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.