Don't miss out on the money the government wants to give you.
by The Clark Financial Group, LLC
This year, most
married taxpayers (filing a joint return) are poised to receive a
rebate of
$600 or more as a result of the economic stimulus plan that President
Bush
signed into law. But getting this great rebate isn’t
automatic. There are
procedures to follow before you can find that check in your mailbox or
those
added funds in your bank account.
You must file a return. The key thing to
remember is: you must
file a 2007 federal income tax return to get a rebate.1
If you are retired and
your taxable income is very low, you may not have
filed a federal tax return for years. Do it this year, or wave goodbye
to your
rebate.
If you are a
low-income retiree … you may think your
earned income is too low to
qualify for a rebate. But if you received at least $3,000 in earned
income, SSI
or certain veterans' benefits in 2007, you qualify for the minimum
rebates of
$300 for singles and $600 for married couples – even if you
aren’t projected to
owe taxes for 2007.2
Retirees with 2007
earned income of at least $3,000 in wages, Social
Security benefits, certain veterans' benefit payments and railroad
retirement
benefits should report this amount on Line 20a on Form 1040 or Line 14a
of Form
1040A. Aside from that, on your 2007 1040 or 1040A Form provide your
name,
address and Social Security number, and write the words "Stimulus
Payment" at the top of the form. Follow these steps, mail it in, and
you
are eligible for a rebate.3 (If you’ve
already filed a federal
return stating that you earned less than $3,000 in 2007 but have since
discovered that you qualify for a rebate, you can file an amended
return using
Form 1040X. 3)
If you are a
middle-income
retiree or a high-income retiree … file your federal tax
return as usual. If you have
earned more than $3,000 in qualifying income, the IRS will simply
process your
1040 Form and issue a rebate. If
your adjusted gross income is more than the caps of $75,000 for single
filers and
$150,000 for joint filers, you may get only a partial rebate or no
rebate at
all.2
Make sure you file on
time. The IRS will begin
issuing these rebates in
May, but if you file after April 15, your rebate check may arrive weeks
or
months later.2 If you owe back taxes
or child support,
the IRS may garnish part of your rebate as it sees fit.4
In the coming
weeks, the IRS will send you two notifications. The first will explain the rebate
program, and the second will confirm the amount of your rebate. (The
second
mailing will probably arrive 7-10 days before you get your rebate
check, or at
about the same time a direct deposit rebate is made.)
Choose direct deposit. If you want your rebate
faster, this may be
the way to go. You’re probably aware that the IRS will be
bogged down this
spring trying to process returns and conventional tax refunds, a delay
stemming
from the well-publicized, last-minute “patch” of
the Alternative Minimum Tax in
December. The IRS estimates the direct deposit option will bring your
rebate to
you a week earlier.
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The
Clark Financial Group, LLC
7300 W 110th St Suite 700
Overland Park, KS 66210
Phone: (800) 797-1979
Email: cclark@brokersXpress.com
Chuck Clark is a Representative with brokersXpress, LLC and may be reached at www.clarkfinancial.com , (800) 797-1979 or cclark@brokersxpress.com Securities offered through: brokersXpress, LLC, Member FINRA/SIPC a Registered Investment Advisor Corporate Office: 311 W. Monroe Street � Suite 1000 � Chicago, Illinois 60606 www.brokersxpress.com � 888.280.7030
brokersXpress, LLC ("brokersXpress"), its affiliates, employees, independent contractors or agents, including your broker ("Affiliates") may have opinions from time to time with regard to any of the securities or derivative ("Investment") listed in the sales literature, newsletters, or research reports attached hereto ("Information"). No mention of a particular Investment should be interpreted as a recommendation by brokersXpress or any Affiliate. These views are those of the author and should not be construed as investment advice. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.
Please note: brokersXpress, LLC, offers no tax or legal advice. Investors should discuss tax treatment of their transactions with a qualified tax advisor.Citations.
1
abcnews.go.com/Business/Economy/story?id=4312011&page=1
2
money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/
3
money.cnn.com/2008/02/13/pf/taxes/rebates_seniors/index.htm?postversion=2008021316
4
cnn.com/2008/02/13/pf/taxes/rebates_irs_how