03-05-2008, 05:00 PM
[url "http://www.standard.net/live/news/127375/"]http://www.standard.net/live/news/127375/[/url]
The check may not be in the mail yet, but this week Top of Utah taxpayers, along with the rest of the country, should receive their first notice regarding the 2008 economic stimulus payments.
And the Internal Revenue Service wants to put minds at ease about what the rebate will mean for taxpayers.
"We are trying to get the word out to folks so that they are comfortable with this and can react as needed," said Bill Brunson, a Phoenix-based spokesman for the Internal Revenue Service.
Congress and the Bush administration approved the payments to help stimulate the economy amid concerns of a recession.
The idea that the IRS will be giving out free money is contrary to what most think about the organization.
"I had concerns when I first heard about this," said Larry Hatch, a Clearfield resident and Hill Air Force Base employee.
"Everybody I have talked to is under the impression that we are getting forwarded a tax refund for next year. If they advance us more than we are supposed to get, am I going to have to pay next year? That is my concern."
That is just one of the myths the IRS would like to set straight.
This payment is not taxable, nor will it affect 2008 taxes filed in 2009.
"It's not going to reduce a refund or cause any additional taxes due," Brunson said.
There will be a requirement to report the amount of the payment on tax returns for 2008, but Brunson said it will not be included in taxable income and is for record-keeping purposes only.
Most taxpayers simply have to file their 2007 returns to receive the stimulus payment.
However, those who normally don't file a return, but received at least $3,000 in Social Security, Railroad Retirement, certain veterans' benefits or a small amount of earned income need to file a Form 1040A to receive a minimum payment of $300 for individuals or $600 for married couples.
Brunson said for those not used to filing taxes and who require assistance, local free tax-preparation sites for low-income and the elderly can be found by calling (800)906-9887.
The IRS will begin sending stimulus payments in early May.
"How it will be distributed is yet to be determined," Brunson said. "In a couple of weeks is when they will determine that."
Brunson also warns taxpayers of a scam that has been reported to the IRS.
"People are calling, offering an advanced payment on the rebate and asking for your routing identifier and account number," he said.
Those who call can sometimes use threatening language, telling victims they won't get a rebate at all.
"The bottom line here is that it's unsolicited," Brunson said.
"The IRS isn't going to send unsolicited e-mail to you asking for information, nor are they going to call you about this rebate payment."
Whenever people present themselves as being from the IRS, Brunson cautions, ask for proper identification.
Brunson said that more information about the stimulus payment can be found at the IRS Web site at www.irs.gov.
"We have been updating those questions and answers on the stimulus payments on a daily basis as we come across things that have yet to be addressed."
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The check may not be in the mail yet, but this week Top of Utah taxpayers, along with the rest of the country, should receive their first notice regarding the 2008 economic stimulus payments.
And the Internal Revenue Service wants to put minds at ease about what the rebate will mean for taxpayers.
"We are trying to get the word out to folks so that they are comfortable with this and can react as needed," said Bill Brunson, a Phoenix-based spokesman for the Internal Revenue Service.
Congress and the Bush administration approved the payments to help stimulate the economy amid concerns of a recession.
The idea that the IRS will be giving out free money is contrary to what most think about the organization.
"I had concerns when I first heard about this," said Larry Hatch, a Clearfield resident and Hill Air Force Base employee.
"Everybody I have talked to is under the impression that we are getting forwarded a tax refund for next year. If they advance us more than we are supposed to get, am I going to have to pay next year? That is my concern."
That is just one of the myths the IRS would like to set straight.
This payment is not taxable, nor will it affect 2008 taxes filed in 2009.
"It's not going to reduce a refund or cause any additional taxes due," Brunson said.
There will be a requirement to report the amount of the payment on tax returns for 2008, but Brunson said it will not be included in taxable income and is for record-keeping purposes only.
Most taxpayers simply have to file their 2007 returns to receive the stimulus payment.
However, those who normally don't file a return, but received at least $3,000 in Social Security, Railroad Retirement, certain veterans' benefits or a small amount of earned income need to file a Form 1040A to receive a minimum payment of $300 for individuals or $600 for married couples.
Brunson said for those not used to filing taxes and who require assistance, local free tax-preparation sites for low-income and the elderly can be found by calling (800)906-9887.
The IRS will begin sending stimulus payments in early May.
"How it will be distributed is yet to be determined," Brunson said. "In a couple of weeks is when they will determine that."
Brunson also warns taxpayers of a scam that has been reported to the IRS.
"People are calling, offering an advanced payment on the rebate and asking for your routing identifier and account number," he said.
Those who call can sometimes use threatening language, telling victims they won't get a rebate at all.
"The bottom line here is that it's unsolicited," Brunson said.
"The IRS isn't going to send unsolicited e-mail to you asking for information, nor are they going to call you about this rebate payment."
Whenever people present themselves as being from the IRS, Brunson cautions, ask for proper identification.
Brunson said that more information about the stimulus payment can be found at the IRS Web site at www.irs.gov.
"We have been updating those questions and answers on the stimulus payments on a daily basis as we come across things that have yet to be addressed."
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