Remember the economic stimulus check you received earlier this year? Barely! It feels like a long time ago since I fretted over whether to buy a flat screen TV or save the money. We bought grocery gift cards with $1200, which we’re still using, and frittered away the other $600, probably spending part of it on the new front door we purchased this summer.
It was nice to get the extra cash, but did the stimulus checks really do the job? Hmmm….

The IRS said today that more than 51,000 Minnesotans haven’t filed for their payment yet and the deadline is Oct. 15th.

Details below:

“If you had at least $3,000 in annual income or benefits in 2007,” said Carrie Resch, IRS spokesperson, “check on whether you qualify for a stimulus payment. If you do, file by Oct. 15 – even if aren’t normally required to file – so you can receive your stimulus payment this year.”
Oct. 15 is also the deadline for people who earlier this year requested an extension to file their 2007 income tax return.

A return can be prepared and submitted for free through Free File which is available at IRS.gov.
The IRS has also partnered with numerous community organizations across the country. These organizations also are conducting further outreach efforts to older Americans and veterans before the deadline. (KM: Check with AccountAbility MN)

By law, the IRS cannot disperse any economic stimulus payments after Dec. 31. However, people who may be eligible for an economic stimulus payment can claim a credit in 2009 by filing a 2008 income tax return.
As of Aug. 29, the IRS has issued $93 billion in economic stimulus payments to 114.8 million individuals and families.
Forgot who’s eligible for a payment? Here’s a refresher, again from the IRS:

For eligible individuals, the Economic Stimulus Act of 2008 provided for stimulus payments of up to $600 ($1,200 for married couples) or the amount of the taxpayer’s 2007 net income tax liability, whichever is less. There also is a $300 payment for each qualifying child.
For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, people in this situation must have at least $3,000 in qualifying income from earned income, nontaxable combat pay as well as certain benefits from Social Security, Veterans Affairs and Railroad Retirement.

Those who already have filed a 2007 tax return but have not received an economic stimulus payment can check on the status of a payment by going to “Where’s My Economic Stimulus Payment?” on the IRS.gov Web site. Or call 1-866-234-2942 and, after selecting English or Spanish, press 2 to check on the status of the stimulus payment. People will need their Social Security Number (the one listed first on the 2007 return), filing status (single, married, etc.) and the number of exemptions claimed on the return.

This entry was posted on Tuesday, September 30th, 2008 at 3:06 pm and is filed under Uncategorized, taxes. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.