SCRIPT WITH SOCIAL SECURITY INCOME EXAMPLE AS YOU KNOW, THE UNITED STATES CONGRESS PASSED, AND PRESIDENT GEORGE W. BUSH SIGNED INTO LAW, THE ECONOMIC STIMULUS ACT OF 2008, WHICH PROVIDES FOR ECONOMIC STIMULUS PAYMENTS TO BE MADE TO OVER 130 MILLION HOUSEHOLDS. THE PAYMENTS WILL BE MADE BEGINNING IN EARLY MAY. MOST TAXPAYERS JUST NEED TO FILE A 2007 INCOME TAX RETURN AS USUAL. NO OTHER ACTION IS NECESSARY. HOWEVER, THERE ARE PEOPLE WHO DON'T HAVE A REQUIREMENT TO FILE AN INCOME TAX RETURN WHO MIGHT BE ELIGIBLE FOR A STIMULUS PAYMENT. PEOPLE WHO ARE NOT USUALLY REQUIRED TO FILE A 2007 INCOME TAX RETURN FOR TAX PURPOSES WILL STILL NEED TO FILE A RETURN IN ORDER TO RECEIVE AN ECONOMIC STIMULUS PAYMENT. THEY ARE ELIGIBLE FOR A PAYMENT IF THEY HAVE A TOTAL OF $3,000 OR MORE IN QUALIFYING INCOME. THEY MUST PROVIDE A FEW DETAILS ON A 2007 FORM 1040A IN ORDER TO RECEIVE A PAYMENT. WE'VE CREATED THIS VIDEO TO ASSIST THOSE OF YOU WHO DO NOT OTHERWISE HAVE A 2007 FILING REQUIREMENT, TO HELP YOU PREPARE AN INCOME TAX RETURN FOR THIS PURPOSE. THE STEP-BY-STEP INSTRUCTIONS THAT I WILL OUTLINE IN THE NEXT FEW MINUTES ARE FOCUSED ON PEOPLE WITHOUT CHILDREN. MORE DETAILED INSTRUCTIONS FOR PEOPLE WITH CHILDREN CAN BE FOUND IN THE ECONOMIC STIMULUS PAYMENT INFORMATION CENTER ON www.irs.gov. WHO MUST FILE? IF YOU HAVE ALREADY FILED OR WILL FILE A 2007 INCOME TAX RETURN, YOU DO NOT HAVE TO DO ANYTHING MORE TO RECEIVE YOUR ECONOMIC STIMULUS PAYMENT. THE IRS WILL AUTOMATICALLY FIGURE YOUR PAYMENT. GENERALLY, ANYONE WHO EARNS LESS THAN $8,750 IF SINGLE, $11,250 IF A SINGLE PARENT, OR $17,500 IF MARRIED ARE NOT REQUIRED TO FILE A TAX RETURN. THIS YEAR, HOWEVER, THEY SHOULD FILE IF THEY HAD AT LEAST $3,000 FROM ANY COMBINATION OF EARNED INCOME OR CERTAIN SOCIAL SECURITY OR VETERANS' BENEFITS. IF YOU ARE NOT REQUIRED TO FILE A 2007 INCOME TAX RETURN BUT WANT TO RECEIVE AN ECONOMIC STIMULUS PAYMENT, YOU SHOULD FILL OUT AND FILE A FORM 1040A. LET'S PREPARE AN ECONOMIC STIMULUS RETURN FOR PERSONS RECEIVING ONLY SOCIAL SECURITY, RETIREMENT, DISABILITY, OR SURVIVOR'S BENEFITS. IT'S EASY -- JUST A FEW SIMPLE STEPS. LET'S DO IT TOGETHER. REMEMBER, THIS EXAMPLE IS FOR SINGLE OR MARRIED INDIVIDUALS WITH NO DEPENDENT CHILDREN. READY? HERE WE GO. ACROSS THE TOP OF THE FORM, WRITE THE WORDS "STIMULUS PAYMENT."
FILL IN YOUR NAME, ADDRESS, AND SOCIAL SECURITY NUMBER IN THE SPACES PROVIDED. ALSO, FILL IN YOUR SPOUSE'S NAME AND SOCIAL SECURITY NUMBER IF YOU ARE MARRIED AND FILING JOINTLY. YOU ARE NOT ELIGIBLE FOR THE ECONOMIC STIMULUS PAYMENT IF YOU DO NOT HAVE A VALID SOCIAL SECURITY NUMBER. INDIVIDUAL TAXPAYER IDENTIFICATION NUMBERS ARE NOT ACCEPTABLE. TO FILE AS “MARRIED FILING JOINTLY” BOTH SPOUSES MUST HAVE A VALID SOCIAL SECURITY NMBER. IF ONLY ONE SPOUSE HAS A VALID SOCIAL SECURITY NUMBER THAT SPOUSE SHOULD FILE AS “SINGLE” AND DO NOT INCLUDE INFORMATION ON YOUR SPOUSE ON THIS FORM. CHECK ONLY THE FILING STATUS THAT APPLIES TO YOU. MARRIED FILING JOINTLY – CHECK THE BOX ON LINE 2 IF ANY OF THE FOLLOWING APPLY -YOU WERE MARRIED AT THE END OF 2007, YOUR SPOUSE CANNOT BE CLAIMED AS A DEPENDENT ON SOMEONE ELSE'S RETURN, AND YOU AND YOUR SPOUSE WANT TO FILE A RETURN JOINTLY; YOUR SPOUSE DIED IN 2007 AND YOU DID NOT REMARRY IN 2007; YOU WERE MARRIED AT THE END OF 2007, BUT YOUR SPOUSE DIED BEFORE TODAY. SINGLE -- CHECK THE BOX ON LINE ONE IF YOU ARE NOT FILING AS "MARRIED FILING JOINTLY." EXEMPTIONS -- LINES 6A AND 6B. CHECK THE BOX ON LINE 6A, "YOURSELF." CHECK THE BOX ON LINE 6B, "SPOUSE," IF MARRIED AND FILING JOINTLY. IN THE BOX TO THE RIGHT, ENTER THE NUMBER OF BOXES YOU CHECKED ON LINES 6A AND 6B. YOU ARE NOT ELIGILBE FOR THE ECONOMIC STIMULUS PAUMENT IF YOU CAN BE CLAIMED AS A DEPENDENT ON SOMEONE ELSE’S RETURN. DO NOT CHECK SPOUSE IF YOU’RE SPOUSE CAN BE CLAIMED AS A DEPENDENT ON SOMEONE ELSE’S RETURN. INCOME -TO QUALIFY FOR AN ECONOMIC STIMULUS PAYMENT, AN INDIVIDUAL MUST HAVE AT LEAST $3,000 OF QUALIFYING INCOME, WHICH INCLUDES EARNED INCOME; SOCIAL SECURITY BENEFITS, INCLUDING SOCIAL SECURITY DISABILITY PAYMENTS; CERTAIN VETERANS' BENEFITS; AND NONTAXABLE COMBAT PAY. ON LINE 7, ENTER YOUR EARNED INCOME. LINE 14A -- ENTER YOUR SOCIAL SECURITY RETIREMENT, DISABILITY, OR SURVIVOR'S BENEFITS REPORTED IN BOX 5 OF FORM SSA-1099. SUPPLEMENTAL SECURITY INCOME, OR SSI, IS NOT QUALIFYING INCOME.
IF YOU DO NOT KNOW THE EXACT AMOUNT OF THESE BENEFITS, YOU MAY ESTIMATE THE AMOUNT RECEIVED BY MULTIPLYING YOUR MONTHLY BENEFIT BY THE NUMBER OF MONTHS DURING 2007 YOU RECEIVED THE BENEFIT. IF THE TOTAL IS LESS THAN $3,000, ADD ANY DEDUCTIONS FOR WITHHELD TAXES OR MEDICARE PREMIUMS TO THE BENEFITS RECEIVED, AND THEN ENTER THAT AMOUNT ON LINE 14A. REFUND -- LINES 44B THROUGH 44D. IF YOU WANT YOUR ECONOMIC STIMULUS PAYMENT DIRECTLY DEPOSITED TO YOUR CHECKING OR SAVINGS ACCOUNT, COMPLETE LINES 44B THROUGH 44D.
DIRECT DEPOSIT WILL BE THE QUICKEST AND SAFEST WAY TO RECEIVE YOUR PAYMENT. OTHERWISE, WE WILL SEND YOU A CHECK. YOU CAN FIND THE INFORMATION ON ONE OF YOUR CHECKS, AS SEEN ON THE SAMPLE CHECK SHOWN. LINE 44B -THE ROUTING NUMBER MUST BE NINE DIGITS. THE FIRST TWO DIGITS MUST BE 01 THROUGH 12 OR 21 THROUGH 32. ON THE SAMPLE CHECK SHOWN, THE ROUTING NUMBER IS 250250025. LINE 44C – CHECK THE APPROPRIATE BOX FOR THE TYPE OF ACCOUNT. DO NOT CHECK MORE THAN ONE BOX. LINE 44D -- THE ACCOUNT NUMBER CAN BE UP TO 17 CHARACTERS, BOTH NUMBERS AND LETTERS. INCLUDE HYPHENS BUT OMIT SPACES AND SPECIAL SYMBOLS. ENTER THE NUMBER FROM LEFT TO RIGHT AND LEAVE ANY UNUSED BOXES BLANK. ON THE SAMPLE CHECK SHOWN, THE ACCOUNT NUMBER IS 20202086. DO NOT INCLUDE THE CHECK NUMBER. FORM 1040A IS NOT CONSIDERED A VALID RETURN UNLESS YOU SIGN IT. IF YOU ARE FILING A JOINT RETURN, YOUR SPOUSE MUST ALSO SIGN. ALSO, BE SURE TO DATE YOUR RETURN. ENTER YOUR DAYTIME PHONE NUMBER IN THE SPACE PROVIDED. MAIL YOUR RETURN --IF YOU RECEIVED A PACKAGE 1040A-3, AN ENVELOPE IS INCLUDED FOR YOU TO USE WITH THE CORRECT IRS MAILING ADDRESS. TO ENSURE PROPER PROCESSING OF YOUR STIMULUS RETURN, WE ASK THAT YOU PLEASE USE THIS ENVELOPE TO MAIL YOUR COMPLETED FORM 1040A TO THE IRS. IF YOU HAVE MISPLACED YOUR ENVELOPE, YOU CAN VISIT www.irs.gov TO OBTAIN THE CORRECT MAILING ADDRESS. AS YOU HAVE SEEN, PREPARING AN ECONOMIC STIMULUS RETURN IS EASY. IF YOU HAVE ADDITIONAL QUESTIONS, YOU MAY VISIT www.irs.gov FOR ADDITIONAL INFORMATION.