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You Do Need to File!
In order to receive a tax rebate under the economic stimulus plan signed into law on Feb. 13, 2008, you must file a 2007 income tax return, preferably by April 15th. The IRS will work with the Social Security Administration to make sure that all seniors who receive Social Security know what they need to do. Seniors with at least $3,000 in qualifying income (wages, Social Security, veterans benefits, etc) should report these benefits on Line 20a on Form 1040 or Line 14a on Form 1040A. If you have already filed and reported at least $3,000 in qualifying income, you're all set. If you filed but reported less than $3,000, you should file an amended return if you had enough total income to qualify. Sample Case: A low income senior with $1,000 in wages from which $100 was withheld, has already filed for a refund on the $100. On his return, he reported only the $1,000 in wages because his $8,000 Social Security benefits weren't taxable. For the purpose of the rebate, he actually has $9,000 in "qualifying income", so he needs to file an amended return (Form 1040X) in order to get the rebate check. The IRS emphasizes that reporting these benefits will not increase your tax liability. For more information, go to http://www.money.cnn.com . Form 1040A can be downloaded from www.irs.gov and is available at Bugbee Senior Center.
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