Tax News for Seniors


Monday night, we had a member of the AARP's Tax Prep team on the show talking about their Wednesday afternoon sessions at the PC Library. He wanted me to pass on this bit of info for seniors (not the high school kind):

IMPORTANT STIMULUS REBATE INFO FOR ALL SENIORS

Congress, facing the prospect of a recession, passed an emergency "Economic Growth" plan that rushes rebates of $600 to $1200 to most taxpayers (wage earners) and $300 checks to seniors who received at least $3000 in Social Security benefits (even if they do not pay any 2007 income taxes) and other low-income people and disabled veterans.

Rebate checks could begin arriving in May. These checks are separate from your income tax, tax credits or tax refunds related to your 2007 tax return. The rebate will NOT be counted as 2008 taxable income nor reduce any refund due in 2008.

BUT, you MUST FILE a 2007 income tax return to qualify for the rebate, even if you receive only Social Security and even if you pay NO 2007 income taxes.