PARSIPPANY, N.J., Oct. 2 // PRNewswire-FirstCall // -- The October 15 filing deadline to receive this year's Economic Stimulus check, or rebate check, is quickly approaching for seniors and others who traditionally do not have to file an individual income tax return. Jackson Hewitt Tax Service(R) is working to inform these groups that there is money available, as long as the correct steps are taken by the upcoming cut-off date.
"We want to remind seniors, veterans and others that do not typically file a tax return on a yearly basis, that in order to receive a stimulus check, they must file a 2007 tax return by October 15," said Mark Steber, vice president of Tax Resources, Jackson Hewitt Tax Service. "All that's required is that qualifying taxpayers file a 2007 tax return with a valid Social Security number and report at least $3,000 of qualifying income, such as Social Security benefits or veterans' disability compensation, pension, or survivors' benefits received from the U.S. Department of Veterans Affairs. Available on the Jackson Hewitt Web site is an online resource, the 2008 Economic Stimulus Payment FAQs for Seniors, that provides more details."
The IRS has stated that for those who requested a valid six-month extension to file or who are filing to establish eligibility for the stimulus payment, filing by October 15 means that the return will be processed and a stimulus payment will be issued before the end of the year. It is important to note that no stimulus checks will be issued after December 31, 2008. After this date, those who qualify will need to claim a refundable credit for the payment on their 2008 tax returns. The amount received for a stimulus payment based on a 2007 tax return will not reduce the amount of a refund or increase an amount owed when filing a 2008 tax return.
Social Security beneficiaries, low-income workers, and those who receive certain benefits from the Department of Veterans Affairs help make up the nearly 20 million people who do not normally file an annual tax return. Because the information recorded on the 2007 tax return is used for the rebate checks, it is important for members of these groups to file this year to receive payment, which is generally $300 for single filers or $600 for those who file a joint return. Qualifying benefits from the Social Security Administration and the Department of Veterans Affairs must be reported on Form 1040, Line 20a, or Form 1040A, Line 14a. Other qualifying income must be reported on the appropriate lines of the tax return, as the IRS will not recognize it otherwise.
Payments will be processed based on the method indicated on the 2007 tax return, directly deposited into a bank account or by postal mail. Filers should allow at least eight weeks to receive their payments.
For other requirements regarding rebates, including the FAQs for seniors, visit http://www.jacksonhewitt.com and go to the Tax Resource Center. Additional information can also be found by visiting a local Jackson Hewitt office or on the IRS Web site at http://www.irs.gov. To locate the nearest Jackson Hewitt office, log on to http://www.jacksonhewitt.com and click on the Office Locator feature, or call 1-800-234-1040.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with approximately 6,800 franchised and company-owned offices throughout the United States during the 2008 tax season, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey. More information may be obtained at http://www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service(R) office nearest to you, call 1-800-234-1040.
SOURCE Jackson Hewitt Tax Service Inc.