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More Rebate Info Posted to IRS.gov Feb. 19, 2008 (SmartPros) The Internal Revenue Service released additional information about the upcoming economic stimulus payments, commonly referred to as rebates, in a specially designed section for taxpayers on IRS.gov. The new information includes a set of Frequently Asked Questions about the stimulus payments, with a special emphasis on recipients of Social Security and certain veterans' benefits. Millions of people in this group who normally don't file a tax return will need to do so this year in order to receive a stimulus payment. For recipients of Social Security and certain veterans' benefits and low-income workers who don't normally need to file, the IRS also released a special version of a Form 1040A that highlights the sections of the return that can be filled out by people in these categories to qualify for a stimulus payment. "Most taxpayers just need to file a 2007 tax return in order to automatically receive the stimulus payment," said Acting IRS Commissioner Linda Stiff. "But we are especially concerned about recipients of Social Security and veterans' benefits who may need to take special steps this year to file a tax return in order to obtain a stimulus payment. IRS.gov will help taxpayers get what they need." The Frequently Asked Questions section -- accessible through the front page of IRS.gov -- includes a set of information for all taxpayers with questions about the rebates. The questions and answers include information for low-income workers and certain recipients of Social Security, Railroad Retirement benefits and veterans' benefits. The special IRS.gov section also features examples of how much taxpayers can expect to receive in stimulus payments. The page includes more than two-dozen payment scenarios affecting different types of taxpayers. IRS.gov will be updated frequently to provide taxpayers with all they need to understand the stimulus payments. 2008 SmartPros Ltd. All rights reserved. |
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