To get this year’s much-talked-about economic stimulus payments – a.k.a. “rebates” – most taxpayers need to do nothing more than file their 2007 tax return as usual. There are no special forms to fill out or special actions to take to receive a stimulus payment. Taxpayers should simply file their return and wait.
However, some low-income workers, Social Security beneficiaries, certain railroad retirees and those who receive certain Veterans Affairs benefits normally are not required to file a tax return but may qualify for the stimulus payment. They should file this year if they have at least $3,000 in qualifying income.
Some low-income workers may need to amend their already-filed 2007 tax return (using Form 1040X) to include eligible benefits so they can reach the $3,000 threshold.... read the rest of the story by Subscribing now.