Retirees Should File Taxes this Year
Posted by Jerrold Bartholomew on March 4, 2008
One interesting side-effect of the planned economic stimulus package is that retirees and others who have not filed taxes in years should do so this year. That is because the IRS cannot issue a refund without a determination of tax liability for 2007. Even if there are no taxes due, a tax return should still be filed in order to show that the filer has at least $3,000.00 in earned income–the threshold for receiving a “rebate” under the stimulus package. This article has all the details. As the author notes:
[S]ome low-income workers, Social Security beneficiaries, certain railroad retirees and those who receive certain Veterans Affairs benefits normally are not required to file a tax return but may qualify for the stimulus payment. They should file this year if they have at least $3,000 in qualifying income.
It is important to note that there are many organizations providing free assistance to seniors on tax preparation.
