earn more than the limits, every dollar above the limits reduces your amount by 5% of that value. So if you earned $80k AGI as a single, you would reduce your stimulus check by $250. On the lower end of the scale you have to earn at least $3,000 to be eligible.
What changed? If you earned at least $3,000, including disability and social security, then you are eligible for $300 checks. Originally disability and social security checks were not included as income and you would’ve received nothing.
Where is this money coming from? It will come off your 2008 tax return! When you file your tax return next year, any rebate you are due will be reduced by the amount of the stimulus check. If you owe, they will not add on the value of the check you receive this year. It’s a win win situation for the taxpayer and, hopefully, the economy if you go out and spend it like crazy!
So, file your 2007 tax return on time (that’s what the rebate is based on) and await your check.
Comments
4 responses to “2008 Tax Rebate Stimulus Package for Seniors”
My husband, Frank L. Abbott and I, Sally A Abbott have not
filed a tax return in years as we are on social security
and it does not exceed $25,000 per year. We would like to
receive the tax rebate, but don’t know how to get the
package for seniors in this situation. Would you please
let me know how I could receive the package, so we may
be able to receive the tax rebate for both of us?
Thank you very much.
Our address is: 41 Potter Hill Rd
Apt 103
Gilford, NH 03249
I am 67 yrs old and only receive Social Security and a small pension. I have not had to pay taxes for the last few years so have not filed taxes. It sounds as if you have to file taxes for 2007 in order to receive the Stimulus rebate. Is this so even though I do not owe anything or receive a rebate on my 2006 taxes.
I’am 67 years old and partialy disabled I haven’t filed taxes in 5 years as I’am on Social Security Disability I make around $14,400 a year through Social Security Do I have to file or do they just send a check and if I do file How????? Thanking you in advance for your cooperation Michael Michael
Just file your tax return ontime, even if you do not earn enough to pay or receive a rebate.
Use the short form.
Then you will get this rebate sent to you later on.
It is not a tax refund, but a gift from the government to stimulate the economy.
Everyone gets it.
The only requirement is that you file a tax return on time, and have $3OOO.00+ income, INCLUDING SOCIAL SECURITY OR DISABILITY.
You can write me if you wish, luckypigdog@verizon.net ,I will try to explain better if needed.