Published: August 19, 2008 08:26 am      

Retirees, veterans need to file for free money

In Madison County, more than 1,400 retirees and disabled veterans who qualify for the economic stimulus payment (ESP) have not filed to claim it.

“This is your money, so the IRS encourages everyone to file a return to claim the economic stimulus payment,” said Jodie Reynolds, IRS media relations specialist for Indiana/Kentucky.

The first step in correcting the problem is to educate the public about eligibility requirements for the stimulus payments. Most residents in the county who have not yet filed for the stimulus probably are unaware that they are eligible because normally they do not have to file a tax return.

Claiming your ESP can be as simple as filling out a 1040A form and mailing it to the IRS. But because other circumstances may exist for each taxpayer, the IRS urges residents who need assistance or have questions to call to seek assistance.

For people who have no tax liability or no tax filing requirement, there is a minimum payment of $300 ($600 for married couples), plus the $300 for each qualifying child. To be eligible for the minimum payment, individuals must have at least $3,000 in qualifying income. Qualifying income includes any combination of earned income, nontaxable combat pay and certain benefit payments from Social Security, Veterans Affairs and Railroad Retirement.

The IRS is continuing to work with numerous states and local and national partners to reach those people and to help them file a simple Form 1040A.

IRS wants individuals to be aware of current scams involving ESP, including those who are making fraudulent contacts and statements. The IRS is not e-mailing or calling individuals about their stimulus payment. Reynolds said.

“So if someone claiming to be from the IRS calls or e-mails you about the payments and asks you for a Social Security, bank account or credit card number or similar information, it’s a scam,” he said. “The scammers are trying to get your personal and financial information so they can empty your bank account, run up charges on your credit card and more.”

The last of the economic stimulus checks have all been mailed out under the planned payment schedule, which was a timetable for tax returns filed before April 15. However, the Internal Revenue Service will continue processing tax returns and issuing economic stimulus checks for much of the year.

It is not too late to file a return to claim an economic stimulus payment. The IRS urges people to file by Oct. 15 to ensure they receive a payment prior to year’s end. It can take up to eight weeks for the IRS to process the return and issue the check.

Taxpayers may call 1-800-829-1040 or visit the Lexington IRS Taxpayer Assistance Center, 1500 Leestown Road, Lexington. The site is open Monday to Friday from 8:30 a.m. to 4:30 p.m.

Also, the Madison County Public Library will be making appointments for anyone in need of assistance. AARP partners with IRS and the Madison County Public Library to assist in preparing tax returns. If you need assistance in preparing the Form 1040-A to claim the ESP, call the library at 623-6704 to set up an appointment with one of these representatives.

Forms may be attained from any Madison County Library location or online at www.irs.gov.

Information courtesy of www.irs.gov.

Tiffany Sokolowski can be reached at news@richmondregister.com or at 623-1669, Ext. 237.