Q. If I haven’t had to file a tax return for several years, will I be eligible for the stimulus payment?
A. You must have qualifying income of $3,000. Qualifying income includes social security, social security disability, railroad retirement benefits and certain veteran’s payments. You will need to file a 2007 tax return to get the advance payment. If you only have any of the above income, you will file a Federal Form 1040A. Write across the top Stimulus Payment and complete Line Item 14a with your benefits. You do not have to have a tax liability to get the payment. With no other income, single people who qualify will get $300 and joint filers will get $600. This will be a freebee for a lot of people.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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