March 18, 2008

KONST REMINDS SENIOR CITIZENS TO FILE FEDERAL TAX RETURNS

Erie County Legislator Kathy Konst is reminding senior citizens they must file a federal tax return in order to qualify for the economic stimulus payments for the federal government.

"I strongly urge senior citizens to take full advantage of the economic opportunities available to them, especially with this payment from the federal government," Legislator Konst said.

Payments range from $300 to $600 for single filers and $600 to $1,200 for joint filers. Checks are expected to begin going out in May for taxpayers who have a 2007 income of $3,000 or more and who file 2007 federal income tax returns.

"Some seniors, who normally don't file federal returns because their income comes primarily from nontaxable Social Security or Railroad Retirement benefits, need to file a federal return even if they don't owe taxes, so that they will be eligible for the economic stimulus payment, " Legislator Konst said.

For purposes of meeting the income requirement, the following benefits need to be reported on Line 20a of Form 1040 of Line 14a of Form 1040A:

• Social Security benefits reported on the Form 1099-SSA.
• Railroad Retirement benefits reported on the 2007 Form 1099-RRB.
• The sum of veterans' disability compensation, pension, or survivors benefits received from the Department of Veterans Affairs in 2007.

Filers who no longer have their 1099 Forms may be able to estimate their annual income based on the monthly amount of their checks, multiplied by the number of months they received benefits. Check with the IRS for specific information at 1-800-829-1040.

Seniors who have already filed 2007 returns reporting at least $3,000 in qualifying income do not need to do anything further to receive the stimulus payments. Others who have filed returns with less than $3,000 income may want to amend that return, using IRS Form 1040X, to include their Social Security, Railroad Retirement, and/or veterans' benefits.

Middle and low-income senior citizen taxpayers throughout Erie County can receive free assistance with their 2007 income tax forms through the Lancaster High School Finance Academy. For information on sites offering this service, call the Lancaster – Depew FCU at 681-1460 or call Legislator Konst's office at 601-3030.

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