March 2008
Economic Stimulus Payment for Seniors
Millions of retirees, disabled veterans and low-wage workers who are usually exempt from filing a tax return must do so this year in order to receive a stimulus payment.
We thought the following link from the IRS would be helpful to residents in your community in understanding what they need to do to secure their stimulus payment as a result of the Economic Stimulus Act of 2008 recently signed into law. The link opens to a pdf. http://www.irs.gov/pub/irs-news/irs_pub_4663_ssa.pdf
The economic stimulus law allows Social Security recipients and recipients of certain veterans' benefits and Railroad Retirement benefits to count those benefits towards the qualifying income requirement of $3,000. Supplemental Security Income (SSI) alone does not count as qualifying income for the stimulus payment. To receive payment, seniors will have to file a 2007 tax return using either Form 1040 or short Form 1040A.
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must:
- Have a valid Social Security number
- Earn an income of $3,000 and
- File a 2007 federal tax return
Millions of retirees, disabled veterans and low-wage workers who are usually exempt from filing a tax return must do so this year in order to receive a stimulus payment.
Please have your residents refer to the IRS information included here and on the IRS website. This information is not intended to offer any tax advice to your residents; rather, it is provided as a courtesy to your residents who have not otherwise received it. As always, your residents should be instructed to seek tax guidance from their tax advisor.
If you have any questions, please contact Julius Green via phone (215.972.2352) or email (jgreen@parentenet.com).
Parente Randolph's Senior Living Services Group provides the expertise you need to position your organization for the future. Our clientele includes providers and third-party professionals of Retirement Communities, CCRC's, Age-restricted Housing Providers, Assisted Living, Nursing, Home Health and Community Based Services.
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